GlobeNewswire
Figure 1 Well-Positioned Balance Sheet LOS ANGELES, April 20, 2021 (GLOBE NEWSWIRE) -- FIRST QUARTER 2021 RESULTS $150.4M$1.27$156.0M25.67%Net EarningsDiluted Earnings per SharePPNRROATE FIRST QUARTER 2021 HIGHLIGHTS Net Earnings of $150.4 Million or $1.27 Per Diluted ShareCore Deposits Up $3.3 Billion or 15% in 1Q21; Represents 91% of Total DepositsProvision for Credit Losses Benefit of $48.0 Million in 1Q21 Compared to Provision of $10.0 Million in 4Q20Net Interest Income (TE) of $264.6 Million, Compared With $262.1 Million in 4Q20Noninterest Income of $44.8 Million, Up 12% From 4Q20, With Continued Strength in Warrant Income As Well As a $10.1 Million Gain on an Equity InvestmentNoninterest Expense of $150.1 Million, Up 11% From 4Q20, Driven By Two Months of Civic Financial Services (“Civic”) Operations, Higher Acquisition Costs, and a Legal SettlementClassified and Special Mention Loans Fell $102.1 Million and $88.3 Million, Respectively, From 4Q20ACL Ratio of 2.02% and ALLL Ratio of 1.54%; Excluding PPP Loans, ACL Ratio of 2.14% and ALLL Ratio of 1.63%Net Charge-offs to Average Loans/Leases of 6 bpsCost of Deposits Decreased 3 bps to 11 bpsLoan and Lease Production of $1.6 Billion Up From $1.1 Billion in 4Q20; WAC of 5.39% (Excluding PPP Loans) vs. 4.41% in 4Q20Net Loans and Leases of $19.0 Billion, Down Slightly From 4Q20 As Production Was Offset With Payoffs and Paydowns As Well As Further Reduction in the Security Monitoring PortfolioOriginated $381 Million of PPP Loans in 1Q21Strong Capital Position – CET1 Ratio of 10.41%Civic Acquisition Completed on February 1, 2021On March 31, 2021, Signed Agreement to Purchase the Homeowners Association Business from MUFG Union Bank, N.A. With Approximately $4.0 Billion of Deposits With a Cost of 8 bps; Close Expected in 4Q21 CEO COMMENTARY Matt Wagner, President and CEO, commented, “Our continued focus on growing net interest income produced strong first quarter earnings boosted by continued deposit driven balance sheet growth and improved credit costs as a result of improved economic conditions. Our first quarter results produced a return on assets of 1.94% and a return on tangible equity of 25.67%.” “We experienced strong deposit growth again in the first quarter driven by outstanding growth from our venture banking clients as well as our commercial bank. This increasing liquidity has expanded our average balance of deposits at the Fed, which grew to $4.8 billion in the first quarter with a yield of 13 basis points. While our focus is on managing net interest income, this excess liquidity continues to be a drag on our net interest margin, which had a negative impact of 61 basis points in the first quarter.” “Credit quality continued to improve as we experienced decreases in nonaccrual, special mention, and classified loans and leases in the first quarter, while net charge-offs were $2.7 million.” “We closed the Civic acquisition on February 1, 2021 and in two months Civic originated $231 million of loans. We expect Civic loan production to remain strong and, as their loan portfolio continues to grow, it will help sustain our loan yields and drive loan growth.” A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/03fbe6a3-20e1-45c9-905b-ab7513e2ee6b FINANCIAL HIGHLIGHTS At or For the At or For the Three Months Ended Three Months Ended March 31, December 31, Increase March 31, IncreaseFinancial Highlights (1) 2021 2020 (Decrease) 2021 2020 (Decrease) (Dollars in thousands, except per share data)Net earnings (loss)$150,406 $116,830 $33,576 $150,406 $(1,433,111) $1,583,517 Diluted earnings (loss) per share$1.27 $0.99 $0.28 $1.27 $(12.23) $13.50 Pre-provision, pre-goodwill impairment, pre-tax net revenue ("PPNR") (2)$155,962 $163,376 $(7,414) $155,962 $160,877 $(4,915)Return on average assets 1.94% 1.58% 0.36 1.94% (21.27)% 23.21 PPNR return on average assets (2) 2.01% 2.22% (0.21) 2.01% 2.39% (0.38)Return on average tangible equity (2) 25.67% 19.63% 6.04 25.67% 6.88% 18.79 Yield on average loans and leases (tax equivalent) 5.20% 5.15% 0.05 5.20% 5.54% (0.34)Cost of average total deposits 0.11% 0.14% (0.03) 0.11% 0.59% (0.48)Net interest margin ("NIM") (tax equivalent) 3.69% 3.83% (0.14) 3.69% 4.31% (0.62)Efficiency ratio 46.4% 43.6% 2.8 46.4% 40.6% 5.8 Total assets$32,856,533 $29,498,442 $3,358,091 $32,856,533 $26,143,267 $6,713,266 Loans and leases held for investment, net of deferred fees$18,979,228 $19,083,377 $(104,149) $18,979,228 $19,745,305 $(766,077)Noninterest-bearing demand deposits$11,017,462 $9,193,827 $1,823,635 $11,017,462 $7,510,218 $3,507,244 Core deposits$25,576,348 $22,264,480 $3,311,868 $25,576,348 $16,050,522 $9,525,826 Total deposits$28,223,291 $24,940,717 $3,282,574 $28,223,291 $19,575,837 $8,647,454 As percentage of total deposits: Noninterest-bearing demand deposits 39% 37% 2 39% 38% 1 Core deposits 91% 89% 2 91% 82% 9 Equity to assets ratio 11.12% 12.19% (1.07) 11.12% 12.97% (1.85)Common equity tier 1 capital ratio 10.41% 10.53% (0.12) 10.41% 9.22% 1.19 Total capital ratio 13.63% 13.76% (0.13) 13.63% 12.07% 1.56 Tangible common equity ratio (2) 7.68% 8.78% (1.10) 7.68% 9.10% (1.42)Book value per share$30.68 $30.36 $0.32 $30.68 $28.75 $1.93 Tangible book value per share (2)$20.39 $21.05 $(0.66) $20.39 $19.31 $1.08 (1) The operations of Civic are included from its February 1, 2021 acquisition date. (2) Non-GAAP measure. INCOME STATEMENT HIGHLIGHTS NET INTEREST INCOME Net interest income increased by $2.1 million to $261.3 million for the first quarter of 2021 compared to $259.2 million for the fourth quarter of 2020 due mainly to higher income on investment securities and lower interest expense, partially offset by lower income on loans and leases and the negative impact on net interest income due to the change in the earning assets mix. The tax equivalent yield on average loans and leases was 5.20% for the first quarter of 2021 compared to 5.15% for the fourth quarter of 2020. The increase in the tax equivalent yield on average loans and leases was primarily due to higher loan discount accretion of $1.5 million and higher amortized loan fee income of $2.9 million mainly from higher PPP loan forgiveness in the first quarter of 2021 as compared to the fourth quarter of 2020. The tax equivalent NIM was 3.69% for the first quarter of 2021 compared to 3.83% for the fourth quarter of 2020. The decrease in the NIM was primarily due to the change in the earning assets mix. The average balance of deposits in financial institutions increased by $1.2 billion, the average balance of investment securities increased by $494.1 million, and the average balance of loans and leases increased by $158.1 million in the first quarter of 2021. This excess liquidity had a negative impact on the first quarter tax equivalent NIM of 61 basis points. The cost of average total deposits decreased to 0.11% in the first quarter of 2021 from 0.14% for the fourth quarter of 2020. The lower cost of average total deposits was due primarily to the repricing of maturing brokered time deposits and the increased average balance of noninterest-bearing deposits. PROVISION FOR CREDIT LOSSES The following table presents details of the provision for credit losses for the periods indicated: Three Months Ended March 31, December 31, IncreaseProvision for Credit Losses 2021 2020 (Decrease) (In thousands) (Reduction in) addition to allowance for loan and lease losses$(53,000) $21,000 $(74,000)Addition to (reduction in) reserve for unfunded loan commitments 5,000 (11,000) 16,000 Total provision for credit losses$(48,000) $10,000 $(58,000) The provision for credit losses decreased by $58.0 million to a benefit of $48.0 million for the first quarter of 2021 compared to a $10.0 million provision for the fourth quarter of 2020. This reduction reflected improvement in certain key macro-economic forecast variables and decreased provisions for individually evaluated loans and leases, partially offset by a higher provision for unfunded commitments which grew by $526.6 million. NONINTEREST INCOME The following table presents details of noninterest income for the periods indicated: Three Months Ended March 31, December 31, IncreaseNoninterest Income 2021 2020 (Decrease) (In thousands) Service charges on deposit accounts$2,934 $3,119 $(185)Other commissions and fees 9,158 9,974 (816)Leased equipment income 11,354 9,440 1,914 Gain on sale of loans and leases 139 1,671 (1,532)Gain on sale of securities 101 4 97 Other income: Dividends and gains on equity investments 10,904 5,064 5,840 Warrant income 6,123 7,299 (1,176)Other 4,116 3,279 837 Total noninterest income$44,829 $39,850 $4,979 Noninterest income increased by $5.0 million to $44.8 million for the first quarter of 2021 compared to $39.9 million for the fourth quarter of 2020 due primarily to an increase of $5.8 million in dividends and gains on equity investments and a $1.9 million increase in leased equipment income, offset partially by decreases of $1.5 million in gain on sale of loans and leases and $1.2 million in warrant income. The increase in dividends and gains on equity investments was due primarily to a $10.1 million gain on one equity investment, offset partially by lower net fair value gains on equity investments still held. The increase in leased equipment income was due primarily to a higher average balance of equipment leased to others under operating leases. The decrease in the gain on sale of loans and leases resulted from the sales of $72.6 million of loans for gains of $0.1 million in the first quarter of 2021 compared to sales of $119.9 million for gains of $1.7 million in the fourth quarter of 2020. The decrease in warrant income was primarily attributable to lower gains from exercised warrants after record gains in the fourth quarter of 2020. NONINTEREST EXPENSE The following table presents details of noninterest expense for the periods indicated: Three Months Ended March 31, December 31, IncreaseNoninterest Expense 2021 2020 (Decrease) (In thousands) Compensation$79,882 $73,171 $6,711 Occupancy 14,054 14,083 (29)Data processing 6,957 6,718 239 Other professional services 5,126 6,800 (1,674)Insurance and assessments 4,903 5,064 (161)Intangible asset amortization 3,079 3,172 (93)Leased equipment depreciation 8,969 7,501 1,468 Foreclosed assets (income) expense, net 1 (272) 273 Acquisition, integration and reorganization costs 3,425 1,060 2,365 Customer related expense 4,818 4,430 388 Loan expense 3,193 3,926 (733)Other 15,729 10,029 5,700 Total operating expense 150,136 135,682 14,454 Goodwill impairment - - - Total noninterest expense$150,136 $135,682 $14,454 Noninterest expense increased by $14.5 million to $150.1 million for the first quarter of 2021 compared to $135.7 million for the fourth quarter of 2020 due primarily to increases of $6.7 million in compensation expense, $5.7 million in other expense, $2.4 million in acquisition, integration and reorganization costs, and $1.5 million in leased equipment depreciation, offset partially by a decrease of $1.7 million in other professional expense. The increase in compensation expense was mostly due to compensation expense related to the Civic operations, while, in total, Civic’s noninterest expenses added $10.8 million to total noninterest expense. The increase in other expense was largely due to a legal settlement in excess of amounts previously accrued. The increase in acquisition, integration and reorganization costs was due to advisory services and integration expenses related to the closed Civic acquisition and the pending acquisition of MUFG Union Bank’s Homeowners Association Services Division. The increase in leased equipment depreciation was due primarily to an increase in the average balance of equipment leased to others under operating leases. The decrease in other professional expense was due primarily to lower consulting expense. INCOME TAXES The effective income tax rate was 26.3% in the first quarter of 2021 compared to 23.8% for the fourth quarter of 2020. The increase was primarily due to higher pre-tax income in relation to discrete items for the quarter. The effective income tax rate for the full year 2021 is currently estimated to be in the range of 25% to 27%. BALANCE SHEET HIGHLIGHTS DEPOSITS AND CLIENT INVESTMENT FUNDS The following table presents the composition of our deposit portfolio as of the dates indicated: March 31, 2021 December 31, 2020 March 31, 2020 % of % of % of Deposit CompositionBalanceTotal BalanceTotal BalanceTotal (Dollars in thousands) Noninterest-bearing demand$11,017,46239% $9,193,82737% $7,510,21838%Interest checking 6,862,39825% 5,974,91024% 3,333,14717%Money market 7,112,61025% 6,532,91726% 4,712,11824%Savings 583,8782% 562,8262% 495,0393%Total core deposits 25,576,34891% 22,264,48089% 16,050,52282%Non-core non-maturity deposits 1,162,5904% 1,149,4675% 836,1574%Total non-maturity deposits 26,738,93895% 23,413,94794% 16,886,67986%Time deposits $250,000 and under 940,3403% 994,1974% 2,086,18811%Time deposits over $250,000 544,0132% 532,5732% 602,9703%Total time deposits 1,484,3535% 1,526,7706% 2,689,15814%Total deposits$28,223,291100% $24,940,717100% $19,575,837100% At March 31, 2021, core deposits totaled $25.6 billion or 91% of total deposits, including $11.0 billion of noninterest-bearing demand deposits or 39% of total deposits. Core deposits increased by $3.3 billion or 15% in the first quarter of 2021 driven by continued strong deposit growth from our venture banking clients. In addition to deposit products, we also offer alternative, non-depository cash investment options for select clients. These alternative options include investments managed by Pacific Western Asset Management Inc. (“PWAM”), our registered investment advisor subsidiary, and third-party sweep products. Total off-balance sheet client investment funds at March 31, 2021 were $1.4 billion, of which $0.9 billion was managed by PWAM. LOANS AND LEASES The following table presents roll forwards of loans and leases held for investment, net of deferred fees, for the periods indicated: Three Months EndedRoll Forward of Loans and Leases HeldMarch 31, December 31,for Investment, Net of Deferred Fees (1) 2021 2020 (Dollars in thousands) Balance, beginning of period$19,083,377 $19,026,200 Additions: Production 1,612,777 1,131,165 Disbursements 1,022,986 1,354,038 Total production and disbursements 2,635,763 2,485,203 Reductions: Payoffs (1,635,264) (1,330,321)Paydowns (1,067,418) (957,075)Total payoffs and paydowns (2,702,682) (2,287,396)Sales (72,641) (119,931)Transfers to foreclosed assets (647) (385)Charge-offs (3,988) (20,314)Transfers to loans held for sale (25,554) - Total reductions (2,805,512) (2,428,026)Loans acquired through Civic acquisition 65,600 - Net increase (decrease) (104,149) 57,177 Balance, end of period$18,979,228 $19,083,377 Weighted average rate on production (2) 4.36% 4.41% (1) Includes direct financing leases but excludes equipment leased to others under operating leases. (2) The weighted average rate on production presents contractual rates on a tax equivalent basis and excludes amortized fees. Amortized fees added approximately 43 basis points to loan yields in 2021. Loans and leases held for investment, net of deferred fees, decreased by $104.1 million in the first quarter of 2021 to $19.0 billion at March 31, 2021. The decrease in the loans and leases balance for the first quarter of 2021 was primarily due to a $123.5 million decrease in the security monitoring portfolio, for which new originations have been discontinued since the fourth quarter of 2019. The weighted average rate on first quarter of 2021 production decreased to 4.36% due to first quarter production including $381 million of PPP loans at a coupon rate of 1%, while the fourth quarter of 2020 included no PPP loan production. Excluding PPP loans, the weighted average rate on new production for the first quarter of 2021 was 5.39%. The following table presents the composition of loans and leases held for investment by loan portfolio segment and class, net of deferred fees, as of the dates indicated: March 31, 2021 December 31, 2020 March 31, 2020 % of % of % of Loan and Lease Portfolio BalanceTotal BalanceTotal BalanceTotal (In thousands) Real estate mortgage: Commercial$3,941,61021% $4,096,67121% $4,220,64921%Income producing and other residential 4,045,60321% 3,803,26520% 3,788,29519%Total real estate mortgage 7,987,21342% 7,899,93641% 8,008,94440%Real estate construction and land: Commercial 990,0355% 1,117,1216% 1,087,5056%Residential 2,575,78814% 2,243,16012% 1,792,7489%Total real estate construction and land 3,565,82319% 3,360,28118% 2,880,25315%Total real estate 11,553,03661% 11,260,21759% 10,889,19755%Commercial: Asset-based 3,383,40318% 3,429,28318% 3,938,40220%Venture capital 1,495,7988% 1,698,5089% 2,715,83714%Other commercial 2,206,63911% 2,375,11412% 1,771,9859%Total commercial 7,085,84037% 7,502,90539% 8,426,22443%Consumer 340,3522% 320,2552% 429,8842%Total loans and leases held for investment, net of deferred fees$18,979,228100% $19,083,377100% $19,745,305100% Total unfunded loan commitments$8,127,999 $7,601,390 $7,697,724 ALLOWANCE FOR CREDIT LOSSES The following tables present roll forwards of the allowance for credit losses for the periods indicated: Three Months Ended March 31, 2021 Allowance for Reserve for TotalAllowance for Credit Loan and Unfunded Loan Allowance forLosses RollforwardLease Losses Commitments Credit Losses (In thousands) Beginning balance$348,181 $85,571 $433,752 Charge-offs (3,988) - (3,988)Recoveries 1,252 - 1,252 Net charge-offs (2,736) - (2,736)Provision (53,000) 5,000 (48,000)Ending balance$292,445 $90,571 $383,016 Three Months Ended December 31, 2020 Allowance for Reserve for TotalAllowance for Credit Loan and Unfunded Loan Allowance forLosses RollforwardLease Losses Commitments Credit Losses (In thousands) Beginning balance$345,966 $96,571 $442,537 Charge-offs (20,314) - (20,314)Recoveries 1,529 - 1,529 Net charge-offs (18,785) - (18,785)Provision 21,000 (11,000) 10,000 Ending balance$348,181 $85,571 $433,752 The following table presents allowance for credit losses information as of and for the dates and periods indicated: March 31, December 31, IncreaseAllowance for Credit Losses 2021 2020 (Decrease) (Dollars in thousands) Allowance for loan and lease losses$292,445 $348,181 $(55,736)Reserve for unfunded loan commitments 90,571 85,571 5,000 Allowance for credit losses$383,016 $433,752 $(50,736) Provision for credit losses (for the quarter)$(48,000) $10,000 $(58,000)Net charge-offs (for the quarter)$2,736 $18,785 $(16,049)Net charge-offs to average loans and leases (for the quarter) 0.06% 0.40% Allowance for loan and lease losses to loans and leases held for investment 1.54% 1.82% Allowance for loan and lease losses to loans and leases held for investment, excluding PPP loans 1.63% 1.93% Allowance for credit losses to loans and leases held for investment 2.02% 2.27% Allowance for credit losses to loans and leases held for investment, excluding PPP loans 2.14% 2.41% The allowance for credit losses decreased by $50.7 million in the first quarter of 2021 to $383.0 million at March 31, 2021. The decrease in the allowance for credit losses during the first quarter of 2021 was attributable to a provision for credit losses benefit of $48.0 million and $2.7 million in net charge-offs. Net charge-offs were $2.7 million for the first quarter of 2021. Gross charge-offs of $4.0 million were reduced by recoveries of $1.3 million. Net charge-offs were $18.8 million for the fourth quarter of 2020. Gross charge-offs of $20.3 million were reduced by recoveries of $1.5 million. The most significant charge-off was $15.5 million related to a security monitoring loan. Security monitoring loans decreased by 38% from $329.3 million as of December 31, 2020 to $205.8 million as of March 31, 2021, as the Company continues to actively reduce the remaining loans. As of March 31, 2021, $172.1 million or 84% of these security monitoring loans are performing and pass-rated, while $33.7 million are classified, of which $6.1 million are on nonaccrual. CREDIT QUALITY The following table presents loan and lease credit quality metrics as of the dates indicated: March 31, December 31, IncreaseCredit Quality Metrics 2021 2020 (Decrease) (Dollars in thousands) NPAs and Performing TDRs: Nonaccrual loans and leases held for investment (1)$67,652 $91,163 $(23,511)Accruing loans contractually past due 90 days or more - - - Foreclosed assets, net 14,298 14,027 271 Total nonperforming assets ("NPAs")$81,950 $105,190 $(23,240) Performing TDRs held for investment$27,999 $14,254 $13,745 Nonaccrual loans and leases held for investment to loans and leases held for investment 0.36% 0.48% Nonperforming assets to loans and leases held for investment and foreclosed assets 0.43% 0.55% Allowance for credit losses to nonaccrual loans and leases held for investment 566.2% 475.8% Loan and Lease Credit Risk Ratings: Pass$18,183,114 $18,096,830 $86,284 Special mention 632,997 721,285 (88,288)Classified 163,117 265,262 (102,145)Total loans and leases held for investment, net of deferred fees$18,979,228 $19,083,377 $(104,149) Classified loans and leases held for investment to loans and leases held for investment 0.86% 1.39% (1) Nonaccrual loans include guaranteed amounts of $18.4 million at March 31, 2021 and $13.9 million at December 31, 2020. Since pro-actively downgrading certain loans at the onset of the pandemic in the first quarter of 2020, special mention loans and leases have decreased $265.7 million from their peak in the first quarter of 2020, while classified loans and leases have decreased $130.1 million from their peak in the second quarter of 2020, and each have continued their decline in the first quarter of 2021. The following table presents nonaccrual loans and leases and accruing loans and leases past due between 30 and 89 days by loan portfolio segment and class as of the dates indicated: March 31, 2021 December 31, 2020 Increase (Decrease) Accruing Accruing Accruing and 30-89 and 30-89 and 30-89 Days Past Days Past Days Past Nonaccrual Due Nonaccrual Due Nonaccrual Due (Dollars in thousands) Real estate mortgage: Commercial$46,436 $5 $43,731 $3,636 $2,705 $(3,631)Income producing and other residential 2,471 6,339 1,826 600 645 5,739 Total real estate mortgage 48,907 6,344 45,557 4,236 3,350 2,108 Real estate construction and land: Commercial 302 - 315 - (13) - Residential 416 1,241 - 759 416 482 Total real estate construction and land 718 1,241 315 759 403 482 Commercial: Asset-based 2,379 - 2,679 - (300) - Venture capital 2,432 6,750 1,980 540 452 6,210 Other commercial 12,660 1,251 40,243 2,078 (27,583) (827)Total commercial 17,471 8,001 44,902 2,618 (27,431) 5,383 Consumer 556 954 389 1,260 167 (306)Total held for investment$67,652 $16,540 $91,163 $8,873 $(23,511) $7,667 During the first quarter of 2021, nonaccrual loans and leases decreased by $23.5 million due primarily to one security monitoring loan for $25.6 million being moved to held for sale at March 31, 2021. The sale of this loan was completed in early April 2021 and resulted in a gain of $1.4 million. CAPITAL The following table presents certain actual capital ratios and ratios excluding PPP loans: March 31, 2021 Excluding December 31, PPP 2020 Actual (1) Loans (1) Actual PacWest Bancorp Consolidated: Tier 1 leverage capital ratio7.95% 8.25%(3)8.55%Common equity tier 1 capital ratio10.41% 10.41% 10.53%Total capital ratio13.63% 13.63% 13.76%Tangible common equity ratio (2)7.68% 7.95%(3)8.78% (1) Capital information for March 31, 2021 is preliminary. (2) Non-GAAP measure. (3) PPP loans have been excluded from total assets in denominator as they are zero risk-weighted. ABOUT PACWEST BANCORP PacWest Bancorp (“PacWest”) is a bank holding company with over $32 billion in assets headquartered in Los Angeles, California, with an executive office 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. The Bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also offers venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovative hubs across the United States. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com. FORWARD LOOKING STATEMENTS This communication contains certain forward-looking information about PacWest that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about future financial and operational results, expectations, or intentions are forward-looking statements. Such statements are based on information available at the time of the communication and are based on current beliefs and expectations of the Company’s management and are subject to significant risks, uncertainties and contingencies, many of which are beyond our control. The COVID-19 pandemic is adversely affecting PacWest, its employees, customers and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity and prospects is uncertain. The length of the COVID-19 pandemic and the severity of its impact on key macro-economic indicators such as unemployment and GDP may have a material impact on our allowance for credit losses and related provision for credit losses. Continued deterioration in general business and economic conditions could adversely affect PacWest’s revenues and the values of its assets, including goodwill, and liabilities, lead to a tightening of credit, and increase stock price volatility. In addition, PacWest’s results could be adversely affected by changes in interest rates, sustained high unemployment rates, deterioration in the credit quality of its loan portfolio or in the value of the collateral securing those loans, deterioration in the value of its investment securities, the magnitude of individual loan losses on security monitoring loans, and legal and regulatory developments. Actual results may differ materially from those set forth or implied in the forward-looking statements due to a variety of factors, including the risk factors described in documents filed by PacWest with the U.S. Securities and Exchange Commission. We are under no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. PACWEST BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET March 31, December 31, March 31, 2021 2020 2020 (Dollars in thousands, except per share data)ASSETS: Cash and due from banks$177,199 $150,464 $172,570 Interest-earning deposits in financial institutions 5,517,667 3,010,197 439,690 Total cash and cash equivalents 5,694,866 3,160,661 612,260 Securities available-for-sale, at estimated fair value 5,941,690 5,235,591 3,757,663 Federal Home Loan Bank stock, at cost 17,250 17,250 54,244 Total investment securities 5,958,940 5,252,841 3,811,907 Loans held for sale 25,554 - - Gross loans and leases held for investment 19,055,165 19,153,357 19,806,394 Deferred fees, net (75,937) (69,980) (61,089)Total loans and leases held for investment, net of deferred fees 18,979,228 19,083,377 19,745,305 Allowance for loan and lease losses (292,445) (348,181) (221,292)Total loans and leases held for investment, net 18,686,783 18,735,196 19,524,013 Equipment leased to others under operating leases 327,413 333,846 306,530 Premises and equipment, net 39,622 39,234 39,799 Foreclosed assets, net 14,298 14,027 1,701 Goodwill 1,204,092 1,078,670 1,078,670 Core deposit and customer relationship intangibles, net 21,312 23,641 34,446 Other assets 883,653 860,326 733,941 Total assets$32,856,533 $29,498,442 $26,143,267 LIABILITIES: Noninterest-bearing deposits$11,017,462 $9,193,827 $7,510,218 Interest-bearing deposits 17,205,829 15,746,890 12,065,619 Total deposits 28,223,291 24,940,717 19,575,837 Borrowings 19,750 5,000 2,295,000 Subordinated debentures 465,814 465,812 458,994 Accrued interest payable and other liabilities 493,541 491,962 423,047 Total liabilities 29,202,396 25,903,491 22,752,878 STOCKHOLDERS' EQUITY (1) 3,654,137 3,594,951 3,390,389 Total liabilities and stockholders’ equity$32,856,533 $29,498,442 $26,143,267 Book value per share$30.68 $30.36 $28.75 Tangible book value per share (2)$20.39 $21.05 $19.31 Shares outstanding 119,105,642 118,414,853 117,916,789 (1) Includes net unrealized gain on securities available-for-sale, net$106,381 $172,523 $90,916 (2) Non-GAAP measure. PACWEST BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (LOSS) Three Months Ended March 31, December 31, March 31, 2021 2020 2020 (Dollars in thousands, except per share data)Interest income: Loans and leases$241,544 $242,198 $262,278 Investment securities 30,265 28,843 27,446 Deposits in financial institutions 1,528 1,135 1,608 Total interest income 273,337 272,176 291,332 Interest expense: Deposits 7,500 8,454 28,247 Borrowings 193 37 6,778 Subordinated debentures 4,375 4,477 6,560 Total interest expense 12,068 12,968 41,585 Net interest income 261,269 259,208 249,747 Provision for credit losses (48,000) 10,000 112,000 Net interest income after provision for credit losses 309,269 249,208 137,747 Noninterest income: Service charges on deposit accounts 2,934 3,119 2,658 Other commissions and fees 9,158 9,974 9,721 Leased equipment income 11,354 9,440 12,251 Gain on sale of loans and leases 139 1,671 87 Gain on sale of securities 101 4 182 Other income 21,143 15,642 4,201 Total noninterest income 44,829 39,850 29,100 Noninterest expense: Compensation 79,882 73,171 61,282 Occupancy 14,054 14,083 14,207 Data processing 6,957 6,718 6,454 Other professional services 5,126 6,800 4,258 Insurance and assessments 4,903 5,064 4,249 Intangible asset amortization 3,079 3,172 3,948 Leased equipment depreciation 8,969 7,501 7,205 Foreclosed assets (income) expense, net 1 (272) 66 Acquisition, integration and reorganization costs 3,425 1,060 - Customer related expense 4,818 4,430 3,932 Loan expense 3,193 3,926 2,650 Goodwill impairment - - 1,470,000 Other expense 15,729 10,029 9,719 Total noninterest expense 150,136 135,682 1,587,970 Earnings (loss) before income taxes 203,962 153,376 (1,421,123)Income tax expense 53,556 36,546 11,988 Net earnings (loss)$150,406 $116,830 $(1,433,111) Basic and diluted earnings (loss) per share$1.27 $0.99 $(12.23)Dividends declared and paid per share$0.25 $0.25 $0.60 PACWEST BANCORP AND SUBSIDIARIES NET EARNINGS (LOSS) PER SHARE CALCULATIONS Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 (In thousands, except per share data)Basic Earnings (Loss) Per Share: Net earnings (loss)$150,406 $116,830 $45,503 $33,204 $(1,433,111)Less: earnings allocated to unvested restricted stock (1) (2,355) (1,398) (578) (362) (939)Net earnings (loss) allocated to common shares$148,051 $115,432 $44,925 $32,842 $(1,434,050) Weighted-average basic shares and unvested restricted stock outstanding 118,852 118,446 118,438 118,192 118,775 Less: weighted-average unvested restricted stock outstanding (2,003) (1,652) (1,684) (1,606) (1,495)Weighted-average basic shares outstanding 116,849 116,794 116,754 116,586 117,280 Basic earnings (loss) per share$1.27 $0.99 $0.38 $0.28 $(12.23) Diluted Earnings (Loss) Per Share: Net earnings (loss) allocated to common shares$148,051 $115,432 $44,925 $32,842 $(1,434,050) Weighted-average diluted shares outstanding 116,849 116,794 116,754 116,586 117,280 Diluted earnings (loss) per share$1.27 $0.99 $0.38 $0.28 $(12.23) (1) Represents cash dividends paid to holders of unvested stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. PACWEST BANCORP AND SUBSIDIARIES AVERAGE BALANCE SHEET AND YIELD ANALYSIS Three Months Ended March 31, 2021 December 31, 2020 March 31, 2020 InterestAverage InterestAverage InterestAverage Average Income/Yield/ Average Income/Yield/ Average Income/Yield/ BalanceExpenseCost BalanceExpenseCost BalanceExpenseCost (Dollars in thousands) Assets: Loans and leases (1)(2)$18,927,314$242,8465.20% $18,769,214$243,1885.15% $19,065,035$262,7645.54%Investment securities (3) 5,383,140 32,3292.44% 4,888,993 30,7572.50% 3,853,217 28,6412.99%Deposits in financial institutions 4,790,231 1,5280.13% 3,576,335 1,1350.13% 537,384 1,6081.20%Total interest-earning assets (1) 29,100,685 276,7033.86% 27,234,542 275,0804.02% 23,455,636 293,0135.02%Other assets 2,315,197 2,100,247 3,643,404 Total assets$31,415,882 $29,334,789 $27,099,040 Liabilities and Stockholders' Equity: Interest checking$6,401,869 2,2320.14% $5,191,435 2,0640.16% $3,466,812 7,1350.83%Money market 7,975,996 3,2780.17% 7,636,220 3,2250.17% 5,247,866 10,0160.77%Savings 572,959 350.02% 567,646 350.02% 497,959 1600.13%Time 1,493,267 1,9550.53% 1,650,150 3,1300.75% 2,684,143 10,9361.64%Total interest-bearing deposits 16,444,091 7,5000.18% 15,045,451 8,4540.22% 11,896,780 28,2470.95%Borrowings 226,053 1930.35% 237,098 370.06% 2,026,749 6,7781.35%Subordinated debentures 466,101 4,3753.81% 463,951 4,4773.84% 458,399 6,5605.76%Total interest-bearing liabilities 17,136,245 12,0680.29% 15,746,500 12,9680.33% 14,381,928 41,5851.16%Noninterest-bearing demand deposits 10,173,459 9,589,789 7,357,717 Discontinued operations - - 1,583 Total other liabilities 488,930 462,075 401,034 Other liabilities 488,930 462,075 402,617 Total liabilities 27,798,634 25,798,364 22,142,262 Stockholders' equity 3,617,248 3,536,425 4,956,778 Total liabilities and stockholders' equity$31,415,882 $29,334,789 $27,099,040 Net interest income (1) $264,635 $262,112 $251,428 Net interest spread (1) 3.57% 3.69% 3.86%Net interest margin (1) 3.69% 3.83% 4.31% Total deposits (4)$26,617,550$7,5000.11% $24,635,240$8,4540.14% $19,254,497$28,2470.59% (1) Tax equivalent. (2) Includes discount accretion on acquired loans of $5.4 million, $3.8 million, and $4.8 million for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively. (3) Includes tax-equivalent adjustments of $2.1 million, $1.9 million, and $1.2 million for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020 related to tax-exempt income on investment securities. The federal statutory tax rate utilized was 21%. (4) Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits. PACWEST BANCORP AND SUBSIDIARIES FIVE QUARTER BALANCE SHEET March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 (Dollars in thousands, except per share data)ASSETS: Cash and due from banks$177,199 $150,464 $187,176 $174,059 $172,570 Interest-earning deposits in financial institutions 5,517,667 3,010,197 2,766,020 1,747,077 439,690 Total cash and cash equivalents 5,694,866 3,160,661 2,953,196 1,921,136 612,260 Securities available-for-sale 5,941,690 5,235,591 4,532,614 3,851,141 3,757,663 Federal Home Loan Bank stock 17,250 17,250 17,250 17,250 54,244 Total investment securities 5,958,940 5,252,841 4,549,864 3,868,391 3,811,907 Loans held for sale 25,554 - - - - Gross loans and leases held for investment 19,055,165 19,153,357 19,101,680 19,780,476 19,806,394 Deferred fees, net (75,937) (69,980) (75,480) (85,845) (61,089)Total loans and leases held for investment, net of deferred fees 18,979,228 19,083,377 19,026,200 19,694,631 19,745,305 Allowance for loan and lease losses (292,445) (348,181) (345,966) (301,050) (221,292)Total loans and leases held for investment, net 18,686,783 18,735,196 18,680,234 19,393,581 19,524,013 Equipment leased to others under operating leases 327,413 333,846 286,425 295,191 - 306,530 Premises and equipment, net 39,622 39,234 40,544 42,299 39,799 Foreclosed assets, net 14,298 14,027 13,747 1,449 1,701 Goodwill 1,204,092 1,078,670 1,078,670 1,078,670 1,078,670 Core deposit and customer relationship intangibles, net 21,312 23,641 26,813 30,564 34,446 Other assets 883,653 860,326 797,223 734,457 733,941 Total assets$32,856,533 $29,498,442 $28,426,716 $27,365,738 $26,143,267 LIABILITIES: Noninterest-bearing deposits$11,017,462 $9,193,827 $9,346,744 $8,629,543 $7,510,218 Interest-bearing deposits 17,205,829 15,746,890 14,618,951 14,299,036 12,065,619 Total deposits 28,223,291 24,940,717 23,965,695 22,928,579 19,575,837 Borrowings 19,750 5,000 60,000 60,000 2,295,000 Subordinated debentures 465,814 465,812 463,282 460,772 458,994 Accrued interest payable and other liabilities 493,541 491,962 451,508 463,489 423,047 Total liabilities 29,202,396 25,903,491 24,940,485 23,912,840 22,752,878 STOCKHOLDERS' EQUITY (1) 3,654,137 3,594,951 3,486,231 3,452,898 3,390,389 Total liabilities and stockholders’ equity$32,856,533 $29,498,442 $28,426,716 $27,365,738 $26,143,267 Book value per share$30.68 $30.36 $29.42 $29.17 $28.75 Tangible book value per share (2)$20.39 $21.05 $20.09 $19.80 $19.31 Shares outstanding 119,105,642 118,414,853 118,489,927 118,374,603 117,916,789 (1) Includes net unrealized gain on securities available-for-sale, net$106,381 $172,523 $155,474 $145,038 $90,916 (2) Non-GAAP measure. PACWEST BANCORP AND SUBSIDIARIES FIVE QUARTER STATEMENT OF EARNINGS (LOSS) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 (Dollars in thousands, except per share data)Interest income: Loans and leases$241,544 $242,198 $240,811 $247,851 $262,278 Investment securities 30,265 28,843 24,443 26,038 27,446 Deposits in financial institutions 1,528 1,135 654 186 1,608 Total interest income 273,337 272,176 265,908 274,075 291,332 Interest expense: Deposits 7,500 8,454 9,887 13,075 28,247 Borrowings 193 37 27 1,319 6,778 Subordinated debentures 4,375 4,477 4,670 5,402 6,560 Total interest expense 12,068 12,968 14,584 19,796 41,585 Net interest income 261,269 259,208 251,324 254,279 249,747 Provision for credit losses (48,000) 10,000 97,000 120,000 112,000 Net interest income after provision for credit losses 309,269 249,208 154,324 134,279 137,747 Noninterest income: Service charges on deposit accounts 2,934 3,119 2,570 2,004 2,658 Other commissions and fees 9,158 9,974 10,541 10,111 9,721 Leased equipment income 11,354 9,440 9,900 12,037 12,251 Gain on sale of loans and leases 139 1,671 35 346 87 Gain on sale of securities 101 4 5,270 7,715 182 Other income 21,143 15,642 9,936 6,645 4,201 Total noninterest income 44,829 39,850 38,252 38,858 29,100 Noninterest expense: Compensation 79,882 73,171 75,131 61,910 61,282 Occupancy 14,054 14,083 14,771 14,494 14,207 Data processing 6,957 6,718 6,505 7,102 6,454 Other professional services 5,126 6,800 4,713 4,146 4,258 Insurance and assessments 4,903 5,064 3,939 9,373 4,249 Intangible asset amortization 3,079 3,172 3,751 3,882 3,948 Leased equipment depreciation 8,969 7,501 7,057 7,102 7,205 Foreclosed assets (income) expense, net 1 (272) 335 (146) 66 Acquisition, integration and reorganization costs 3,425 1,060 - - - Customer related expense 4,818 4,430 4,762 4,408 3,932 Loan expense 3,193 3,926 3,499 3,379 2,650 Goodwill impairment - - - - 1,470,000 Other expense 15,729 10,029 8,939 11,315 9,719 Total noninterest expense 150,136 135,682 133,402 126,965 1,587,970 Earnings (loss) before income taxes 203,962 153,376 59,174 46,172 (1,421,123)Income tax expense 53,556 36,546 13,671 12,968 11,988 Net earnings (loss) $150,406 $116,830 $45,503 $33,204 $(1,433,111) Basic and diluted earnings (loss) per share$1.27 $0.99 $0.38 $0.28 $(12.23)Dividends declared and paid per share$0.25 $0.25 $0.25 $0.25 $0.60 PACWEST BANCORP AND SUBSIDIARIES FIVE QUARTER SELECTED FINANCIAL DATA At or For the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 (Dollars in thousands) Performance Ratios: Return on average assets (1) 1.94% 1.58% 0.65% 0.50% (21.27)%Pre-provision, pre-goodwill impairment, pre-tax net revenue ("PPNR") return on average assets (1)(2) 2.01% 2.22% 2.22% 2.51% 2.39%Return on average equity (1) 16.86% 13.14% 5.18% 3.87% (116.28)%Return on average tangible equity (1)(2) 25.67% 19.63% 8.20% 6.39% 6.88%Efficiency ratio 46.4% 43.6% 45.1% 42.9% 40.6%Noninterest expense as a percentage of average assets (1) 1.94% 1.84% 1.90% 1.92% 23.57% Average Yields/Costs (1): Yield on: Average loans and leases (3) 5.20% 5.15% 5.01% 5.01% 5.54%Average interest-earning assets (3) 3.86% 4.02% 4.13% 4.53% 5.02%Cost of: Average interest-bearing deposits 0.18% 0.22% 0.27% 0.40% 0.95%Average total deposits 0.11% 0.14% 0.17% 0.25% 0.59%Average interest-bearing liabilities 0.29% 0.33% 0.38% 0.55% 1.16%Net interest spread (3) 3.57% 3.69% 3.75% 3.98% 3.86%Net interest margin (3) 3.69% 3.83% 3.90% 4.20% 4.31% Average Balances: Assets: Loans and leases, net of deferred fees$18,927,314 $18,769,214 $19,195,737 $19,951,603 $19,065,035 Interest-earning assets 29,100,685 27,234,542 25,858,001 24,531,204 23,455,636 Total assets 31,415,882 29,334,789 27,935,193 26,621,227 27,099,040 Liabilities: Noninterest-bearing deposits 10,173,459 9,589,789 8,812,391 8,292,151 7,357,717 Interest-bearing deposits 16,444,091 15,045,451 14,516,923 13,116,297 11,896,780 Total deposits 26,617,550 24,635,240 23,329,314 21,408,448 19,254,497 Borrowings 226,053 237,098 181,315 871,110 2,026,749 Subordinated debentures 466,101 463,951 462,375 459,466 458,399 Interest-bearing liabilities 17,136,245 15,746,500 15,160,613 14,446,873 14,381,928 Stockholders' equity 3,617,248 3,536,425 3,497,869 3,446,850 4,956,778 (1) Annualized. (2) Non-GAAP measure. (3) Tax equivalent. PACWEST BANCORP AND SUBSIDIARIES FIVE QUARTER SELECTED FINANCIAL DATA At or For the Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 (Dollars in thousands) Credit Quality Ratios: Nonaccrual loans and leases held for investment to loans and leases held for investment 0.36% 0.48% 0.45% 0.84% 0.48%Nonperforming assets to loans and leases held for investment and foreclosed assets 0.43% 0.55% 0.52% 0.85% 0.49%Classified loans and leases held for investment to loans and leases held for investment 0.86% 1.39% 1.44% 1.49% 0.75%Provision for credit losses (for the quarter) to average loans and leases held for investment (annualized) (1.03)% 0.21% 2.01% 2.42% 2.36%Net charge-offs (for the quarter) to average loans and leases held for investment (annualized) 0.06% 0.40% 0.75% 0.27% 0.40%Trailing 12 months net charge-offs to average loans and leases held for investment 0.37% 0.45% 0.36% 0.20% 0.19%Allowance for loan and lease losses to loans and leases held for investment 1.54% 1.82% 1.82% 1.53% 1.12%Allowance for credit losses to loans and leases held for investment 2.02% 2.27% 2.33% 1.94% 1.39%Allowance for credit losses to nonaccrual loans and leases held for investment 566.2% 475.8% 516.9% 229.7% 287.5% PacWest Bancorp Consolidated: Tier 1 leverage capital ratio (1) 7.95% 8.55% 8.66% 8.93% 8.63%Common equity tier 1 capital ratio (1) 10.41% 10.53% 10.45% 9.97% 9.22%Tier 1 capital ratio (1) 10.41% 10.53% 10.45% 9.97% 9.22%Total capital ratio (1) 13.63% 13.76% 13.74% 13.18% 12.07%Risk-weighted assets (1)$22,968,958 $22,837,693 $22,114,040 $22,781,836 $24,214,209 Equity to assets ratio 11.12% 12.19% 12.26% 12.62% 12.97%Tangible common equity ratio (2) 7.68% 8.78% 8.71% 8.93% 9.10%Book value per share$30.68 $30.36 $29.42 $29.17 $28.75 Tangible book value per share (2)$20.39 $21.05 $20.09 $19.80 $19.31 Pacific Western Bank: Tier 1 leverage capital ratio (1) 8.83% 9.53% 9.70% 10.03% 9.71%Common equity tier 1 capital ratio (1) 11.57% 11.73% 11.70% 11.18% 10.38%Tier 1 capital ratio (1) 11.57% 11.73% 11.70% 11.18% 10.38%Total capital ratio (1) 12.82% 12.99% 12.95% 12.44% 11.39% (1) Capital information for March 31, 2021 is preliminary. (2) Non-GAAP measure. GAAP TO NON-GAAP RECONCILIATIONS This press release contains certain non-GAAP financial disclosures for: (1) Pre-provision, pre-goodwill impairment, pre-tax net revenue (“PPNR”), (2) PPNR return on average assets (3) return on average tangible equity, (4) tangible common equity ratio, and (5) tangible book value per share. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. In particular, the use of return on average tangible equity, tangible common equity ratio, tangible book value per share, and PPNR is prevalent among banking regulators, investors, and analysts. Accordingly, we disclose the non-GAAP measures in addition to the related GAAP measures of: (1) net earnings, (2) return on average assets, (3) return on average equity, (4) equity to assets ratio, and (5) book value per share. The tables below present the reconciliations of these GAAP financial measures to the related non-GAAP financial measures: Three Months EndedPPNR and PPNR Return March 31, December 31, September 30, June 30, March 31,on Average Assets 2021 2020 2020 2020 2020 (Dollars in thousands) Net earnings (loss)$150,406 $116,830 $45,503 $33,204 $(1,433,111)Add: Provision for credit losses (48,000) 10,000 97,000 120,000 112,000 Add: Goodwill impairment - - - - 1,470,000 Add: Income tax expense 53,556 36,546 13,671 12,968 11,988 Pre-provision, pre-goodwill impairment, pre-tax net revenue ("PPNR")$155,962 $163,376 $156,174 $166,172 $160,877 Average assets$31,415,882 $29,334,789 $27,935,193 $26,621,227 $27,099,040 Return on average assets (1) 1.94% 1.58% 0.65% 0.50% (21.27)%PPNR return on average assets (2) 2.01% 2.22% 2.22% 2.51% 2.39% (1) Annualized net earnings (loss) divided by average assets. (2) Annualized PPNR divided by average assets. Three Months Ended March 31, December 31, September 30, June 30, March 31,Return on Average Tangible Equity 2021 2020 2020 2020 2020 (Dollars in thousands) Net earnings (loss)$150,406 $116,830 $45,503 $33,204 $(1,433,111)Add: Intangible asset amortization 3,079 3,172 3,751 3,882 3,948 Add: Goodwill impairment - - - - 1,470,000 Adjusted net earnings$153,485 $120,002 $49,254 $37,086 $40,837 Average stockholders' equity$3,617,248 $3,536,425 $3,497,869 $3,446,850 $4,956,778 Less: Average intangible assets 1,192,780 1,103,945 1,107,548 1,111,302 2,569,189 Average tangible common equity$2,424,468 $2,432,480 $2,390,321 $2,335,548 $2,387,589 Return on average equity (1) 16.86% 13.14% 5.18% 3.87% (116.28)%Return on average tangible equity (2) 25.67% 19.63% 8.20% 6.39% 6.88% (1) Annualized net earnings divided by average stockholders' equity. (2) Annualized adjusted net earnings divided by average tangible common equity. Tangible Common Equity Ratio/March 31, December 31, September 30, June 30, March 31, Tangible Book Value Per Share 2021 2020 2020 2020 2020 (Dollars in thousands, except per share data) Stockholders' equity$3,654,137 $3,594,951 $3,486,231 $3,452,898 $3,390,389 Less: Intangible assets 1,225,404 1,102,311 1,105,483 1,109,234 1,113,116 Tangible common equity$2,428,733 $2,492,640 $2,380,748 $2,343,664 $2,277,273 Total assets$32,856,533 $29,498,442 $28,426,716 $27,365,738 $26,143,267 Less: Intangible assets 1,225,404 1,102,311 1,105,483 1,109,234 1,113,116 Tangible assets$31,631,129 $28,396,131 $27,321,233 $26,256,504 $25,030,151 Equity to assets ratio 11.12% 12.19% 12.26% 12.62% 12.97%Tangible common equity ratio (1) 7.68% 8.78% 8.71% 8.93% 9.10% Book value per share$30.68 $30.36 $29.42 $29.17 $28.75 Tangible book value per share (2)$20.39 $21.05 $20.09 $19.80 $19.31 Shares outstanding 119,105,642 118,414,853 118,489,927 118,374,603 117,916,789 (1) Tangible common equity divided by tangible assets. (2) Tangible common equity divided by shares outstanding. CONTACTS Matthew P. WagnerPresident and CEO303.802.8900Bart R. OlsonEVP and CFO714.989.4149William J. BlackEVP Strategy and Corporate Development919.597.7466
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