BEVERLY HILLS, Calif. (AP) — BEVERLY HILLS, Calif. (AP) — PacWest Bancorp (PACW) on Tuesday reported a loss of $197.4 million in its second quarter.
The Beverly Hills, California-based bank said it had a loss of $1.75 per share. Earnings, adjusted for non-recurring costs, were 22 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 18 cents per share.
The holding company for Pacific Western Bank posted revenue of $582.6 million in the period. Its revenue net of interest expense was $228.8 million, also exceeding Street forecasts.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a PACW">Zacks stock report on PACW at https://www.zacks.com/ap/PACW