BEVERLY HILLS, Calif. (AP) – PacWest Bancorp (PACW) reported on Tuesday a loss of $ 1.43 billion in the first quarter, after recording a profit in the same period last year.
The bank, based in Beverly Hills, California, said it had a loss of $ 12.23 per share. Profit, adjusted for impairment costs, was 31 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was earnings of 70 cents per share.
The Pacific Western Bank holding company recorded revenue of $ 320.4 million in the period. Its net interest expense revenue was $ 278.8 million, exceeding Street's forecasts. Three analysts surveyed by Zacks had expected $ 268.3 million.
PacWest's shares have fallen 53% since the beginning of the year. The stock has fallen 54% in the last 12 months.