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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549  
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020
Commission File No. 001-36408
PACWEST BANCORP
(Exact name of registrant as specified in its charter)
Delaware33-0885320
(State of Incorporation)(I.R.S. Employer Identification No.)
9701 Wilshire Blvd., Suite 700
Beverly Hills, CA 90212
(Address of Principal Executive Offices, Including Zip Code)
(310) 887-8500
(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Common Stock, par value $0.01 per sharePACWThe Nasdaq Stock Market, LLC
(Title of Each Class)(Trading Symbol)(Name of Exchange on Which Registered)
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No   
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes        No  
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging 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.
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes No 
As of October 29, 2020, there were 116,783,237 shares of the registrant's common stock outstanding, excluding 1,701,004 shares of unvested restricted stock.
1


PACWEST BANCORP
SEPTEMBER 30, 2020 QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
 
Page
PART I. FINANCIAL INFORMATION
Item 1.Condensed Consolidated Financial Statements (Unaudited) 
 Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statements of Earnings (Loss) (Unaudited)
 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Notes to Condensed Consolidated Financial Statements (Unaudited)
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
PART II. OTHER INFORMATION
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Index to Exhibits
Signatures

2


PART I
Glossary of Acronyms, Abbreviations, and Terms
The acronyms, abbreviations, and terms listed below are used in various sections of this Form 10-Q, including "Item 1. Financial Statements" and "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations."
AFXAmerican Financial ExchangeGDPGross Domestic Product
ALLLAllowance for Loan and Lease LossesIPOInitial Public Offering
ALMAsset Liability ManagementIRRInterest Rate Risk
ASCAccounting Standards CodificationLIBORLondon Inter-bank Offered Rate
ASUAccounting Standards UpdateLIHTCLow Income Housing Tax Credit
Basel IIIA comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013MBSMortgage-Backed Securities
BHCABank Holding Company Act of 1956, as amendedMVEMarket Value of Equity
BOLIBank Owned Life InsuranceNAVNet Asset Value
CARES ActCoronavirus Aid, Relief, and Economic Security ActNIINet Interest Income
CDICore Deposit Intangible AssetsNIMNet Interest Margin
CECLCurrent Expected Credit LossNSFNon-Sufficient Funds
CET1Common Equity Tier 1OREOOther Real Estate Owned
CMBS Commercial Mortgage-Backed SecuritiesPD/LGDProbability of Default/Loss Given Default
CMOsCollateralized Mortgage ObligationsPPNRPre-Provision, Pre-Goodwill Impairment, Pre-Tax Net Revenue
COVID-19Coronavirus DiseasePPPPaycheck Protection Program
CPIConsumer Price IndexPRSUsPerformance-Based Restricted Stock Units
CRACommunity Reinvestment ActPWAMPacific Western Asset Management Inc.
CRECommercial Real EstateROURight-of-use
CRICustomer Relationship Intangible AssetsSBASmall Business Administration
DFPICalifornia Department of Financial Protection and InnovationSBICSmall Business Investment Company
DTAsDeferred Tax AssetsSECSecurities and Exchange Commission
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection ActSOFRSecured Overnight Financing Rate
EADExposure at DefaultTax Equivalent Net Interest IncomeNet interest income reflecting adjustments related to tax-exempt interest on certain loans and investment securities
Efficiency RatioNoninterest expense (less intangible asset amortization, net foreclosed assets expense (income), goodwill impairment, and acquisition, integration and reorganization costs) divided by net revenues (the sum of tax equivalent net interest income plus noninterest income, less gain/loss on sale of securities and gain/loss on sales of assets other than loans and leases)Tax Equivalent NIMNIM reflecting adjustments related to tax-exempt interest on certain loans and investment securities
FASBFinancial Accounting Standards BoardTCJA Tax Cuts and Jobs Act
FDICFederal Deposit Insurance CorporationTDRsTroubled Debt Restructurings
FHLBFederal Home Loan Bank of San FranciscoTRSAsTime-Based Restricted Stock Awards
FRBBoard of Governors of the Federal Reserve SystemU.S. GAAPU.S. Generally Accepted Accounting Principles
FRBSFFederal Reserve Bank of San FranciscoVIE Variable Interest Entity

3


ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

PACWEST BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,December 31,
 20202019
(Unaudited)
 (Dollars in thousands, except par value amounts)
ASSETS:
Cash and due from banks$187,176 $172,585 
Interest-earning deposits in financial institutions2,766,020 465,039 
Total cash, cash equivalents, and restricted cash2,953,196 637,624 
Securities available-for-sale, at fair value4,532,614 3,797,187 
Federal Home Loan Bank stock, at cost17,250 40,924 
Total investment securities4,549,864 3,838,111 
Gross loans and leases held for investment19,101,680 18,910,740 
Deferred fees, net(75,480)(63,868)
Allowance for loan and lease losses(345,966)(138,785)
Total loans and leases held for investment, net18,680,234 18,708,087 
Equipment leased to others under operating leases286,425 324,084 
Premises and equipment, net40,544 38,585 
Foreclosed assets, net13,747 440 
Goodwill1,078,670 2,548,670 
Core deposit and customer relationship intangibles, net26,813 38,394 
Other assets797,223 636,811 
Total assets$28,426,716 $26,770,806 
LIABILITIES:  
Noninterest-bearing deposits$9,346,744 $7,243,298 
Interest-bearing deposits14,618,951 11,989,738 
Total deposits23,965,695 19,233,036 
Borrowings60,000 1,759,008 
Subordinated debentures463,282 458,209 
Accrued interest payable and other liabilities451,508 365,856 
Total liabilities24,940,485 21,816,109 
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued and outstanding)
  
Common stock ($0.01 par value, 200,000,000 shares authorized at September 30, 2020 and
December 31, 2019; 120,801,109 and 121,890,008 shares issued, respectively, includes
1,706,690 and 1,513,197 shares of unvested restricted stock, respectively)
1,208 1,219 
Additional paid-in capital3,125,554 3,306,006 
Retained earnings292,561 1,652,248 
Treasury stock, at cost (2,311,182 and 2,108,403 shares at September 30, 2020 and
December 31, 2019)(88,566)(83,434)
Accumulated other comprehensive income, net155,474 78,658 
Total stockholders' equity3,486,231 4,954,697 
Total liabilities and stockholders' equity$28,426,716 $26,770,806 
See Notes to Condensed Consolidated Financial Statements.
4


PACWEST BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
Three Months EndedNine Months Ended
September 30,June 30,September 30,September 30,
 20202020201920202019
(Unaudited)
 (Dollars in thousands, except per share amounts)
Interest income:
Loans and leases$240,811 $247,851 $275,978 $750,940 $834,443 
Investment securities24,443 26,038 28,806 77,927 87,434 
Deposits in financial institutions654 186 2,424 2,448 4,423 
Total interest income265,908 274,075 307,208 831,315 926,300 
Interest expense:
Deposits9,887 13,075 40,703 51,209 113,658 
Borrowings 27 1,319 6,852 8,124 21,772 
Subordinated debentures4,670 5,402 7,417 16,632 22,860 
Total interest expense14,584 19,796 54,972 75,965 158,290 
Net interest income251,324 254,279 252,236 755,350 768,010 
Provision for credit losses97,000 120,000 7,000 329,000 19,000 
Net interest income after provision for credit losses154,324 134,279 245,236 426,350