Acquisitions (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Business Acquisitions, by Acquisition

The following assets acquired and liabilities assumed of the acquired entities are presented at estimated fair value as of their respective acquisition dates:



	Acquisition and Date Acquired
	CapitalSource Inc.		First California Financial Group		American Perspective Bank		Celtic Capital Corporation		Pacific Western Equipment Finance
	April 7, 2014		May 31, 2013		August 1, 2012		April 3, 2012		January 3, 2012
	(In thousands)
Assets Acquired:
Cash and due from banks	$	768,553	$	6,124	$	3,370	$	3,435	$	7,092
Interest‑earning deposits in financial institutions	60,612		266,889		10,081		—		—
Investment securities available‑for‑sale	382,797		4,444		48,887		—		—
FHLB stock	46,060		9,518		1,412		—		—
Loans and leases	6,877,427		1,049,613		197,279		54,963		140,959
Equipment leased to others under operating leases	160,015		—		—		—		—
Premises and equipment	12,663		15,322		—		—		—
Foreclosed assets	6,382		13,772		1,561		—		—
FDIC loss sharing asset	—		17,241		—		—		—
Income tax assets	312,757		33,360		2,194		19		—
Goodwill	1,518,381		129,070		15,047		6,645		19,033
Core deposit and customer relationship intangibles	6,720		7,927		1,924		1,300		1,700
Leases in process	—		—		—		—		19,162
Other assets⁽¹⁾	582,985		27,576		2,040		720		1,887
Total assets acquired	$	10,735,352	$	1,580,856	$	283,795	$	67,082	$	189,833
Liabilities Assumed:
Noninterest‑bearing deposits	$	4,631	$	361,166	$	40,673	$	—	$	—
Interest‑bearing deposits	6,236,419		739,713		178,891		—		—
Other borrowings	992,109		—		5,315		46,804		15,839
Borrowings from parent	—		—		—		—		128,677
Subordinated debentures	300,918		24,061		—		—		—
Discontinued operations	—		184,619		—		—		—
Accrued interest payable and other liabilities	124,087		19,729		840		2,278		10,317
Total liabilities assumed	$	7,658,164	$	1,329,288	$	225,719	$	49,082	$	154,833
Total consideration paid	$	3,077,188	$	251,568	$	58,076	$	18,000	$	35,000

Summary of consideration:
Cash paid	$	483,118	$	—	$	58,076	$	18,000	$	35,000
PacWest common stock issued	2,594,070		242,268		—		—		—
Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value)	—		9,300		—		—		—
Total	$	3,077,188	$	251,568	$	58,076	$	18,000	$	35,000

Business Acquisition, Integration, Restructuring and Other Related Costs

The following table presents acquisition, integration and reorganization costs by major category for the years indicated:



	Year Ended December 31,
	2014		2013		2012
	(In thousands)
Severance and employee-related⁽¹⁾	$	57,868	$	21,497	$	260
System conversion and integration	1,868		3,829		1,312
Asset writedowns, lease terminations and other facilities-related	6,353		3,212		—
Asset financing segment reorganization	10,073		—		—
Investment banking deal costs	16,117		5,309		1,298
Other (legal, accounting, insurance, consulting)	8,737		6,965		1,219
Total acquisition, integration and reorganization costs	$	101,016	$	40,812	$	4,089

Business Acquisition, Pro Forma Information

No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions.



	Year Ended December 31,
	2014		2013
	(Dollars in thousands, except per share data)
Pro forma revenues (net interest income plus noninterest income)	$	797,296	$	833,373
Pro forma net earnings from continuing operations	$	252,258	$	251,347
Pro forma net earnings from continuing operations per share:
Basic	$	2.45	$	2.46
Diluted	$	2.45	$	2.46