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PacWest: 3Q Earnings Snapshot

·1 min read

BEVERLY HILLS, Calif. (AP) _ PacWest Bancorp (PACW) on Wednesday reported third-quarter net income of $45.5 million.

The Beverly Hills, California-based bank said it had earnings of 38 cents per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 63 cents per share.

The holding company for Pacific Western Bank posted revenue of $304.2 million in the period. Its revenue net of interest expense was $289.6 million, which topped Street forecasts. Three analysts surveyed by Zacks expected $283.4 million.

PacWest shares have fallen 51% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $18.74, a drop of 48% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PACW at https://www.zacks.com/ap/PACW