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Pacwest Bancorp (PACW)

PacWest Bancorp ('PacWest') is a bank holding company with over $29 billion in assets headquartered in Los Angeles, California, with executive offices 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. Its Community Banking group provides lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through its California-based branch offices and Denver, Colorado branch office. It offers additional products and services through its National Lending and Venture Banking groups. National Lending provides asset-based, equipment, and real estate loans and treasury management services to established middle market businesses on a national basis. Venture Banking offers a comprehensive suite of financial services focused on entrepreneurial or venture-backed businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States.

Company profile

Ticker
PACW, PACWP
Exchange
CEO
Matthew Wagner
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
FIRST COMMUNITY BANCORP /CA/
SEC CIK
Subsidiaries
10700 West Jefferson Avenue SBL LLC • 12148 Sky Lane SBL LLC • 1320 West 97th Street CRE LLC • 1323 Burnet Avenue SBL LLC • 1335 Darby Street SBL LLC • 1602 East Central Boulevard SBL LLC • 1602 Medical Parkway SBL LLC • 2015 East Marshall Avenue SBL LLC • 2030 Main Street SBL LLC • 2499 Futura Parkway LLC ...
IRS number
330885320

PACW stock data

Analyst ratings and price targets

Last 3 months

Calendar

8 Aug 22
16 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 2.39B 2.39B 2.39B 2.39B 2.39B 2.39B
Cash burn (monthly) (no burn) 289.02M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 457.6M n/a n/a n/a n/a
Cash remaining n/a 1.93B n/a n/a n/a n/a
Runway (months of cash) n/a 6.7 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Aug 22 Mudick Stephanie B Common Stock Grant Acquire A No No 0 2,019 0 2,019
1 Aug 22 Stine Robert A Common Stock Grant Acquire A No No 0 2,692 0 2,692
1 Jul 22 Paul W Taylor Common Stock Grant Acquire A No No 0 59,773 0 64,468
6 Jun 22 William J Black Depositary Shares of Series A Preferred Stock Buy Acquire P No No 25 16,000 400K 16,000
88.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 374 368 +1.6%
Opened positions 47 65 -27.7%
Closed positions 41 38 +7.9%
Increased positions 131 106 +23.6%
Reduced positions 118 126 -6.3%
13F shares Current Prev Q Change
Total value 4.51B 7.46B -39.5%
Total shares 104.6M 104.17M +0.4%
Total puts 156.5K 335.3K -53.3%
Total calls 193.8K 428.1K -54.7%
Total put/call ratio 0.8 0.8 +3.1%
Largest owners Shares Value Change
Vanguard 13.72M $591.85M +2.5%
BLK Blackrock 9.99M $430.84M +0.8%
FMR 7.42M $320.15M +11.8%
STT State Street 5.63M $242.85M +2.2%
Cardinal Capital Management 4.49M $193.58M -7.0%
IVZ Invesco 3.08M $132.97M +354.9%
Dimensional Fund Advisors 3.06M $131.81M +2.6%
GS Goldman Sachs 2.67M $115.16M -3.3%
Victory Capital Management 2.05M $88.22M +13.2%
Davis Capital Partners 2.03M $87.55M 0.0%
Largest transactions Shares Bought/sold Change
IVZ Invesco 3.08M +2.41M +354.9%
Citadel Advisors 0 -1.51M EXIT
Norges Bank 0 -1.1M EXIT
RY Royal Bank Of Canada 95.1K -1.01M -91.4%
Ceredex Value Advisors 897.2K -813.7K -47.6%
FMR 7.42M +783.11K +11.8%
FJ Capital Management 0 -772K EXIT
Balyasny Asset Management 0 -759.08K EXIT
Leeward Investments, LLC - MA 722.46K +722.46K NEW
Lord, Abbett & Co. 1.5M +610.05K +68.9%

Financial report summary

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Risks
  • The ongoing COVID-19 pandemic and resulting substantial disruption to global and domestic economies could adversely impact our business operations, asset valuations, and financial results.
  • We may not collect all amounts that are contractually owed to us by our borrowers.
  • Our loans and leases are concentrated by location, collateral value, and borrower type which could exacerbate credit losses if certain markets or industries were to experience economic difficulties or operating issues.
  • We have a number of large credit relationships and individual commitments.
  • A slowdown in venture capital investment levels may reduce the market for venture capital investment for our venture banking clients, which could adversely affect our business, results of operations, or financial condition.
  • Our business is subject to interest rate risk, and variations in interest rates may materially and adversely affect our financial performance.
  • We may be adversely impacted by the transition from LIBOR as a reference rate.
  • The value of our securities in our investment portfolio may decline in the future.
  • We may need to raise additional capital in the future and such capital may not be available when needed or at all.
  • Our participation in the SBA PPP loan program exposes us to risks related to noncompliance with the PPP, as well as litigation risk related to our administration of the PPP loan program, which could have a material adverse impact on our business, financial condition, and results of operations.
  • We are subject to extensive regulation, which could materially and adversely affect our business.
  • The Company and its subsidiaries are subject to changes in federal and state tax laws, interpretation of existing laws, and examinations and challenges by taxing authorities.
  • We are subject to claims and litigation which could adversely affect our cash flows, financial condition, and results of operations, or cause us significant reputational harm.
  • Regulations relating to privacy, information security, and data protection could increase our costs, affect or limit how we collect and use personal information, and adversely affect our business opportunities.
  • Our ability to attract and retain qualified employees is critical to our success.
  • We face strong competition from financial services companies and other companies that offer banking services, which could materially and adversely affect our business.
  • Failure to keep pace with technological change could adversely affect our business.
  • Our ability to maintain, attract and retain customer relationships and investors is highly dependent on our reputation.
  • Our acquisitions may subject us to unknown risks.
  • A failure, interruption, or breach in the security of our systems, or those of contracted vendors, could disrupt our business, result in the disclosure of confidential information, damage our reputation, and create significant financial and legal exposure.
  • We rely on other companies to provide key components of our business infrastructure.
  • Severe weather, natural disasters, acts of war or terrorism, new public health issues, or other adverse external events could harm the Company's business. Further, global concerns regarding climate risk may lead to new or heightened governmental regulations to mitigate those risks which could adversely affect our business
  • There are risks resulting from the extensive use of models in our business.
  • We may reduce or discontinue the payment of dividends on common stock.
Management Discussion
  • ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • This Form 10-Q contains certain “forward-looking statements” about the Company and its subsidiaries within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, strategies, goals, and projections and including statements about our expectations regarding our operating expenses, profitability, allowance for loan and lease losses, net interest margin, net interest income, deposit growth, loan and lease portfolio growth and production, acquisitions, maintaining capital adequacy, liquidity, goodwill, and interest rate risk management. All statements contained in this Form 10-Q that are not clearly historical in nature are forward-looking, and the words “anticipate,” “assume,” “intend,” “believe,” “forecast,” “expect,” “estimate,” “plan,” “continue,” “will,” “should,” “look forward” and similar expressions are generally intended to identify forward-looking statements. All forward-looking statements (including statements regarding future financial and operating results and future transactions and their results) involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance or achievements. Actual results could differ materially from those contained or implied by such forward-looking statements for a variety of factors, including without limitation:
  • •impact of the benchmark interest rate reform in the U.S. including the transition away from the U.S. dollar London Inter-bank Offering Rate ("LIBOR") to alternative reference rates;

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: burn, comply, depositary, Designation, Downside, Egan, entitled, Equiniti, explicitly, fail, Fed, Fitch, growing, hereto, history, HTM, implicitly, intent, knowledge, Kroll, lack, lowest, mandatory, occasion, outlook, ownership, par, Percentile, perpetual, prolonged, proportional, Receipt, recession, Russia, sinking, treatment, Ukraine, undeclared, underwriting, voting
Removed: April, Disease, requisite, stipulated, System, Voluntary