8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest

event reported) July 19, 2021

PacWest Bancorp

(Exact name of registrant as specified in its charter)

Delaware	001-36408	33-0885320
(State of	(Commission File Number)	(IRS Employer
Incorporation)		Identification No.)

9701 Wilshire Blvd., Suite 700, Beverly Hills, California 90212

(Address of principal executive offices and zip code)

(310) 887-8500

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Securities registered pursuant to
Section 12(b) of the Act:

Common Stock, par value $0.01 per share	PACW	The Nasdaq Stock Market, LLC
(Title of Each Class)	(Trading Symbol)	(Name of Exchange on Which Registered)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230-425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial Condition.*

On July 19, 2021, PacWest Bancorp (the “Company”) announced its results of operations and financial condition for the three and six months ended June 30, 2021. The press release announcing the financial results for the three and six months ended June 30, 2021 is furnished as Exhibit 99.1 and incorporated herein by reference. A presentation regarding the Company’s financial results for the three and six months ended June 30, 2021 is furnished as Exhibit 99.2 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.*

(d) Exhibits.

Exhibit Number	Description
99.1	Press release dated July 19, 2021 announcing PacWest’s results of operations and financial condition for the three and six months ended June 30, 2021.
99.2	Earnings Release Presentation
104	Cover page interactive data file (embedded within the Inline XBRL document)

*The information furnished under Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of PacWest Bancorp under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PacWest Bancorp
	By:	/s/ Bart R. Olson
	Name:	Bart R. Olson
	Title:	Executive Vice President Chief Financial Officer
Date: July 19, 2021

EX-99.1

Exhibit 99.1

July 19, 2021

PACWEST BANCORP ANNOUNCES RESULTS FOR THE SECOND QUARTER OF 2021

FOR IMMEDIATE RELEASE

SECOND QUARTER 2021 RESULTS

$180.5M	$1.52	$154.9M	29.25%
Net Earnings	Diluted Earnings per Share	PPNR	ROATE

SECOND QUARTER 2021 HIGHLIGHTS

• Net Earnings of $180.5 Million or $1.52 Per Diluted Share

• Core Deposits Up $1.5 Billion or 22.9% annualized in 2Q21; Represents 91% of Total Deposits

• Loan Growth of $527.0 Million or 11.1% annualized, Excluding PPP Loan Activity, Growth of $997.1 Million or 22.3% annualized

• Civic Loan Production of $423 Million in 2Q21, Compared to $231 Million for Two Months in 1Q21

• Provision for Credit Losses Benefit of $88.0 Million in 2Q21 Compared to Benefit of $48.0 Million in 1Q21

• Net Interest Income (TE) of $270.1 Million, Compared To $264.6 Million in 1Q21

• Noninterest Income of $40.4 Million With Continued Strength in Warrant Income

• Noninterest Expense of $151.8 Million, Up 1% From 1Q21, Driven By Three Months of Civic Financial Services (“Civic”) Operations Compared to Two Months in 1Q21 and Higher Variable Compensation From Strong Growth Across the Company

• Classified and Special Mention Loans Fell $15.9 Million and $96.9 Million, Respectively, From 1Q21

• ACL Ratio of 1.54% and ALLL Ratio of 1.16%; Excluding PPP Loans, ACL Ratio of 1.59% and ALLL Ratio of 1.19%

• Net Recoveries of $5.2 Million (11bps of Average Loans and Leases)

• Cost of Deposits Decreased 1 bp to 10 bps

• Loan and Lease Production of $1.7 Billion Up From $1.6 Billion in 1Q21; WAC of 4.55% vs. 4.36% in 1Q21

• Strong Capital Position – CET1 Ratio of 10.41%

• Total Capital Ratio Increased From 13.60% at 1Q21 to 14.99% at 2Q21

• Tangible Book Value Per Share Increased From $20.39 at 1Q21 to $21.95 at 2Q21

CEO COMMENTARY

Matt Wagner, President and CEO, commented, “We continued to experience strong deposit growth in the second quarter driven by outstanding growth from our venture banking as well as our commercial banking clients resulting in increased liquidity. The excess liquidity at the Fed continues to be a drag on our net interest margin, which had a negative impact of approximately 73 basis points in the second quarter, however, net interest income is growing as we continue to deploy the excess liquidity.”

“We had significant loan growth in the second quarter as the economy begins to re-open after the pandemic. This loan growth was despite a $470 million reduction in the PPP loan portfolio due to increased forgiveness activity by the SBA. Excluding PPP loan activity, our loans grew by $997 million or 22.3% annualized.”

“The continued improvement in credit quality as evidenced by the net recoveries for the first half of the year and continued decreases in nonaccrual, special mention and classified loans and leases along with improved economic conditions related to the CECL forecast resulted in a provision benefit for the second consecutive quarter. Our ACL ratio, excluding PPP loans, decreased from 2.14% in the first quarter to 1.59% as of the end of the second quarter. Our second quarter results produced a return on average assets of 2.11% and a return on average tangible equity of 29.25%.”

 

Page 1

FINANCIAL HIGHLIGHTS

`	At or For the									At or For the
	Three Months Ended									Six Months Ended
	June 30,			March 31,			Increase			June 30,						Increase
Financial Highlights (1)	2021			2021			(Decrease)			2021			2020			(Decrease)
	(Dollars in thousands, except per share data)
Net earnings (loss)	$	180,512		$	150,406		$	30,106		$	330,918		$	(1,399,907	)	$	1,730,825
Diluted earnings (loss)
per share	$	1.52		$	1.27		$	0.25		$	2.78		$	(11.98	)	$	14.76
Pre-provision, pre-goodwill
impairment, pre-tax net
revenue ("PPNR") (2)	$	154,929		$	155,962		$	(1,033	)	$	310,891		$	327,049		$	(16,158	)
Return on average assets		2.11	%		1.94	%		0.17			2.03	%		(10.48	)%		12.51
PPNR return on average
assets (2)		1.81	%		2.01	%		(0.20	)		1.91	%		2.45	%		(0.54	)
Return on average
tangible equity (2)		29.25	%		25.67	%		3.58			27.51	%		6.64	%		20.87
Yield on average loans and
leases (tax equivalent)		5.18	%		5.20	%		(0.02	)		5.19	%		5.27	%		(0.08	)
Cost of average total
deposits		0.10	%		0.11	%		(0.01	)		0.11	%		0.41	%		(0.30	)
Net interest margin ("NIM")
(tax equivalent)		3.40	%		3.69	%		(0.29	)		3.53	%		4.26	%		(0.73	)
Efficiency ratio		47.9	%		46.4	%		1.5			47.2	%		41.8	%		5.4
Total assets	$	34,867,987		$	32,856,533		$	2,011,454		$	34,867,987		$	27,365,738		$	7,502,249
Loans and leases held
for investment,
net of deferred fees	$	19,506,257		$	18,979,228		$	527,029		$	19,506,257		$	19,694,631		$	(188,374	)
Noninterest-bearing
demand deposits	$	11,252,286		$	11,017,462		$	234,824		$	11,252,286		$	8,629,543		$	2,622,743
Core deposits	$	27,038,161		$	25,576,348		$	1,461,813		$	27,038,161		$	19,535,814		$	7,502,347
Total deposits	$	29,647,034		$	28,223,291		$	1,423,743		$	29,647,034		$	22,928,579		$	6,718,455
As percentage of total
deposits:
Noninterest-bearing
demand deposits		38	%		39	%		(1	)		38	%		38	%		-
Core deposits		91	%		91	%		-			91	%		85	%		6
Equity to assets ratio		11.03	%		11.12	%		(0.09	)		11.03	%		12.62	%		(1.59	)
Common equity tier 1
capital ratio		10.41	%		10.39	%		0.02			10.41	%		9.97	%		0.44
Total capital ratio		14.99	%		13.60	%		1.39			14.99	%		13.18	%		1.81
Tangible common equity
ratio (2)		7.80	%		7.68	%		0.12			7.80	%		8.93	%		(1.13	)
Book value per share	$	32.17		$	30.68		$	1.49		$	32.17		$	29.17		$	3.00
Tangible book value per
share (2)	$	21.95		$	20.39		$	1.56		$	21.95		$	19.80		$	2.15

(1) The operations of Civic are included from its February 1, 2021 acquisition date.

(2) Non-GAAP measure.

Page 2

INCOME STATEMENT HIGHLIGHTS

NET INTEREST INCOME

Net interest income increased by $5.0 million to $266.3 million for the second quarter of 2021 compared to $261.3 million for the first quarter of 2021 due mainly to higher income on investment securities and loans and leases, partially offset by higher interest expense resulting from the $400 million of subordinated debt issued on April 30, 2021. The tax equivalent yield on average loans and leases was 5.18% for the second quarter of 2021 compared to 5.20% for the first quarter of 2021. The decrease in the tax equivalent yield on average loans and leases was primarily due to lower amortized loan fee income of $1.4 million and lower loan discount accretion of $0.4 million.

The tax equivalent NIM was 3.40% for the second quarter of 2021 compared to 3.69% for the first quarter of 2021. The decrease in the NIM was primarily due to the change in the earning assets mix driven by the increase in the investment portfolio and cash at the Federal Reserve as a percentage of earning assets. The average balance of deposits in financial institutions increased by $1.6 billion to $6.3 billion, the average balance of investment securities increased by $1.1 billion to $6.5 billion, and the average balance of loans and leases increased by $130.1 million in the second quarter of 2021. This excess liquidity had a negative impact on the second quarter tax equivalent NIM of approximately 73 basis points.

The cost of average total deposits decreased to 0.10% in the second quarter of 2021 from 0.11% for the first quarter of 2021. The lower cost of average total deposits was due primarily to the increased average balance of noninterest-bearing deposits.

PROVISION FOR CREDIT LOSSES

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

	Three Months Ended
	June 30,			March 31,			Increase
Provision for Credit Losses	2021			2021			(Decrease)
				(In thousands)
(Reduction in) addition to allowance for loan
and lease losses	$	(72,000	)	$	(53,000	)	$	(19,000	)
(Reduction in) addition to reserve for
unfunded loan commitments		(16,000	)		5,000			(21,000	)
Total provision for credit losses	$	(88,000	)	$	(48,000	)	$	(40,000	)

The provision for credit losses decreased by $40.0 million to a benefit of $88.0 million for the second quarter of 2021 compared to a $48.0 million benefit for the first quarter of 2021. This reduction reflected improvement in both macro-economic forecast variables and loan portfolio credit quality metrics along with decreased provisions for individually evaluated loans and leases and for unfunded commitments.

Page 3

Noninterest Income

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

	Three Months Ended
	June 30,		March 31,		Increase
Noninterest Income	2021		2021		(Decrease)
	(In thousands)
Service charges on deposit accounts	$	3,452	$	2,934	$	518
Other commissions and fees		10,704		9,158		1,546
Leased equipment income		10,847		11,354		(507	)
Gain on sale of loans and leases		1,422		139		1,283
Gain on sale of securities		-		101		(101	)
Other income:
Dividends and gains on equity investments		5,394		10,904		(5,510	)
Warrant income		5,650		6,123		(473	)
Other		2,902		4,116		(1,214	)
Total noninterest income	$	40,371	$	44,829	$	(4,458	)

Noninterest income decreased by $4.5 million to $40.4 million for the second quarter of 2021 compared to $44.8 million for the first quarter of 2021 due primarily to a decrease of $5.5 million in dividends and gains on equity investments and a $1.2 million decrease in other income, offset partially by increases of $1.5 million in other commissions and fees and $1.3 million in gain on sale of loans and leases. The decrease in dividends and gains on equity investments was due primarily to a $10.1 million gain on one equity investment in the first quarter of 2021, offset partially by higher net fair value gains on equity investments still held. The decrease in other income was due primarily to lower foreign currency translation gains and negative fair value adjustments related to servicing assets. The increase in other commissions and fees was due primarily to higher foreign exchange transaction fees and customer success fees. The increase in the gain on sale of loans and leases resulted from the sales of $52.2 million of loans for gains of $1.4 million in the second quarter of 2021 compared to sales of $72.6 million for gains of $0.1 million in the first quarter of 2021. Warrant income decreased slightly in the second quarter of 2021, but remained at elevated levels and was the third highest quarter ever.

Noninterest Expense

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

	Three Months Ended
	June 30,			March 31,		Increase
Noninterest Expense	2021			2021		(Decrease)
	(In thousands)
Compensation	$	90,807		$	79,882	$	10,925
Occupancy		14,784			14,054		730
Data processing		7,758			6,957		801
Other professional services		5,256			5,126		130
Insurance and assessments		3,745			4,903		(1,158	)
Intangible asset amortization		2,889			3,079		(190	)
Leased equipment depreciation		8,614			8,969		(355	)
Foreclosed assets (income) expense, net		(119	)		1		(120	)
Acquisition, integration and reorganization costs		200			3,425		(3,225	)
Customer related expense		4,973			4,818		155
Loan expense		4,031			3,193		838
Other		8,812			15,729		(6,917	)
Total noninterest expense	$	151,750		$	150,136	$	1,614

Page 4

Noninterest expense increased by $1.6 million to $151.8 million for the second quarter of 2021 compared to $150.1 million for the first quarter of 2021 due primarily to an increase of $10.9 million in compensation expense, offset partially by decreases of $6.9 million in other expense, $3.2 million in acquisition, integration and reorganization costs and $1.1 million in insurance and assessments expense. The increase in compensation expense was mostly due to compensation expense related to the Civic operations as a result of three months of activity in the second quarter of 2021 compared to two months of activity in the first quarter of 2021, in addition to increases in loan production across the Company which contributed to an increase in variable compensation during the second quarter of 2021. The decrease in other expense was largely due to a legal settlement accrual in the first quarter of 2021. The decrease in acquisition, integration and reorganization costs was due to lower advisory services and integration expenses related to the closed Civic acquisition and the pending acquisition of MUFG Union Bank’s Homeowners Association Services Division. The decrease in insurance and assessments expense was primarily due to lower FDIC assessment expense resulting from a lower assessment rate partially offset by a higher assessment base.

Income Taxes

The effective income tax rate was 25.7% in the second quarter of 2021 compared to 26.3% for the first quarter of 2021. The decrease in the effective tax rate is due mainly to tax benefits resulting from the vesting of restricted stock and return-to-provision adjustments recorded in the second quarter of 2021. The effective income tax rate for the full year 2021 is estimated to be in the range of 25% to 27%.

BALANCE SHEET HIGHLIGHTS

Deposits and Client Investment Funds

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

	June 30, 2021					March 31, 2021					June 30, 2020
			% of					% of					% of
Deposit Composition	Balance		Total			Balance		Total			Balance		Total
	(Dollars in thousands)
Noninterest-bearing demand	$	11,252,286		38	%	$	11,017,462		39	%	$	8,629,543		38	%
Interest checking		7,394,472		25	%		6,862,398		25	%		4,858,168		21	%
Money market		7,777,199		26	%		7,112,610		25	%		5,498,150		24	%
Savings		614,204		2	%		583,878		2	%		549,953		2	%
Total core deposits		27,038,161		91	%		25,576,348		91	%		19,535,814		85	%
Non-core non-maturity deposits		1,122,971		4	%		1,162,590		4	%		1,217,266		5	%
Total non-maturity deposits		28,161,132		95	%		26,738,938		95	%		20,753,080		90	%
Time deposits $250,000 and under		913,371		3	%		940,340		3	%		1,522,928		7	%
Time deposits over $250,000		572,531		2	%		544,013		2	%		652,571		3	%
Total time deposits		1,485,902		5	%		1,484,353		5	%		2,175,499		10	%
Total deposits	$	29,647,034		100	%	$	28,223,291		100	%	$	22,928,579		100	%

At June 30, 2021, core deposits totaled $27.0 billion or 91% of total deposits, including $11.3 billion of noninterest-bearing demand deposits or 38% of total deposits. Core deposits increased by $1.5 billion or 22.9% annualized in the second quarter of 2021 driven by continued strong deposit growth from our venture banking clients.

In addition to deposit products, we also offer alternative, non-depository cash investment options for select clients. These alternative options include investments managed by Pacific Western Asset Management Inc. (“PWAM”), our registered investment advisor subsidiary, and third-party sweep products. Total off-balance sheet client investment funds at June 30, 2021 were $1.3 billion, of which $1.0 billion was managed by PWAM.

Page 5

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						Six Months Ended
Roll Forward of Loans and Leases Held	June 30,			March 31,			June 30,
for Investment, Net of Deferred Fees (1)	2021			2021			2021
	(Dollars in thousands)
Balance, beginning of period	$	18,979,228		$	19,083,377		$	19,083,377
Additions:
Production		1,663,151			1,612,777			3,275,928
Disbursements		1,662,644			1,022,986			2,685,630
Total production and disbursements		3,325,795			2,635,763			5,961,558
Reductions:
Payoffs		(1,969,118	)		(1,635,264	)		(3,604,382	)
Paydowns		(802,222	)		(1,067,418	)		(1,869,640	)
Total payoffs and paydowns		(2,771,340	)		(2,702,682	)		(5,474,022	)
Sales		(26,610	)		(72,641	)		(99,251	)
Transfers to foreclosed assets		-			(647	)		(647	)
Charge-offs		(816	)		(3,988	)		(4,804	)
Transfers to loans held for sale		-			(25,554	)		(25,554	)
Total reductions		(2,798,766	)		(2,805,512	)		(5,604,278	)
Loans acquired through Civic acquisition		-			65,600			65,600
Net increase (decrease)		527,029			(104,149	)		422,880
Balance, end of period	$	19,506,257		$	18,979,228		$	19,506,257
Weighted average rate on production (2)		4.55	%		4.36	%		4.46	%

(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 41 basis points to loan yields in 2021.

Loans and leases held for investment, net of deferred fees, increased by $527.0 million or 11.1% annualized in the second quarter of 2021 to $19.5 billion at June 30, 2021. Excluding PPP loan activity, loans grew by $997.1 million or 22.3% annualized. The increase in the loans and leases balance for the second quarter of 2021 was primarily due to increases in the income producing and other residential, asset-based and venture capital portfolios partially offset by a reduction in the other commercial portfolio due to increased PPP loan forgiveness. The PPP forgiveness in the second quarter of 2021 was $506 million, up from $354 million in the first quarter of 2021. Remaining PPP loans total $609 million as of June 30, 2021 with $15.6 million of net fees to amortize over the remaining life of the loans. The weighted average rate on the $1.7 billion of new production for the second quarter of 2021 increased to 4.55% from 4.36% in the first quarter of 2021 due mainly to a lower amount of PPP loan originations in the second quarter compared to the first quarter.

Page 6

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

	June 30, 2021					March 31, 2021					June 30, 2020
			% of					% of					% of
Loan and Lease Portfolio	Balance		Total			Balance		Total			Balance		Total
	(In thousands)
Real estate mortgage:
Commercial	$	3,792,198		19	%	$	3,941,610		21	%	$	4,222,075		22	%
Income producing and other residential		4,620,822		24	%		4,045,603		21	%		3,733,659		19	%
Total real estate mortgage		8,413,020		43	%		7,987,213		42	%		7,955,734		41	%
Real estate construction and land:
Commercial		930,785		5	%		990,035		5	%		1,167,609		6	%
Residential		2,574,799		13	%		2,575,788		14	%		2,172,919		11	%
Total real estate construction and land		3,505,584		18	%		3,565,823		19	%		3,340,528		17	%
Total real estate		11,918,604		61	%		11,553,036		61	%		11,296,262		58	%
Commercial:
Asset-based		3,550,903		18	%		3,383,403		18	%		3,412,431		17	%
Venture capital		1,749,432		9	%		1,495,798		8	%		1,814,341		9	%
Other commercial		1,921,909		10	%		2,206,639		11	%		2,760,278		14	%
Total commercial		7,222,244		37	%		7,085,840		37	%		7,987,050		40	%
Consumer		365,409		2	%		340,352		2	%		411,319		2	%
Total loans and leases held for investment, net of deferred fees	$	19,506,257		100	%	$	18,979,228		100	%	$	19,694,631		100	%
Total unfunded loan commitments	$	7,891,875				$	8,127,999				$	7,745,921

Allowance for Credit Losses

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

	Three Months Ended June 30, 2021
	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	$	292,445		$	90,571		$	383,016
Charge-offs		(816	)		-			(816	)
Recoveries		5,971			-			5,971
Net recoveries		5,155			-			5,155
Provision		(72,000	)		(16,000	)		(88,000	)
Ending balance	$	225,600		$	74,571		$	300,171

	Three Months Ended March 31, 2021
	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	$	348,181		$	85,571	$	433,752
Charge-offs		(3,988	)		-		(3,988	)
Recoveries		1,252			-		1,252
Net charge-offs		(2,736	)		-		(2,736	)
Provision		(53,000	)		5,000		(48,000	)
Ending balance	$	292,445		$	90,571	$	383,016

Page 7

The following table presents allowance for credit losses information as of and for the dates and periods indicated:

	June 30,			March 31,			Increase
Allowance for Credit Losses	2021			2021			(Decrease)
	(Dollars in thousands)
Allowance for loan and lease losses	$	225,600		$	292,445		$	(66,845	)
Reserve for unfunded loan commitments		74,571			90,571			(16,000	)
Allowance for credit losses	$	300,171		$	383,016		$	(82,845	)
Provision for credit losses (for the quarter)	$	(88,000	)	$	(48,000	)	$	(40,000	)
Net (recoveries) charge-offs (for the quarter)	$	(5,155	)	$	2,736		$	(7,891	)
Net (recoveries) charge-offs to average loans and leases (for the quarter)		(0.11	)%		0.06	%
Allowance for loan and lease losses to loans and leases held for investment		1.16	%		1.54	%
Allowance for loan and lease losses to loans and leases held for investment, excluding PPP loans		1.19	%		1.63	%
Allowance for credit losses to loans and leases held for investment		1.54	%		2.02	%
Allowance for credit losses to loans and leases held for investment, excluding PPP loans		1.59	%		2.14	%

The allowance for credit losses decreased by $82.8 million in the second quarter of 2021 to $300.2 million at June 30, 2021. The decrease in the allowance for credit losses during the second quarter of 2021 was attributable to a provision for credit losses benefit of $88.0 million partially offset by $5.2 million in net recoveries. The allowance for credit losses ratio, excluding PPP loans, of 1.59% remains robust and significantly higher than the pre-pandemic level of 0.97% as of the January 1, 2020 CECL adoption date.

Net recoveries were $5.2 million for the second quarter of 2021. Gross charge-offs of $0.8 million were reduced by recoveries of $6.0 million.

Net charge-offs were $2.7 million for the first quarter of 2021. Gross charge-offs of $4.0 million were reduced by recoveries of $1.3 million.

Page 8

CREDIT QUALITY

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

	June 30,			March 31,			Increase
Credit Quality Metrics	2021			2021			(Decrease)
	(Dollars in thousands)
NPAs and Performing TDRs:
Nonaccrual loans and leases held for investment (1)	$	56,803		$	67,652		$	(10,849	)
Accruing loans contractually past due 90 days or more		-			-			-
Foreclosed assets, net		13,227			14,298			(1,071	)
Total nonperforming assets ("NPAs")	$	70,030		$	81,950		$	(11,920	)
Performing TDRs held for investment	$	40,129		$	27,999		$	12,130
Nonaccrual loans and leases held for investment to loans and leases held for investment		0.29	%		0.36	%
Nonperforming assets to loans and leases held for investment and foreclosed assets		0.36	%		0.43	%
Allowance for credit losses to nonaccrual loans and leases held for investment		528.4	%		566.2	%
Loan and Lease Credit Risk Ratings:
Pass	$	18,822,938		$	18,183,114		$	639,824
Special mention		536,052			632,997			(96,945	)
Classified		147,267			163,117			(15,850	)
Total loans and leases held for investment, net of deferred fees	$	19,506,257		$	18,979,228		$	527,029
Classified loans and leases held for investment to loans and leases held for investment		0.75	%		0.86	%

(1) Nonaccrual loans include SBA guaranteed amounts of $24.2 million at June 30, 2021 and $18.4 million at March 31, 2021.

Since pro-actively downgrading certain loans at the onset of the pandemic in the first quarter of 2020, special mention loans and leases have decreased $362.6 million from their peak in the first quarter of 2020, while classified loans and leases have decreased $146.0 million from their peak in the second quarter of 2020, and each have continued their steady decline in the second quarter of 2021. Classified and nonaccrual loans and leases are below their pre-pandemic levels and are at their lowest levels since December 31, 2013.

Page 9

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

	June 30, 2021				March 31, 2021				Increase (Decrease)
			Accruing				Accruing					Accruing
			and 30-89				and 30-89					and 30-89
			Days Past				Days Past					Days Past
	Nonaccrual		Due		Nonaccrual		Due		Nonaccrual			Due
	(Dollars in thousands)
Real estate mortgage:
Commercial	$	32,065	$	-	$	46,436	$	5	$	(14,371	)	$	(5	)
Income producing and other
residential		6,133		2,179		2,471		6,339		3,662			(4,160	)
Total real estate mortgage		38,198		2,179		48,907		6,344		(10,709	)		(4,165	)
Real estate construction and land:
Commercial		284		-		302		-		(18	)		-
Residential		1,934		22,714		416		1,241		1,518			21,473
Total real estate
construction and land		2,218		22,714		718		1,241		1,500			21,473
Commercial:
Asset-based		1,973		-		2,379		-		(406	)		-
Venture capital		2,717		-		2,432		6,750		285			(6,750	)
Other commercial		11,337		270		12,660		1,251		(1,323	)		(981	)
Total commercial		16,027		270		17,471		8,001		(1,444	)		(7,731	)
Consumer		360		1,454		556		954		(196	)		500
Total held for investment	$	56,803	$	26,617	$	67,652	$	16,540	$	(10,849	)	$	10,077

During the second quarter of 2021, nonaccrual loans and leases decreased by $10.8 million due primarily to the payoff of one retail commercial real estate loan.

CAPITAL

The following table presents certain actual capital ratios and ratios excluding PPP loans:

	June 30, 2021
				Excluding				March 31,
				PPP				2021
	Actual (1)			Loans (1)				Actual
PacWest Bancorp Consolidated:
Tier 1 leverage capital ratio		7.67	%		7.89	%	(3)		7.95	%
Common equity tier 1 capital ratio		10.41	%		10.41	%			10.39	%
Total capital ratio		14.99	%		14.99	%			13.60	%
Tangible common equity ratio (2)		7.80	%		7.94	%	(3)		7.68	%

(1) Capital information for June 30, 2021 is preliminary.

(2) Non-GAAP measure.

(3) PPP loans have been excluded from total assets in denominator as they are zero risk-weighted.

Page 10

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with over $34 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has 70 full-service branches located in California, one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The Bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also offers venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed 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 or Pacific Western Bank, visit www.pacwest.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. Statements that are not historical or current facts, including statements about future financial and operational results, expectations, or intentions are forward-looking statements. Such statements are based on information available at the time of the 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. The COVID-19 pandemic has adversely affected PacWest, its employees, customers and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity and prospects is uncertain. The risks from the COVID-19 pandemic have decreased as the pandemic subsides, however, new variants may continue to impact key macro-economic indicators such as unemployment and GDP and may have a material impact on our allowance for credit losses and related provision for credit losses. Continued deterioration in general business and economic conditions could adversely affect PacWest’s revenues and the values of its assets, including goodwill, and liabilities, lead to a tightening of credit, and increase stock price volatility. In addition, PacWest’s results could be adversely affected by changes in interest rates, sustained high unemployment rates, deterioration in the credit quality of its loan portfolio or in the value of the collateral securing those loans, deterioration in the value of its investment securities, the magnitude of individual loan losses on security monitoring loans, and legal and regulatory developments. Actual results may differ materially from those set forth or implied in the forward-looking statements due to a variety of factors, including the risk factors described in documents filed by PacWest with the U.S. 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.

Page 11

PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

	June 30,			March 31,			June 30,
	2021			2021			2020
	(Dollars in thousands, except per share data)
ASSETS:
Cash and due from banks	$	179,505		$	177,199		$	174,059
Interest-earning deposits in financial institutions		5,678,587			5,517,667			1,747,077
Total cash and cash equivalents		5,858,092			5,694,866			1,921,136
Securities available-for-sale, at estimated fair value		7,198,608			5,941,690			3,851,141
Federal Home Loan Bank stock, at cost		17,250			17,250			17,250
Total investment securities		7,215,858			5,958,940			3,868,391
Loans held for sale		-			25,554			-
Gross loans and leases held for investment		19,580,731			19,055,165			19,780,476
Deferred fees, net		(74,474	)		(75,937	)		(85,845	)
Total loans and leases held for investment, net of deferred fees		19,506,257			18,979,228			19,694,631
Allowance for loan and lease losses		(225,600	)		(292,445	)		(301,050	)
Total loans and leases held for investment, net		19,280,657			18,686,783			19,393,581
Equipment leased to others under operating leases		313,574			327,413			295,191
Premises and equipment, net		39,541			39,622			42,299
Foreclosed assets, net		13,227			14,298			1,449
Goodwill		1,204,118			1,204,092			1,078,670
Core deposit and customer relationship intangibles, net		18,423			21,312			30,564
Other assets		924,497			883,653			734,457
Total assets	$	34,867,987		$	32,856,533		$	27,365,738
LIABILITIES:
Noninterest-bearing deposits	$	11,252,286		$	11,017,462		$	8,629,543
Interest-bearing deposits		18,394,748			17,205,829			14,299,036
Total deposits		29,647,034			28,223,291			22,928,579
Borrowings		6,625			19,750			60,000
Subordinated debentures		861,788			465,814			460,772
Accrued interest payable and other liabilities		505,859			493,541			463,489
Total liabilities		31,021,306			29,202,396			23,912,840
STOCKHOLDERS' EQUITY (1)		3,846,681			3,654,137			3,452,898
Total liabilities and stockholders’ equity	$	34,867,987		$	32,856,533		$	27,365,738
Book value per share	$	32.17		$	30.68		$	29.17
Tangible book value per share (2)	$	21.95		$	20.39		$	19.80
Shares outstanding		119,555,102			119,105,642			118,374,603
(1) Includes net unrealized gain on securities available-for-sale, net	$	145,516		$	106,381		$	145,038
(2) Non-GAAP measure.

Page 12

PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (LOSS)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2021			2021			2020			2021			2020
	(Dollars in thousands, except per share data)
Interest income:
Loans and leases	$	244,529		$	241,544		$	247,851		$	486,073		$	510,129
Investment securities		33,954			30,265			26,038			64,219			53,484
Deposits in financial institutions		2,022			1,528			186			3,550			1,794
Total interest income		280,505			273,337			274,075			553,842			565,407
Interest expense:
Deposits		7,269			7,500			13,075			14,769			41,322
Borrowings		265			193			1,319			458			8,097
Subordinated debentures		6,663			4,375			5,402			11,038			11,962
Total interest expense		14,197			12,068			19,796			26,265			61,381
Net interest income		266,308			261,269			254,279			527,577			504,026
Provision for credit losses		(88,000	)		(48,000	)		120,000			(136,000	)		232,000
Net interest income after provision for credit losses		354,308			309,269			134,279			663,577			272,026
Noninterest income:
Service charges on deposit accounts		3,452			2,934			2,004			6,386			4,662
Other commissions and fees		10,704			9,158			10,111			19,862			19,832
Leased equipment income		10,847			11,354			12,037			22,201			24,288
Gain on sale of loans and leases		1,422			139			346			1,561			433
Gain on sale of securities		-			101			7,715			101			7,897
Other income		13,946			21,143			6,645			35,089			10,846
Total noninterest income		40,371			44,829			38,858			85,200			67,958
Noninterest expense:
Compensation		90,807			79,882			61,910			170,689			123,192
Occupancy		14,784			14,054			14,494			28,838			28,701
Data processing		7,758			6,957			7,102			14,715			13,556
Other professional services		5,256			5,126			4,146			10,382			8,404
Insurance and assessments		3,745			4,903			9,373			8,648			13,622
Intangible asset amortization		2,889			3,079			3,882			5,968			7,830
Leased equipment depreciation		8,614			8,969			7,102			17,583			14,307
Foreclosed assets (income) expense, net		(119	)		1			(146	)		(118	)		(80	)
Acquisition, integration and reorganization costs		200			3,425			-			3,625			-
Customer related expense		4,973			4,818			4,408			9,791			8,340
Loan expense		4,031			3,193			3,379			7,224			6,029
Goodwill impairment		-			-			-			-			1,470,000
Other expense		8,812			15,729			11,315			24,541			21,034
Total noninterest expense		151,750			150,136			126,965			301,886			1,714,935
Earnings (loss) before income taxes		242,929			203,962			46,172			446,891			(1,374,951	)
Income tax expense		62,417			53,556			12,968			115,973			24,956
Net earnings (loss)	$	180,512		$	150,406		$	33,204		$	330,918		$	(1,399,907	)
Basic and diluted earnings (loss) per share	$	1.52		$	1.27		$	0.28		$	2.78		$	(11.98	)
Dividends declared and paid per share	$	0.25		$	0.25		$	0.25		$	0.50		$	0.85

Page 13

PACWEST BANCORP AND SUBSIDIARIES

NET EARNINGS (LOSS) PER SHARE CALCULATIONS

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
	2021			2021			2020			2021			2020
	(In thousands, except per share data)
Basic Earnings (Loss) Per Share:
Net earnings (loss)	$	180,512		$	150,406		$	33,204		$	330,918		$	(1,399,907	)
Less: earnings allocated to  unvested restricted stock (1)		(3,172	)		(2,355	)		(362	)		(5,495	)		(1,251	)
Net earnings (loss) allocated to  common shares	$	177,340		$	148,051		$	32,842		$	325,423		$	(1,401,158	)
Weighted-average basic shares and unvested restricted stock  outstanding		119,386			118,852			118,192			119,121			118,484
Less: weighted-average unvested restricted stock outstanding		(2,356	)		(2,003	)		(1,606	)		(2,181	)		(1,551	)
Weighted-average basic shares outstanding		117,030			116,849			116,586			116,940			116,933
Basic earnings (loss) per share	$	1.52		$	1.27		$	0.28		$	2.78		$	(11.98	)
Diluted Earnings (Loss) Per Share:
Net earnings (loss) allocated to common shares	$	177,340		$	148,051		$	32,842		$	325,423		$	(1,401,158	)
Weighted-average diluted shares outstanding		117,030			116,849			116,586			116,940			116,933
Diluted earnings (loss) per share	$	1.52		$	1.27		$	0.28		$	2.78		$	(11.98	)

(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.

Page 14

PACWEST BANCORP AND SUBSIDIARIES

AVERAGE BALANCE SHEET AND YIELD ANALYSIS

	Three Months Ended
	June 30, 2021							March 31, 2021							June 30, 2020
			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)	$	19,057,420	$	246,147		5.18	%	$	18,927,314	$	242,846		5.20	%	$	19,951,603	$	248,474		5.01	%
Investment securities (3)		6,492,721		36,111		2.23	%		5,383,140		32,329		2.44	%		3,846,459		27,430		2.87	%
Deposits in financial institutions		6,347,764		2,022		0.13	%		4,790,231		1,528		0.13	%		733,142		186		0.10	%
Total interest-earning assets (1)		31,897,905		284,280		3.57	%		29,100,685		276,703		3.86	%		24,531,204		276,090		4.53	%
Other assets		2,428,207							2,315,197							2,090,023
Total assets	$	34,326,112						$	31,415,882						$	26,621,227
Liabilities and Stockholders' Equity:
Interest checking	$	7,235,726		2,394		0.13	%	$	6,401,869		2,232		0.14	%	$	4,001,750		1,573		0.16	%
Money market		8,484,933		3,318		0.16	%		7,975,996		3,278		0.17	%		6,114,354		2,856		0.19	%
Savings		598,225		36		0.02	%		572,959		35		0.02	%		524,335		33		0.03	%
Time		1,498,169		1,521		0.41	%		1,493,267		1,955		0.53	%		2,475,858		8,613		1.40	%
Total interest-bearing deposits		17,817,053		7,269		0.16	%		16,444,091		7,500		0.18	%		13,116,297		13,075		0.40	%
Borrowings		225,446		265		0.47	%		226,053		193		0.35	%		871,110		1,319		0.61	%
Subordinated debentures		735,725		6,663		3.63	%		466,101		4,375		3.81	%		459,466		5,402		4.73	%
Total interest-bearing liabilities		18,778,224		14,197		0.30	%		17,136,245		12,068		0.29	%		14,446,873		19,796		0.55	%
Noninterest-bearing demand deposits		11,304,757							10,173,459							8,292,151
Other liabilities		504,089							488,930							435,353
Total liabilities		30,587,070							27,798,634							23,174,377
Stockholders' equity		3,739,042							3,617,248							3,446,850
Total liabilities and stockholders' equity	$	34,326,112						$	31,415,882						$	26,621,227
Net interest income (1)			$	270,083						$	264,635						$	256,294
Net interest spread (1)						3.27	%						3.57	%						3.98	%
Net interest margin (1)						3.40	%						3.69	%						4.20	%
Total deposits (4)	$	29,121,810	$	7,269		0.10	%	$	26,617,550	$	7,500		0.11	%	$	21,408,448	$	13,075		0.25	%

(1)   Tax equivalent.

(2)   Includes net loan premium amortization of $1.5 million and $1.2 million and net loan discount accretion of $1.2 million for the three months ended June 30, 2021, March 31, 2021, and June 30, 2020, respectively.

(3)   Includes tax-equivalent adjustments of $2.2 million, $2.1 million, and $1.4 million for the three months ended June 30, 2021, March 31, 2021, and June 30, 2020 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.

Page 15

PACWEST BANCORP AND SUBSIDIARIES

FIVE QUARTER BALANCE SHEET

	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
	(Dollars in thousands, except per share data)
ASSETS:
Cash and due from banks	$	179,505		$	177,199		$	150,464		$	187,176		$	174,059
Interest-earning deposits in financial institutions		5,678,587			5,517,667			3,010,197			2,766,020			1,747,077
Total cash and cash equivalents		5,858,092			5,694,866			3,160,661			2,953,196			1,921,136
Securities available-for-sale		7,198,608			5,941,690			5,235,591			4,532,614			3,851,141
Federal Home Loan Bank stock		17,250			17,250			17,250			17,250			17,250
Total investment securities		7,215,858			5,958,940			5,252,841			4,549,864			3,868,391
Loans held for sale		-			25,554			-			-			-
Gross loans and leases held for investment		19,580,731			19,055,165			19,153,357			19,101,680			19,780,476
Deferred fees, net		(74,474	)		(75,937	)		(69,980	)		(75,480	)		(85,845	)
Total loans and leases held for investment, net of deferred fees		19,506,257			18,979,228			19,083,377			19,026,200			19,694,631
Allowance for loan and lease losses		(225,600	)		(292,445	)		(348,181	)		(345,966	)		(301,050	)
Total loans and leases held for investment, net		19,280,657			18,686,783			18,735,196			18,680,234			19,393,581
Equipment leased to others under  operating leases		313,574			327,413			333,846			286,425			295,191
Premises and equipment, net		39,541			39,622			39,234			40,544			42,299
Foreclosed assets, net		13,227			14,298			14,027			13,747			1,449
Goodwill		1,204,118			1,204,092			1,078,670			1,078,670			1,078,670
Core deposit and customer relationship intangibles, net		18,423			21,312			23,641			26,813			30,564
Other assets		924,497			883,653			860,326			797,223			734,457
Total assets	$	34,867,987		$	32,856,533		$	29,498,442		$	28,426,716		$	27,365,738
LIABILITIES:
Noninterest-bearing deposits	$	11,252,286		$	11,017,462		$	9,193,827		$	9,346,744		$	8,629,543
Interest-bearing deposits		18,394,748			17,205,829			15,746,890			14,618,951			14,299,036
Total deposits		29,647,034			28,223,291			24,940,717			23,965,695			22,928,579
Borrowings		6,625			19,750			5,000			60,000			60,000
Subordinated debentures		861,788			465,814			465,812			463,282			460,772
Accrued interest payable and other liabilities		505,859			493,541			491,962			451,508			463,489
Total liabilities		31,021,306			29,202,396			25,903,491			24,940,485			23,912,840
STOCKHOLDERS' EQUITY (1)		3,846,681			3,654,137			3,594,951			3,486,231			3,452,898
Total liabilities and stockholders’ equity	$	34,867,987		$	32,856,533		$	29,498,442		$	28,426,716		$	27,365,738
Book value per share	$	32.17		$	30.68		$	30.36		$	29.42		$	29.17
Tangible book value per share (2)	$	21.95		$	20.39		$	21.05		$	20.09		$	19.80
Shares outstanding		119,555,102			119,105,642			118,414,853			118,489,927			118,374,603
(1)  Includes net unrealized gain on securities available-for-sale, net	$	145,516		$	106,381		$	172,523		$	155,474		$	145,038
(2) Non-GAAP measure.

Page 16

PACWEST BANCORP AND SUBSIDIARIES

FIVE QUARTER STATEMENT OF EARNINGS

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,		June 30,
	2021			2021			2020			2020		2020
	(Dollars in thousands, except per share data)
Interest income:
Loans and leases	$	244,529		$	241,544		$	242,198		$	240,811	$	247,851
Investment securities		33,954			30,265			28,843			24,443		26,038
Deposits in financial institutions		2,022			1,528			1,135			654		186
Total interest income		280,505			273,337			272,176			265,908		274,075
Interest expense:
Deposits		7,269			7,500			8,454			9,887		13,075
Borrowings		265			193			37			27		1,319
Subordinated debentures		6,663			4,375			4,477			4,670		5,402
Total interest expense		14,197			12,068			12,968			14,584		19,796
Net interest income		266,308			261,269			259,208			251,324		254,279
Provision for credit losses		(88,000	)		(48,000	)		10,000			97,000		120,000
Net interest income after provision for credit losses		354,308			309,269			249,208			154,324		134,279
Noninterest income:
Service charges on deposit accounts		3,452			2,934			3,119			2,570		2,004
Other commissions and fees		10,704			9,158			9,974			10,541		10,111
Leased equipment income		10,847			11,354			9,440			9,900		12,037
Gain on sale of loans and leases		1,422			139			1,671			35		346
Gain on sale of securities		-			101			4			5,270		7,715
Other income		13,946			21,143			15,642			9,936		6,645
Total noninterest income		40,371			44,829			39,850			38,252		38,858
Noninterest expense:
Compensation		90,807			79,882			73,171			75,131		61,910
Occupancy		14,784			14,054			14,083			14,771		14,494
Data processing		7,758			6,957			6,718			6,505		7,102
Other professional services		5,256			5,126			6,800			4,713		4,146
Insurance and assessments		3,745			4,903			5,064			3,939		9,373
Intangible asset amortization		2,889			3,079			3,172			3,751		3,882
Leased equipment depreciation		8,614			8,969			7,501			7,057		7,102
Foreclosed assets (income) expense, net		(119	)		1			(272	)		335		(146	)
Acquisition, integration and reorganization costs		200			3,425			1,060			-		-
Customer related expense		4,973			4,818			4,430			4,762		4,408
Loan expense		4,031			3,193			3,926			3,499		3,379
Other expense		8,812			15,729			10,029			8,939		11,315
Total noninterest expense		151,750			150,136			135,682			133,402		126,965
Earnings before income taxes		242,929			203,962			153,376			59,174		46,172
Income tax expense		62,417			53,556			36,546			13,671		12,968
Net earnings	$	180,512		$	150,406		$	116,830		$	45,503	$	33,204
Basic and diluted earnings per share	$	1.52		$	1.27		$	0.99		$	0.38	$	0.28
Dividends declared and paid per share	$	0.25		$	0.25		$	0.25		$	0.25	$	0.25

Page 17

PACWEST BANCORP AND SUBSIDIARIES

FIVE QUARTER SELECTED FINANCIAL DATA

	At or For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
	(Dollars in thousands)
Performance Ratios:
Return on average assets (1)		2.11	%		1.94	%		1.58	%		0.65	%		0.50	%
Pre-provision, pre-goodwill impairment, pre-tax net revenue ("PPNR") return on average assets (1)(2)		1.81	%		2.01	%		2.22	%		2.22	%		2.51	%
Return on average equity (1)		19.36	%		16.86	%		13.14	%		5.18	%		3.87	%
Return on average tangible equity (1)(2)		29.25	%		25.67	%		19.63	%		8.20	%		6.39	%
Efficiency ratio		47.9	%		46.4	%		43.6	%		45.1	%		42.9	%
Noninterest expense as a percentage of average assets (1)		1.77	%		1.94	%		1.84	%		1.90	%		1.92	%
Average Yields/Costs (1):
Yield on:
Average loans and leases (3)		5.18	%		5.20	%		5.15	%		5.01	%		5.01	%
Average investment securities (3)		2.23	%		2.44	%		2.50	%		2.52	%		2.87	%
Average interest-earning assets (3)		3.57	%		3.86	%		4.02	%		4.13	%		4.53	%
Cost of:
Average interest-bearing deposits		0.16	%		0.18	%		0.22	%		0.27	%		0.40	%
Average total deposits		0.10	%		0.11	%		0.14	%		0.17	%		0.25	%
Average interest-bearing liabilities		0.30	%		0.29	%		0.33	%		0.38	%		0.55	%
Net interest spread (3)		3.27	%		3.57	%		3.69	%		3.75	%		3.98	%
Net interest margin (3)		3.40	%		3.69	%		3.83	%		3.90	%		4.20	%
Average Balances:
Assets:
Loans and leases, net of deferred fees	$	19,057,420		$	18,927,314		$	18,769,214		$	19,195,737		$	19,951,603
Investment securities		6,492,721			5,383,140			4,888,993			4,107,915			3,846,459
Deposits in financial institutions		6,347,764			4,790,231			3,576,335			2,554,349			733,142
Interest-earning assets		31,897,905			29,100,685			27,234,542			25,858,001			24,531,204
Total assets		34,326,112			31,415,882			29,334,789			27,935,193			26,621,227
Liabilities:
Noninterest-bearing deposits		11,304,757			10,173,459			9,589,789			8,812,391			8,292,151
Interest-bearing deposits		17,817,053			16,444,091			15,045,451			14,516,923			13,116,297
Total deposits		29,121,810			26,617,550			24,635,240			23,329,314			21,408,448
Borrowings		225,446			226,053			237,098			181,315			871,110
Subordinated debentures		735,725			466,101			463,951			462,375			459,466
Interest-bearing liabilities		18,778,224			17,136,245			15,746,500			15,160,613			14,446,873
Stockholders' equity		3,739,042			3,617,248			3,536,425			3,497,869			3,446,850

(1) Annualized.

(2) Non-GAAP measure.

(3) Tax equivalent.

Page 18

PACWEST BANCORP AND SUBSIDIARIES

FIVE QUARTER SELECTED FINANCIAL DATA

	At or For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2021			2021			2020			2020			2020
	(Dollars in thousands)
Credit Quality Ratios:
Nonaccrual loans and leases held for investment to loans and leases held for investment		0.29	%		0.36	%		0.48	%		0.45	%		0.84	%
Nonperforming assets to loans and leases held for investment and foreclosed assets		0.36	%		0.43	%		0.55	%		0.52	%		0.85	%
Classified loans and leases held for investment to loans and leases held for investment		0.75	%		0.86	%		1.39	%		1.44	%		1.49	%
Provision for credit losses (for the quarter) to average loans and leases held for investment (annualized)		(1.85	)%		(1.03	)%		0.21	%		2.01	%		2.42	%
Net charge-offs (for the quarter) to average loans and leases held for investment (annualized)		(0.11	)%		0.06	%		0.40	%		0.75	%		0.27	%
Trailing 12 months net charge-offs to average loans and leases held for investment		0.27	%		0.37	%		0.45	%		0.36	%		0.20	%
Allowance for loan and lease losses to loans and leases held for investment		1.16	%		1.54	%		1.82	%		1.82	%		1.53	%
Allowance for credit losses to loans and leases held for investment		1.54	%		2.02	%		2.27	%		2.33	%		1.94	%
Allowance for credit losses to nonaccrual loans and leases held for investment		528.4	%		566.2	%		475.8	%		516.9	%		229.7	%
PacWest Bancorp Consolidated:
Tier 1 leverage capital ratio (1)		7.67	%		7.95	%		8.55	%		8.66	%		8.93	%
Common equity tier 1 capital ratio (1)		10.41	%		10.39	%		10.53	%		10.45	%		9.97	%
Tier 1 capital ratio (1)		10.41	%		10.39	%		10.53	%		10.45	%		9.97	%
Total capital ratio (1)		14.99	%		13.60	%		13.76	%		13.74	%		13.18	%
Risk-weighted assets (1)	$	24,274,256		$	23,012,350		$	22,837,693		$	22,114,040		$	22,781,836
Equity to assets ratio		11.03	%		11.12	%		12.19	%		12.26	%		12.62	%
Tangible common equity ratio (2)		7.80	%		7.68	%		8.78	%		8.71	%		8.93	%
Book value per share	$	32.17		$	30.68		$	30.36		$	29.42		$	29.17
Tangible book value per share (2)	$	21.95		$	20.39		$	21.05		$	20.09		$	19.80
Pacific Western Bank:
Tier 1 leverage capital ratio (1)		8.47	%		8.83	%		9.53	%		9.70	%		10.03	%
Common equity tier 1 capital ratio (1)		11.51	%		11.54	%		11.73	%		11.70	%		11.18	%
Tier 1 capital ratio (1)		11.51	%		11.54	%		11.73	%		11.70	%		11.18	%
Total capital ratio (1)		14.22	%		12.80	%		12.99	%		12.95	%		12.44	%

(1) Capital information for June 30, 2021 is preliminary.

(2) Non-GAAP measure.

Page 19

GAAP TO NON-GAAP RECONCILIATIONS

This press release contains certain non-GAAP financial disclosures for: (1) Pre-provision, pre-goodwill impairment, pre-tax net revenue (“PPNR”), (2) PPNR return on average assets (3) return on average tangible equity, (4) tangible common equity ratio, and (5) 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, tangible book value per share, and PPNR is prevalent among banking regulators, investors, and analysts. Accordingly, we disclose the non-GAAP measures in addition to the related GAAP measures of: (1) net earnings, (2) return on average assets, (3) return on average equity, (4) equity to assets ratio, and (5) 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									Six Months Ended
PPNR and PPNR Return	June 30,			March 31,			June 30,			June 30,
on Average Assets	2021			2021			2020			2021			2020
	(Dollars in thousands)
Net earnings (loss)	$	180,512		$	150,406		$	33,204		$	330,918		$	(1,399,907	)
Add: Provision for credit losses		(88,000	)		(48,000	)		120,000			(136,000	)		232,000
Add: Goodwill impairment		-			-			-			-			1,470,000
Add: Income tax expense		62,417			53,556			12,968			115,973			24,956
Pre-provision, pre-goodwill impairment, pre-tax net revenue ("PPNR")	$	154,929		$	155,962		$	166,172		$	310,891		$	327,049
Average assets	$	34,326,112		$	31,415,882		$	26,621,227		$	32,879,037		$	26,860,133
Return on average assets (1)		2.11	%		1.94	%		0.50	%		2.03	%		(10.48	)%
PPNR return on average assets (2)		1.81	%		2.01	%		2.51	%		1.91	%		2.45	%

(1) Annualized net earnings (loss) divided by average assets.

(2) Annualized PPNR divided by average assets.

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
Return on Average Tangible Equity	2021			2021			2020			2021			2020
	(Dollars in thousands)
Net earnings (loss)	$	180,512		$	150,406		$	33,204		$	330,918		$	(1,399,907	)
Add: Intangible asset amortization		2,889			3,079			3,882			5,968			7,830
Add: Goodwill impairment		-			-			-			-			1,470,000
Adjusted net earnings	$	183,401		$	153,485		$	37,086		$	336,886		$	77,923
Average stockholders' equity	$	3,739,042		$	3,617,248		$	3,446,850		$	3,678,481		$	4,201,814
Less: Average intangible assets		1,224,208			1,192,780			1,111,302			1,208,581			1,840,246
Average tangible common equity	$	2,514,834		$	2,424,468		$	2,335,548		$	2,469,900		$	2,361,568
Return on average equity (1)		19.36	%		16.86	%		3.87	%		18.14	%		(67.00	)%
Return on average tangible equity (2)		29.25	%		25.67	%		6.39	%		27.51	%		6.64	%

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

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

Page 20

Tangible Common Equity Ratio/	June 30,			March 31,			December 31,			September 30,			June 30,
Tangible Book Value Per Share	2021			2021			2020			2020			2020
	(Dollars in thousands, except per share data)
Stockholders' equity	$	3,846,681		$	3,654,137		$	3,594,951		$	3,486,231		$	3,452,898
Less: Intangible assets		1,222,541			1,225,404			1,102,311			1,105,483			1,109,234
Tangible common equity	$	2,624,140		$	2,428,733		$	2,492,640		$	2,380,748		$	2,343,664
Total assets	$	34,867,987		$	32,856,533		$	29,498,442		$	28,426,716		$	27,365,738
Less: Intangible assets		1,222,541			1,225,404			1,102,311			1,105,483			1,109,234
Tangible assets	$	33,645,446		$	31,631,129		$	28,396,131		$	27,321,233		$	26,256,504
Equity to assets ratio		11.03	%		11.12	%		12.19	%		12.26	%		12.62	%
Tangible common equity ratio (1)		7.80	%		7.68	%		8.78	%		8.71	%		8.93	%
Book value per share	$	32.17		$	30.68		$	30.36		$	29.42		$	29.17
Tangible book value per share (2)	$	21.95		$	20.39		$	21.05		$	20.09		$	19.80
Shares outstanding		119,555,102			119,105,642			118,414,853			118,489,927			118,374,603

(1) Tangible common equity divided by tangible assets.

(2) Tangible common equity divided by shares outstanding.

CONTACTS

Matthew P. Wagner
President and CEO
303.802.8900 Bart R. Olson
EVP and CFO
714.989.4149 William J. Black
EVP Strategy and Corporate Development
919.597.7466

Page 21

EX-99.2

Exhibit 99.2

 

2021 Second Quarter Results Earnings Release Presentation July 19, 2021

Second Quarter 2021 | PACW | p. 2 Second Quarter Highlights • CET1 ratio of 10.41% • Total capital ratio of 14.99% • ACL ratio of 1.54%; 1.59% excluding PPP loans • Classified loans to total loans of 0.75% • Net recoveries of $5.2 million • Net recoveries to average loans and leases of 11bps • Classified loans of $147.3mm, a decline of 50% from 2Q20 high • Special mention loans of $536.1mm, a decline of 40% from 1Q20 high • 91% of deposits are core deposits; 38% are noninterest - bearing • Loans to deposit ratio of 66% Strong Balance Sheet Profitability • Net earnings of $180.5mm, or $1.52 per diluted share • Pre - provision, pre - tax net revenues (“PPNR”) of $154.9mm (1) • ROAA of 2.11% • ROATE of 29.25% (1) • Net interest income increased $5mm or 7.6% annualized • Net interest margin of 3.40%; negative impact from excess liquidity of approximately 73bps • Loan and lease yield of 5.18% • Cost of deposits of 10 bps • Efficiency ratio of 47.9% • Provision for credit losses benefit of $88mm Growth • Loan production of $1.7bn at weighted average rate of 4.55% • Loan Growth of $997 million or 22.3% annualized (excluding $470 million reduction in PPP loans) • Total assets increased $2.0bn or 6% compared to 1Q21 • Core deposits increased $1.5bn or 22.9% annualized • Total deposits increased $1.4bn or 20.2% annualized • Received regulatory approvals for the pending purchase of the Homeowners Association Business from MUFG Union Bank, N.A. with approximately $4.0bn of low cost deposits; close expected in 4Q21 (1) See “Non - GAAP Measurements” slides starting on page 25.

Second Quarter 2021 | PACW | p. 3 $19.7bn $19.0bn $19.1bn $19.0bn $19.5bn 1.63% 1.94% 1.93% 1.63% 1.19% 2Q20 3Q20 4Q20 1Q21 2Q21 Loans & Leases HFI, Net (3) $22.9bn $24.0bn $24.9bn $28.2bn $29.6bn 0.25% 0.17% 0.14% 0.11% 0.10% 2Q20 3Q20 4Q20 1Q21 2Q21 Core and Total Deposits (1)(2) $3.9 $4.5 $5.2 $5.9 $7.2 2.87% 2.52% 2.50% 2.44% 2.23% 2Q20 3Q20 4Q20 1Q21 2Q21 Total Investments and Yield Balance Sheet Highlights $381.6mm $442.5mm $433.8mm $383.0mm $300.2mm 2.06% 2.49% 2.41% 2.14% 1.59% 2Q20 3Q20 4Q20 1Q21 2Q21 Allowance for Credit Losses (4) (1) ■ Core Deposits ■ Non - core Deposits (2) Line is cost of total deposits (3) Line is ALLL as % of loans and leases, excluding PPP loans (4) Line is ACL as % of loans and leases, excluding PPP loans

Second Quarter 2021 | PACW | p. 4 $120.0mm $133.4mm $135.7mm $150.1mm $151.8mm 42.9% 45.1% 43.6% 46.4% 47.9% 2Q20 3Q20 4Q20 1Q21 2Q21 Operating Expenses & Efficiency Ratio Profitability Highlights $33.2mm $45.5mm $116.8mm $150.4mm $180.5mm $0.28 $0.38 $0.99 $1.27 $1.52 2Q20 3Q20 4Q20 1Q21 2Q21 Net Earnings & EPS 0.50% 0.65% 1.58% 1.94% 2.11% 6.39% 8.20% 19.63% 25.67% 29.25% 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20 4Q20 1Q21 2Q21 ROAA ROATE (1) $166.2mm $156.2mm $163.4mm $156.0mm $154.9mm 2.51% 2.22% 2.22% 2.01% 1.81% 2Q20 3Q20 4Q20 1Q21 2Q21 PPNR & PPNR ROAA (1) (1) See “Non - GAAP Measurements” slides starting on page 25.

Second Quarter 2021 | PACW | p. 5 0.25% 0.17% 0.14% 0.11% 0.10% 0.40% 0.29% 0.23% 0.17% 2Q20 3Q20 4Q20 1Q21 2Q21 Cost of Total Deposits PACW Avg. Total Deposits Cost KRX Median Deposits Cost 5.01% 5.00% 5.15% 5.20% 5.18% 4.02% 3.89% 4.00% 3.94% 2Q20 3Q20 4Q20 1Q21 2Q21 Loan Yield (TE) PACW TE Avg. KRX Median 4.20% 3.90% 3.83% 3.69% 3.40% 3.13% 3.03% 3.12% 3.06% 2Q20 3Q20 4Q20 1Q21 2Q21 Net Interest Margin (TE) PACW Reported TE NIM KRX Median NIM $254.3mm $251.3mm $259.2mm $261.3mm $266.3mm 2Q20 3Q20 4Q20 1Q21 2Q21 Net Interest Income Industry Leading Tax Equivalent Net Interest Margin Source: S&P Global Market Intelligence. Peer data is through 1Q21. Peer group is banks in the KBW Nasdaq Regional Bank Index – “KRX”.

Second Quarter 2021 | PACW | p. 6 8.00% 6.00% 4.50% 10.50% 8.50% 7.00% 14.99% 10.41% 10.41% Total Capital Tier 1 capital CET1 Capital Minimum Capital Conservation Buffer PACW Strong Capital Position Robust Capital Levels Highlights ▪ Raised $400 million of 3.25% sub - debt at the Bank level in April 2021 increasing total capital ▪ 2Q21 dividend of $0.25 per share, consistent with previous four quarters ▪ Elected CECL transition for regulatory capital relief in 2020. Retains ~ 14bps of CET1 and Tier 1 capital ▪ Capital ratio decreases in 1Q21 due primarily to the cash purchase of Civic ▪ Building capital ahead of using cash for purchase of MUFG Union Bank HOA Business acquisition in 4Q21 ▪ Capital levels remain sufficient in a severely adverse economic scenario $828mm $464mm $1,327mm Capital in Excess of Conservation Buffer $19.80 $20.09 $21.06 $20.39 $21.95 9.97% 10.46% 10.53% 10.39% 10.41% 13.18% 13.74% 13.76% 13.60% 14.99% 2Q20 3Q20 4Q20 1Q21 2Q21 Tangible BV and Capital Ratios Tangible BV per Share CET1 Capital Total Capital

Second Quarter 2021 | PACW | p. 7 $ Digital Innovation CLIENT - CENTRIC DIGITAL EXPERIENCE Simplified Digital Account Opening • Reimagined Experience Leveraging Data - driven Insights • Electronic Signatures and Records • Digital Forms Stronger Client Relationships Increased Cross - Selling Opportunities Seamless and Contextual Client Experience Accelerated Innovation Streamlined API Connectivity provides Flexibility and Choice • Accounting and ERP Platform Connectivity • HOA Platform Connectivity Delivers Segment Depth • Enhanced Payment Capability via Connectivity Solutions Modernized and Intuitive Digital Experience Across the Client Journey • Online and Mobile Banking • Merchant Services • Virtual Cards • Foreign Exchange ONBOARD | CONNECT | TRANSACT Leverage FinTech Partnerships to Deliver Digital Solutions Across the Client Journey

Second Quarter 2021 | PACW | p. 8 Commercial mortgage 19% Income producing and other residential 24% Commercial construction 5% Residential construction 13% Asset - based 18% Venture capital 9% Other commercial 10% Consumer 2% As of June 30, 2021 ($ in millions) $ Mix $ Mix Real Estate Mortgage: Commercial 3,792$ 19% 4,222$ 22% Income producing and other residential 4,621 24% 3,734 19% Total Real Estate Mortgage 8,413 43% 7,956 41% RE Construction & Land: Commercial 931 5% 1,168 6% Residential 2,575 13% 2,173 11% Total RE Construction & Land 3,506 18% 3,341 17% Total Real Estate 11,919 61% 11,297 58% Commercial: Asset-based 3,551 18% 3,413 17% Venture capital 1,749 9% 1,814 9% Other commercial 1,922 10% 2,760 14% Total Commercial 7,222 37% 7,987 40% Consumer 365 2% 411 2% Total Loans HFI (1) 19,506$ 100% 19,695$ 100% Unfunded commitments 7,892$ 7,746$ 6/30/2021 6/30/2020 Diversified Loan and Lease Portfolio (1) Net of deferred fees and costs

Second Quarter 2021 | PACW | p. 9 ($ in millions) $ Mix $ Mix Asset-Based: Lender Finance 2,257$ 63% 1,980$ 58% Equipment Finance 639 18% 786 23% Premium Finance 483 14% 421 12% Other 172 5% 226 7% Total Asset-Based 3,551$ 100% 3,413$ 100% 6/30/2021 6/30/2020 ($ in millions) $ Mix $ Mix Real Estate: Income Producing Residential 4,379$ 37% 3,639$ 32% Construction & Land (1) 3,506 30% 3,341 30% Other Commercial (2) 2,484 21% 2,764 24% SBA 625 5% 573 5% Hotel 522 4% 648 6% Other Residential 242 2% 95 1% Healthcare 161 1% 237 2% Total Real Estate 11,919$ 100% 11,297$ 100% 6/30/2021 6/30/2020 Other Commercial, $2,484mm, 21% SBA , $625mm , 5% Hotel , $522mm , 4% Income Producing Residential, $4,379mm, 37% Healthcare , $161mm , 1% Other Residential , $242mm , 2% Construction & Land , $3,506mm , 30% Real Estate ($11.9B) Lender Finance $2,257mm , 63% Equipment Finance $639mm , 18% Premium Finance $483mm , 14% Other $172mm , 5% Asset - Based ($3.6B) Diversified Loan and Lease Portfolio (1) Of which land represents $153 million and $146 million at 6/30/21 and 6/30/20. (2) Comprised of 43% office, 19% industrial, 18% retail and 20% other at 6/30/21.

Second Quarter 2021 | PACW | p. 10 ($ in millions) $ Mix $ Mix Venture Capital: Equity Fund Loans 1,245$ 71% 740$ 41% Venture Capital 504 29% 1,074 59% Total Venture Capital 1,749$ 100% 1,814$ 100% 6/30/2021 6/30/2020 ($ in millions) $ Mix $ Mix Other Commercial: Paycheck Protection Program 609$ 32% 1,211$ 44% Secured Business Loans 434 23% 502 18% Municipal 263 14% 154 6% Unsecured Business Loans 247 12% 213 8% Security Monitoring 207 11% 499 18% Other 162 8% 181 6% Total Other Commercial 1,922$ 100% 2,760$ 100% 6/30/2021 6/30/2020 Paycheck Protection Program , $609mm , 32% Secured Business Loans , $434mm , 23% Security Monitoring , $207mm , 11% Unsecured Business Loans , $247mm , 12% Municipal , $263mm , 14% Other , $162mm , 8% Other Commercial ($1.9B) Equity Fund Loans , $1,245mm , 71% Venture Capital , $504mm , 29% Venture Capital ($1.7B) Diversified Loan and Lease Portfolio

Second Quarter 2021 | PACW | p. 11 ($ in millions) Production/ Disbursements Payoffs/ Paydowns Net Difference Rate on Production (1) ($ in millions) Loans Beginning Balance (2) Loans Ending Balance (2) Quarterly Change (3) 2Q21 3,326$ 2,771$ 555$ 4.55% 2Q21 18,979$ 19,506$ 527$ 1Q21 2,636 2,702 (66) 4.36% 1Q21 19,083 18,979 (104) 4Q20 2,485 2,287 198 4.41% 4Q20 19,026 19,083 57 3Q20 1,528 2,144 (616) 4.95% 3Q20 19,695 19,026 (669) 2Q20 2,603 2,635 (32) 2.33% 2Q20 19,745 19,695 (50) $546 $520 $1,131 $1,232 $1,662 $800 $1,008 $1,354 $1,023 $1,664 $1,257 $0 $0 $381 $0 $613 $983 $1,330 $1,635 $1,969 $2,022 $1,161 $957 $1,067 $802 $2,603 $1,528 $2,485 $2,636 $3,326 $2,635 $2,144 $2,287 $2,702 $2,771 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 2Q20 3Q20 4Q20 1Q21 2Q21 Avg. Rate on Production Millions Production Disbursements PPP Loans Payoffs Paydowns Rate on Production Loan and Lease Production of $1.7 Billion in 2Q21 (1) The weighted average TE rate on production presents contractual rates and does not include amortized fees. Amortized fees add ed approximately 41 basis points to loan yields in 2021 and 25 basis points in 2020. (2) Net of deferred fees and costs (3) “Quarterly Change” equals “Net Difference” plus transfers to loans held for sale, transfers to OREO, charge - offs and loan sales.

Second Quarter 2021 | PACW | p. 12 Multi - Family Apts, 57% Condominiums , 3% Hotel , 10% Office, 5% Industrial , 3% Retail , 1% Mixed - Use, 4% Land & Other, 7% SFR , 10% Commitments by Property Type Construction & Land Loans Nevada , 3% Other, 10% Florida, 6% Wash DC, 3% New York, 13% Colorado 7% Washington, 3% California , 50%% Georgia, 3% NJ, 2% Commitments by State Commitment Amount Count 6/30/21 Commitment 6/30/21 Outstanding 6/30/21 % of Tota l $0 ~ $10mm 104 $ 1,072mm $ 906mm 16% $10mm ~ $25mm 64 987mm 560mm 15% $25mm ~ $50mm 43 1,616mm 852mm 25% $50mm ~ $100mm 29 1,928mm 772mm 29% $100mm ~ $150mm 8 965mm 416mm 15% Total 248 $ 6,568mm $ 3,506mm LTC < 40 %, 4% LTC 40% - 50%, 9% LTC 50% - 60%, 47% LTC 60% - 70%, 25% LTC > 70%, 15% (2) Commitments By Loan - To - Cost Range (1) Risk Rating Count 6/30/21 Tota l Pass/Watch 234 $ 3,428mm Special Mention 7 76mm Classified 7 2mm Total 248 $ 3,506mm (1) Excludes $861mm of land and Civic commitments. (2) 62% of loans with LTC > 70% are for low income housing projects.

Second Quarter 2021 | PACW | p. 13 California, 49% Colorado , 9% Florida , 7% Washington , 5% Oregon , 3% New York , 8% Wash. DC , 3% Others , 16% $3.8bn (1) MF Construction Commitments Multi - Family Loans Principal Balance Amount Count 6/30/21 Tota l 6/30/21 % of Tota l $0 ~ $5mm 2,419 2,051mm 47% $5mm ~ $10mm 142 949mm 22% $10mm ~ $30mm 49 727mm 17% $30mm ~ $154mm 7 652mm 14% Total 2,617 $ 4,379mm California, 68% Washington , 6% Florida , 6% Oregon , 3% Virginia , 3% Colorado , 3% Others , 11% $4.4bn (2) Income Producing Residential Portfolio By State Income Producing Residential (1) MF construction commitments have an average loan - to - cost ratio of 62% as of June 30, 2021. (2) $1.8bn, or approximately 41%, of MF portfolio is 50% risk - weighted. (3) Included in MF construction commitments are $881mm of commitments to build low income housing MF projects with a weighted average LTC of 71%. LTC > 70% , 20% LTC 20% - 50% , 5% LTC 50% - 60% , 51% LTC 60% - 70% , 24% MF Construction Commitments By Loan - To - Cost Range (3) Risk Rating Count 6/30/21 Tota l Pass/Watch 2,583 $ 4,308mm Special Mention 14 61mm Classified 20 10mm Total 2,617 $ 4,379mm

Second Quarter 2021 | PACW | p. 14 Security Monitoring Loans ▪ Discontinued new originations in October 2019 due to new technology disrupting the security alarm business. ▪ 62% of loans are to residential security providers and 38% are to commercial security providers. ▪ Portfolio declined by $122mm (6 loans) or 37% in first half of 2021. ▪ No charge - offs in first half of 2021. ▪ $91mm or 44% of the portfolio are SNCs. ▪ 4.50% WAC; 100% variable rate; WAM 21 months. ▪ $50mm of unfunded commitments; subject to an availability formula based upon eligible recurring monthly revenue (net available credit is $37mm). Risk Rating Count 6/30/21 Tota l Pass/Watch 11 $ 175mm Special Mention - - Classified 4 32mm Total 15 $ 207mm Balance by Tranche Count 6/30/21 Tota l < $5mm 7 $ 16mm $5mm ~ $10mm 1 9mm $10mm ~ $20mm 3 36mm $20mm ~ $30mm 1 24mm $30mm ~ $40mm 2 69mm $40mm ~ $55mm 1 53mm Total 15 $ 207mm $25mm $72mm $93mm $ 17mm 2021 2022 2023 2024 Contractual Maturity Table $619 $539 $499 $411 $329 $206 $207 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Security Monitoring Loans 67% decrease

Second Quarter 2021 | PACW | p. 15 COVID - Sensitive Portfolios Amounts in 000s Portfolio Classified Special Mention Pass Total % of Total Loans and Leases Hotel (1) $ 16,678 $ 224,812 $ 792,773 $ 1,034,264 5.3% Retail Commercial RE 233 1,449 432,533 434,215 2.2% Commercial Aviation 19,248 77,236 89,410 185,894 0.9% Restaurant 5,090 28,883 121,672 155,645 0.8% Total $ 41,249 $ 332,380 $ 1,436,388 $ 1,810,018 9.3% 2.3% 18.4% 79.3% Office Portfolio ▪ Monitoring this portfolio closely given the potential future implications of changes in the demand for office space due to remote/hybrid working arrangements; no impacts to date. ▪ Total office portfolio at June 30, 2021 is $1.3 billion (CRE, Construction, SBA) or 6.5% of total loans and leases. 65% of office portfolio is located in California. ▪ 99.8% of the portfolio is pass rated; $1.0 million of classified loans and $1.0 million of special mention loans at June 30, 2021. ▪ Weighted average loan - to - cost for office construction loans is 54.7%. ▪ Despite sensitivity to the COVID pandemic, these portfolios have performed better than expected but we continue to monitor closely. ▪ Total net charge - offs on these portfolios since 1Q20 have amounted to $1.2 million. (1) Includes Hotel CRE of $522 million, Hotel Construction of $483 million and Hotel SBA of $29 million .

Second Quarter 2021 | PACW | p. 16 ($ in millions) Variable Loans by Rate Index Amount % of Total Variable 1 - month LIBOR $5,688 2 - month LIBOR - 3 - month LIBOR 193 6 - month LIBOR 205 12 - month LIBOR 3 Total LIBOR - based Loans $6,089 56% Prime Rate 3,755 34% Other Index 1,094 10% Total Variable Loans $10,938 100% Interest Rate Components of the Loan and Lease Portfolio Fixed - Rate , 29% Variable - Rate, 56% Hybrid , 15%, Loan Portfolio by Repricing Type 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% - 2.00 4.00 6.00 8.00 10.00 Floor is "In the Money" Now Increase 50 bps Increase 100 bps Increase 150 bps Increase 200 bps Increase 250 bps Increase 300 bps % of Variable Rate Loans Cumulative Balance ($ bn’s ) Billions Amount of Rate Increase Floor Analysis - Variable Rate Loans as of June 30, 2021 Loan Book % of Total Variable $715mm $1,291mm $1,671mm $4,967mm 1 Year 2 Years 3 Years > 3 Years Fixed/Hybrid Years to Maturity/Repricing

Second Quarter 2021 | PACW | p. 17 $13.2mm $36.1mm $18.8mm $2.7mm ($5.2mm) 0.20% 0.36% 0.45% 0.37% 0.27% 0.27% 0.75% 0.40% 0.06% - 0.11% 2Q20 3Q20 4Q20 1Q21 2Q21 Net Charge - offs/(Recoveries) (4) Key Credit Quality Trends $166.1mm $85.6mm $91.2mm $67.7mm $56.8mm 0.84% 0.45% 0.48% 0.36% 0.29% 2Q20 3Q20 4Q20 1Q21 2Q21 Nonaccrual Loans and Leases (1) (1) Line is as a percentage of total loans and leases (2) Line is as a percentage of total loans and leases (3) Line is as a percentage of total loans and leases (4) ■ Net charge - offs/(recoveries) for quarter ■ Trailing 12 months net C/O % ■ Net C/O as a % of average loans land leases (annualized) $167.6mm $99.4mm $105.2mm $82.0mm $70.0mm 0.85% 0.52% 0.55% 0.43% 0.36% 2Q20 3Q20 4Q20 1Q21 2Q21 Nonperforming Assets (2) $293.2mm $274.6mm $265.3mm $163.1mm $147.3mm 1.49% 1.44% 1.39% 0.86% 0.75% 2Q20 3Q20 4Q20 1Q21 2Q21 Classified Loans and Leases (3)

Second Quarter 2021 | PACW | p. 18 $182 $434 $300 $166 $84 $84 $(87) $5 $(118) $(3) $9 $2 $(24) 1/1/2020 Economic Forecast Individually Evaluated Loan Downgrades Net Charge- offs Other, net 12/31/2020 Economic Forecast Individually Evaluated Loan Downgrades Net Recoveries Other, net 6/30/2021 Changes in the Allowance for Credit Losses (ACL) (in millions) Current Expected Credit Losses (CECL) ▪ Provision benefit driven by improved economic forecast and improving credit quality metrics. ▪ Used the Moody’s Consensus Scenario Forecast dated June 2021 for 2Q21. ▪ No significant changes to CECL model or process. ▪ Decline in ACL ratio trending with continuing improvement in credit quality metrics. ▪ Trending back to pre - pandemic levels ▪ ACL and ALLL ratios were 0.97% and 0.70% at adoption of CECL on 1/1/20. Twelve Months of 2020 First Six Months of 2021 (1) Line is ACL as a % of loans and leases, excluding PPP loans (2) Other, net includes loan upgrades, loan balance changes and qualitative adjustments. (2) (2) $112.0mm $120.0mm $97.0mm $10.0mm - $48.0mm - $88.0mm 1.63% 2.06% 2.49% 2.41% 2.14% 1.59% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Provision for Credit Losses (1)

Second Quarter 2021 | PACW | p. 19 ($ in millions) Deposit Category Average $ Quarter-End $ Mix Average $ Quarter-End $ Mix Noninterest-bearing demand 11,305$ 11,252$ 38% 8,292$ 8,630$ 38% Interest checking 7,166 7,395 25% 3,899 4,858 21% Money market 7,423 7,777 26% 5,153 5,498 24% Savings 598 614 2% 524 550 2% Total core deposits 26,492 27,038 91% 17,868 19,536 85% Non-core non-maturity deposits 1,132 1,123 4% 1,064 1,217 5% Total non-maturity deposits 27,624 28,161 95% 18,932 20,753 90% Time deposits $250,000 and under 930 913 3% 1,843 1,523 7% Time deposits over $250,000 568 573 2% 633 653 3% Total time deposits 1,498 1,486 5% 2,476 2,176 10% Total deposits (1) 29,122$ 29,647$ 100% 21,408$ 22,929$ 100% At or For the Quarter Ended June 30, 2021 At or For the Quarter Ended June 30, 2020 Noninterest - bearing demand Interest checking Money market Savings deposits Non - core non - maturity deposits Time deposits $250,000 and under Time deposits over $250,000 June 30, 2021 Noninterest - bearing demand Interest checking Money market Savings deposits Non - core non - maturity deposits Time deposits $250,000 and under Time deposits over $250,000 June 30, 2020 Deposit Detail (1) Does not include $1.3 billion and $1.4 billion of client investment funds held at June 30, 2021 and June 30, 2020, respectively. Core: 91% Core: 85%

Second Quarter 2021 | PACW | p. 20 $3.9bn $4.5bn $5.2bn $5.9bn $7.2bn 3.6 3.8 4.5 4.8 5.1 2.87% 2.52% 2.50% 2.44% 2.23% 6.4 6.6 6.7 6.9 7.0 2Q20 3Q20 4Q20 1Q21 2Q21 TE Yield, Avg. Life & Effective Duration Investments Effective Duration (Yrs) TE Yield Average Life (Yrs) Diversified Investment Portfolio (1) Fair value at 6/30/21 (2) Yield is for 2Q21 Asset - backed Securities , $150mm , 2% Agency Residential MBS , $552mm , 8% Agency Residential CMOs , $1,142mm , 16% Agency Commercial MBS , $1,258mm , 18% U.S. Treasuries , $877mm , 12% Corporate Securities , $509mm , 7% Municipal Securities , $1,817mm , 25% Collateralized Loan Obligations , $382mm , 5% Other, $134mm , 2% Private Commercial MBS , $378mm , 5% $7.2 Billion Total Investment Portfolio (1) 2.23% overall portfolio tax equivalent yield (2) Second Quarter Activity ▪ Purchased $1.4 billion in 2Q21 - highlights ▪ Average tax - equivalent yield of 1.94% ▪ Weighted average life of 7.4 years ▪ Effective duration of 6.2 years

Second Quarter 2021 | PACW | p. 21 $12.5bn $15.9bn $16.3bn $16.2bn $22.3bn $27.0bn $15.9bn $18.9bn $18.9bn $19.2bn $24.9bn $29.6bn 2016 2017 2018 2019 2020 2Q21 Core and Total Deposits (2) Historical Financial Trends $21.9bn $25.0bn $25.7bn $26.8bn $29.5bn $34.9bn 2016 2017 2018 2019 2020 2Q21 Total Assets 12.31% 10.91% 10.01% 9.78% 10.53% 10.41% 15.56% 13.75% 12.72% 12.41% 13.76% 14.99% 2016 2017 2018 2019 2020 2Q21 Tier 1 & Total Risk Based Capital Ratios (1) $365.0mm $358.0mm $465.0mm $469.0mm $232.0mm $331.0mm 2016 2017 2018 2019 2020 1H21 Net Earnings (3) (1) ■ Tier 1 capital ratio (2) ■ Core deposits (3) 2020 amount excludes goodwill impairment of $1.47 billion in 1Q20

Second Quarter 2021 | PACW | p. 22 Product Offerings Community Banking Products National Lending Products Venture Banking Products • Attractive branch network with 70 full service branches in California and one in Denver, Colorado • Offers a full suite of deposit products and services, including on - line banking • Business lending products: includes secured business, asset - based and tax - exempt loans • Real estate lending products: includes multifamily, commercial real estate and construction loans • Limited consumer loan offerings • Borrower relationships generally include a deposit relationship • Diversified by loan and lease type, geography and industry o Asset - Based Lending (ABL) ▪ Lender Finance, Equipment Financing and Premium Finance o Commercial Real Estate ▪ Multifamily, Hotel, Office, Retail, Industrial, SBA and Construction • Focus on small to middle - market businesses • Expertise in niche segments (aviation lending and corporate finance) limits new competitors • Borrower relationships may include deposit accounts and treasury services • Four product offerings: Technology, Life Sciences, Fund Finance, Structured Finance • Offices located in key innovative hubs across the United States • Offers a comprehensive suite of financial services for venture - backed companies and their venture capital and private equity investors • Provides comprehensive treasury management solutions, including credit cards, international - related products and asset management services to clients • Borrower relationships almost always include a deposit relationship • Branch office in Durham, North Carolina Civic Products • Four product offerings: Construction – Renovation, Construction – Bridge, SFR For - Rent, Multi - family • Lends to investors who want to renovate and “flip” property or rent property • Offices located across the United States • Headquartered in Redondo Beach, CA • Subsidiary of Pacific Western Bank

Second Quarter 2021 | PACW | p. 23 Durham, NC Los Angeles, CA Nationwide Lender Combined with California Branch Network Chevy Chase, MD Chicago, IL Denver, CO New York, NY Boston, MA Minneapolis, MN Austin, TX Campbell, CA Menlo Park, CA San Francisco, CA National Lending office Venture Banking office Community Banking branch Primary offices in 14 states San Diego, CA

Second Quarter 2021 | PACW | p. 24 Balancing Quality Growth with Our Credit De - Risking Strategy 2014 2015 2016 2017 2018 2019 Sold PWEF Leasing Growth Initiatives De - Risking Initiatives New National Construction Lending Team New Multi - Family Lending Team Square 1 Acquisition CapitalSource Acquisition New Tax - Exempt Lending Team CUB Acquisition Colorado Market Expansion Strengthened construction lending criteria - lower loan - to - cost ratio Began to reduce exposure to Healthcare Real Estate Sold $1.5bn of Cash Flow Loans Began to emphasize Equity Fund Loans in Venture Banking Sold Celtic Capital Discontinued originating Security Monitoring and NL Healthcare RE loans 2020 2021 Civic Acquisition 2/01/21 Pandemic – intensely managed loan portfolio HOA Business Acquisition (Close in 4Q21)

Second Quarter 2021 | PACW | p. 25 Non - GAAP Measurements The Company uses certain 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. These non - GAAP financial measures should not be considered a substitute for financial measures presented in accordance with GAAP and may be different from non - GAAP financial measures used by other companies. The table below presents reconciliations of certain GAAP to non - GAAP financial measures: ($ in thousands, except per share amounts) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 Tangible Common Equity Ratio & Tangible Book Value Per Share Stockholders' equity 3,846,681$ 3,654,137$ 3,594,951$ 3,486,231$ 3,452,898$ Less: Intangible assets 1,222,541 1,225,404 1,102,311 1,105,483 1,109,234 Tangible common equity 2,624,140$ 2,428,733$ 2,492,640$ 2,380,748$ 2,343,664$ Total assets 34,867,987$ 32,856,533$ 29,498,442$ 28,426,716$ 27,365,738$ Less: Intangible assets 1,222,541 1,225,404 1,102,311 1,105,483 1,109,234 Tangible assets 33,645,446$ 31,631,129$ 28,396,131$ 27,321,233$ 26,256,504$ Equity to assets ratio 11.03% 11.12% 12.19% 12.26% 12.62% Tangible common equity ratio (1) 7.80% 7.68% 8.78% 8.71% 8.93% Book value per share 32.17$ 30.68$ 30.06$ 29.42$ 29.17$ Tangible book value per share (2) 21.95$ 20.39$ 21.05$ 20.09$ 19.80$ Shares outstanding 119,555,102 119,105,642 118,414,853 118,489,927 118,374,603 Return on Average Tangible Equity Net earnings 180,512$ 150,406$ 116,830$ 45,503$ 33,204$ Add: intangible amortization 2,889 3,079 3,172 3,751 3,882 Adjusted net earnings 183,401$ 153,485$ 120,002$ 49,254$ 37,086$ Average stockholders' equity 3,739,042$ 3,617,248$ 3,536,425$ 3,497,869$ 3,446,850$ Less: Average intangible assets 1,224,208 1,192,780 1,103,945 1,107,548 1,111,302 Average tangible common equity 2,514,834$ 2,424,468$ 2,432,480$ 2,390,321$ 2,335,548$ Return on average equity 19.36% 16.86% 13.14% 5.18% 3.87% Return on average tangible equity (3) 29.25% 25.67% 19.63% 8.20% 6.39% (1) Tangible common equity divided by tangible assets (2) Tangible common equity divided by shares outstanding (3) Annualized adjusted net earnings divided by average tangible common equity

Second Quarter 2021 | PACW | p. 26 Non - GAAP Measurements The table below presents reconciliations of certain GAAP to non - GAAP financial measures. PPNR represents pre - provision, pre - tax net revenues and excludes goodwill impairment. ($ in thousands) June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 PPNR and PPNR Return on Average Assets Net earnings 180,512$ 150,406$ 116,830$ 45,503$ 33,204$ Add: Provision for credit losses (88,000) (48,000) 10,000 97,000 120,000 Add: Income tax expense 62,417 53,556 36,546 13,671 12,968 Pre-provision, pre-goodwill impairment, pre-tax revenue ("PPNR") 154,929$ 155,962$ 163,376$ 156,174$ 166,172$ Average assets 34,326,113$ 31,415,882$ 29,334,789$ 27,935,193$ 26,621,227$ Return on average assets (1) 2.11% 1.94% 1.58% 0.65% 0.50% PPNR return on average assets (2) 1.81% 2.01% 2.22% 2.22% 2.51% (1) Annualized net earnings (loss) divided by average assets (2) Annualized PPNR divided by average asets Three Months Ended

Second Quarter 2021 | PACW | p. 27 Bank Holding Companies and Banks in the KRX Index Total Assets ( in billions ) Source: S&P Global Market Intelligence. Total assets as of March 31, 2021. Banks in the KRX Index as of June 30, 2021. 1 Popular, Inc. BPOP $ 66.870 26 Fulton Financial Corporation FULT $ 25.893 2 New York Community Bancorp, Inc. NYCB $ 57.657 27 Investors Bancorp ISBC $ 25.823 3 East West Bancorp Inc. EWBC $ 56.874 28 BancorpSouth Bank BXS $ 25.802 4 Synovus Financial Corp. SNV $ 55.159 29 Old National Bancorp ONB $ 23.744 5 Wintrust Financial Corporation WTFC $ 45.682 30 First Hawaiian, Inc. FHB $ 23.498 6 Cullen/Frost Bankers, Inc. CFR $ 44.047 31 Bank of Hawaii Corporation BOH $ 21.947 7 Western Alliance Bancorporation WAL $ 43.397 32 First Midwest Bancorp, Inc. FMBI $ 21.209 8 Valley National Bancorp VLY $ 41.178 33 Glacier Bancorp, Inc. GBCI $ 19.771 9 Texas Capital Bankshares , Inc. TCBI $ 40.054 34 Washington Federal, Inc. WAFD $ 19.534 10 South State Corporation SSB $ 39.730 35 Cathay General Bancorp CATY $ 19.230 11 F.N.B. Corporation FNB $ 38.475 36 Cadence Bancorporation CADE $ 18.800 12 Prosperity Bancshares, Inc. PB $ 35.558 37 United Community Banks, Inc. UCBI $ 18.557 13 Pinnacle Financial Partners, Inc. PNFP $ 35.300 38 Columbia Banking Systems, Inc. COLB $ 17.335 14 BankUnited , Inc. BKU $ 35.179 39 Home Bancshares, Inc. HOMB $ 17.240 15 Hancock Whitney Corporation HWC $ 35.073 40 Hope Bancorp, Inc. HOPE $ 17.199 16 UMB Financial Corporation UMBF $ 34.669 41 Trustmark Corporation TRMK $ 16.878 17 Associated Banc - Corp ASB $ 34.575 42 Eastern Bankshares , Inc. EBC $ 16.727 18 Commerce Bankshares , Inc. CBSH $ 33.270 43 First Financial Bancorp FFBC $ 16.175 19 Webster Financial Corporation WBS $ 33.259 44 CVB Financial Corp. CVBF $ 14.840 20 PacWest Bancorp PACW $ 32.857 45 Community Bank Systems, Inc. CBU $ 14.620 21 Umpqua Holdings Corporation UMPQ $ 30.037 46 Independent Bank Corp. INDB $ 13.774 22 Sterling Bancorp STL $ 29.914 47 Provident Financial Services, Inc. PFS $ 13.130 23 Flagstar Bancorp, Inc. FBC $ 29.449 48 First Financial Bankshares , Inc. FFIN $ 12.103 24 Bank OZK OZK $ 27.277 49 First Commonwealth Financial Corporation FCF $ 9.417 25 United Bankshares , Inc. UBSI $ 27.031 50 Brookline Bancorp, Inc. BRKL $ 8.560

Second Quarter 2021 | PACW | p. 28 This communication contains certain forward - looking information about PacWest Bancorp that is intended to be covered by the safe harbor for “forward - looking statements” provided by the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about future financial and operational results, expectations, or intentions are forward - looking statements. Such statements are based on information available at the time of the 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. The COVID - 19 pandemic has adversely affected PacWest Bancorp, its employees, customers and third - party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity and prospects is uncertain. The risks from the COVID - 19 pandemic have decreased as the pandemic subsides, however, new variants may continue to impact key macro - economic indicators such as unemployment and GDP and may have a material impact on our allowance for credit losses and related provision for credit losses. Continued deterioration in general business and economic conditions could adversely affect PacWest Bancorp’s revenues and the values of its assets and liabilities, including goodwill, lead to a tightening of credit and increase stock price volatility. In addition, PacWest Bancorp’s results could be adversely affected by changes in interest rates, sustained high unemployment rates, deterioration in the credit quality of its loan portfolio or in the value of the collateral securing those loans, deterioration in the value of its investment securities and legal and regulatory developments. Actual results may differ materially from those set forth or implied in the forward - looking statements due to a variety of factors, including the risk factors described in documents filed by the Company with the U.S. 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 . Forward - Looking Statements

XML

Cover	Jul. 19, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 19, 2021
Entity File Number	001-36408
Entity Registrant Name	PacWest Bancorp
Entity Central Index Key	0001102112
Entity Tax Identification Number	33-0885320
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	9701 Wilshire Blvd.
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Beverly Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90212
City Area Code	310
Local Phone Number	887-8500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PACW
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false