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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, 2021

Commission File No. 001-36408

PACWEST BANCORP

(Exact name of registrant as specified in its charter)

Delaware						33-0885320
(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 share

PACW

The 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.

☑

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging 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, 2021, there were 117,257,813 shares of the registrant's common stock outstanding, excluding 2,298,882 shares of unvested restricted stock.

1

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PACWEST BANCORP

SEPTEMBER 30, 2021 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)			4
			Condensed Consolidated Statements of Earnings (Loss) (Unaudited)			5
			Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)			6
			Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)			7
			Condensed Consolidated Statements of Cash Flows (Unaudited)			9
			Notes to Condensed Consolidated Financial Statements (Unaudited)			11
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			54
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			87
Item 4.			Controls and Procedures			91
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			91
Item 1A.			Risk Factors			91
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			91
Item 6.			Index to Exhibits			92
Signatures						94

2

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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."

ACL

Allowance for Credit Losses

FRB

Board of Governors of the Federal Reserve System

AFX

American Financial Exchange

FRBSF

Federal Reserve Bank of San Francisco

ALLL

Allowance for Loan and Lease Losses

GDP

Gross Domestic Product

ALM

Asset Liability Management

IPO

Initial Public Offering

ASC

Accounting Standards Codification

IRR

Interest Rate Risk

ASU

Accounting Standards Update

LIBOR

London Inter-bank Offered Rate

Basel III

A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013

LIHTC

Low Income Housing Tax Credit

BHCA

Bank Holding Company Act of 1956, as amended

MBS

Mortgage-Backed Securities

BOLI

Bank Owned Life Insurance

MVE

Market Value of Equity

CARES Act

Coronavirus Aid, Relief, and Economic Security Act

NAV

Net Asset Value

CDI

Core Deposit Intangible Assets

NII

Net Interest Income

CECL

Current Expected Credit Loss

NIM

Net Interest Margin

CET1

Common Equity Tier 1

NSF

Non-Sufficient Funds

Civic

Civic Financial Services, LLC (a company acquired on February 1, 2021)

OREO

Other Real Estate Owned

CMBS

Commercial Mortgage-Backed Securities

PD/LGD

Probability of Default/Loss Given Default

CMOs

Collateralized Mortgage Obligations

PPP

Paycheck Protection Program

COVID-19

Coronavirus Disease

PRSUs

Performance-Based Restricted Stock Units

CPI

Consumer Price Index

PWAM

Pacific Western Asset Management Inc.

CRA

Community Reinvestment Act

ROU

Right-of-use

CRE

Commercial Real Estate

SBA

Small Business Administration

CRI

Customer Relationship Intangible Assets

SBIC

Small Business Investment Company

DFPI

California Department of Financial Protection and Innovation

SEC

Securities and Exchange Commission

DTAs

Deferred Tax Assets

SOFR

Secured Overnight Financing Rate

Dodd-Frank Act

Dodd-Frank Wall Street Reform and Consumer Protection Act

Tax Equivalent Net Interest Income

Net interest income reflecting adjustments related to tax-exempt interest on certain loans and investment securities

EAD

Exposure at Default

Tax Equivalent NIM

NIM reflecting adjustments related to tax-exempt interest on certain loans and investment securities

Efficiency Ratio

Noninterest 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)

TDRs

Troubled Debt Restructurings

FASB

Financial Accounting Standards Board

TRSAs

Time-Based Restricted Stock Awards

FDIC

Federal Deposit Insurance Corporation

U.S. GAAP

U.S. Generally Accepted Accounting Principles

FHLB

Federal Home Loan Bank of San Francisco

VIE

Variable Interest Entity

3

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ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

			September 30,						December 31,
			2021						2020
			(Unaudited)
			(Dollars in thousands, except par value amounts)
ASSETS:
Cash and due from banks			$	174,585					$	150,464
Interest-earning deposits in financial institutions			3,524,613						3,010,197
Total cash, cash equivalents, and restricted cash			3,699,198						3,160,661
Securities available-for-sale, at fair value			9,276,926						5,235,591
Federal Home Loan Bank stock, at cost			17,250						17,250
Total investment securities			9,294,176						5,252,841
Gross loans and leases held for investment			20,588,255						19,153,357
Deferred fees, net			(77,235)						(69,980)
Allowance for loan and lease losses			(203,733)						(348,181)
Total loans and leases held for investment, net			20,307,287						18,735,196
Equipment leased to others under operating leases			334,275						333,846
Premises and equipment, net			47,246						39,234
Foreclosed assets, net			13,364						14,027
Goodwill			1,204,118						1,078,670
Core deposit and customer relationship intangibles, net			15,533						23,641
Other assets			970,479						860,326
Total assets			$	35,885,676					$	29,498,442
LIABILITIES:
Noninterest-bearing deposits			$	12,881,806					$	9,193,827
Interest-bearing deposits			17,677,939						15,746,890
Total deposits			30,559,745						24,940,717
Borrowings			—						5,000
Subordinated debt			862,447						465,812
Accrued interest payable and other liabilities			545,050						491,962
Total liabilities			31,967,242						25,903,491
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, 2021 and
December 31, 2020; 122,093,755 and 120,736,834 shares issued, respectively, includes
2,321,753 and 1,608,126 shares of unvested restricted stock, respectively)			1,221						1,207
Additional paid-in capital			3,035,052						3,100,633
Retained earnings			880,305						409,391
Treasury stock, at cost (2,514,189 and 2,321,981 shares at September 30, 2021 and
December 31, 2020)			(97,003)						(88,803)
Accumulated other comprehensive income, net			98,859						172,523
Total stockholders' equity			3,918,434						3,594,951
Total liabilities and stockholders' equity			$	35,885,676					$	29,498,442

See Notes to Condensed Consolidated Financial Statements.

4

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PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)

			Three Months Ended																		Nine Months Ended
			September 30,						June 30,						September 30,						September 30,
			2021						2021						2020						2021						2020
			(Unaudited)
			(Dollars in thousands, except per share amounts)
Interest income:
Loans and leases			$	246,722					$	244,529					$	240,811					$	732,795					$	750,940
Investment securities			40,780						33,954						24,443						104,999						77,927
Deposits in financial institutions			2,580						2,022						654						6,130						2,448
Total interest income			290,082						280,505						265,908						843,924						831,315
Interest expense:
Deposits			6,417						7,269						9,887						21,186						51,209
Borrowings			101						265						27						559						8,124
Subordinated debt			7,722						6,663						4,670						18,760						16,632
Total interest expense			14,240						14,197						14,584						40,505						75,965
Net interest income			275,842						266,308						251,324						803,419						755,350
Provision for credit losses			(20,000)						(88,000)						97,000						(156,000)						329,000
Net interest income after provision for credit losses			295,842						354,308						154,324						959,419						426,350
Noninterest income:
Leased equipment income			10,943						10,847						9,900						33,144						34,188
Other commissions and fees			11,792						10,704						10,541						31,654						30,373
Service charges on deposit accounts			3,407						3,452						2,570						9,793						7,232
Gain on sale of loans and leases			—						1,422						35						1,561						468
Gain on sale of securities			515						—						5,270						616						13,167
Other income			24,688						13,946						9,936						59,777						20,782
Total noninterest income			51,345						40,371						38,252						136,545						106,210
Noninterest expense:
Compensation			98,061						90,807						75,131						268,750						198,323
Occupancy			14,928						14,784						14,771						43,766						43,472
Leased equipment depreciation			8,603						8,614						7,057						26,186						21,364
Data processing			7,391						7,758						6,505						22,106						20,061
Other professional services			5,164						5,256						4,713						15,546						13,117
Insurance and assessments			3,685						3,745						3,939						12,333						17,561
Customer related expense			4,538						4,973						4,762						14,329						13,102
Loan expense			4,180						4,031						3,499						11,404						9,528
Intangible asset amortization			2,890						2,889						3,751						8,858						11,581
Acquisition, integration and reorganization costs			200						200						—						3,825						—
Foreclosed assets expense (income), net			165						(119)						335						47						255
Goodwill impairment			—						—						—						—						1,470,000
Other expense			9,616						8,812						8,939						34,157						29,973
Total noninterest expense			159,421						151,750						133,402						461,307						1,848,337
Earnings (loss) before income taxes			187,766						242,929						59,174						634,657						(1,315,777)
Income tax expense			47,770						62,417						13,671						163,743						38,627
Net earnings (loss)			$	139,996					$	180,512					$	45,503					$	470,914					$	(1,354,404)
Earnings (loss) per share:
Basic			$	1.17					$	1.52					$	0.38					$	3.96					$	(11.60)
Diluted			$	1.17					$	1.52					$	0.38					$	3.96					$	(11.60)

See Notes to Condensed Consolidated Financial Statements.

5

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` PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

			Three Months Ended																		Nine Months Ended
			September 30,						June 30,						September 30,						September 30,
			2021						2021						2020						2021						2020
			(Unaudited)
			(In thousands)
Net earnings (loss)			$	139,996					$	180,512					$	45,503					$	470,914					$	(1,354,404)
Other comprehensive income (loss), net of tax:
Unrealized net holding (losses) gains on securities
available-for-sale arising during the period			(63,956)						54,076						19,745						(101,403)						119,708
Income tax benefit (expense) related to net unrealized
holding (losses) gains arising during the period			17,672						(14,941)						(5,510)						28,185						(33,399)
Unrealized net holding (losses) gains on securities
available-for-sale, net of tax			(46,284)						39,135						14,235						(73,218)						86,309
Reclassification adjustment for net gains
included in net earnings (1)			(515)						—						(5,270)						(616)						(13,167)
Income tax expense related to reclassification
adjustment			142						—						1,471						170						3,674
Reclassification adjustment for net gains
included in net earnings, net of tax			(373)						—						(3,799)						(446)						(9,493)
Other comprehensive income (loss), net of tax			(46,657)						39,135						10,436						(73,664)						76,816
Comprehensive income (loss)			$	93,339					$	219,647					$	55,939					$	397,250					$	(1,277,588)

___________________________________

(1)    Entire amounts are recognized in "Gain on sale of securities" on the Condensed Consolidated Statements of Earnings (Loss).

See Notes to Condensed Consolidated Financial Statements.

6

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PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

			Nine Months Ended September 30, 2021
			Common Stock																														Accumulated
															Additional																		Other
									Par						Paid-in						Retained						Treasury						Comprehensive
			Shares						Value						Capital						Earnings						Stock						Income						Total
			(Unaudited)
			(Dollars in thousands)
Balance, December 31, 2020			118,414,853						$	1,207					$	3,100,633					$	409,391					$	(88,803)					$	172,523					$	3,594,951
Net earnings			—						—						—						150,406						—						—						150,406
Other comprehensive loss - net
unrealized loss on securities
available-for-sale, net of tax			—						—						—						—						—						(66,142)						(66,142)
Restricted stock awarded and
earned stock compensation,
net of shares forfeited			743,444						8						6,409						—						—						—						6,417
Restricted stock surrendered			(52,655)						—						—						—						(1,908)						—						(1,908)
Cash dividends paid:
Common stock, $0.25/share			—						—						(29,587)						—						—						—						(29,587)
Balance, March 31, 2021			119,105,642						$	1,215					$	3,077,455					$	559,797					$	(90,711)					$	106,381					$	3,654,137
Net earnings			—						—						—						180,512						—						—						180,512
Other comprehensive income - net
unrealized gain on securities
available-for-sale, net of tax			—						—						—						—						—						39,135						39,135
Restricted stock awarded and
earned stock compensation,
net of shares forfeited			586,271						6						8,983						—						—						—						8,989
Restricted stock surrendered			(136,811)						—						—						—						(6,176)						—						(6,176)
Cash dividends paid:
Common stock, $0.25/share			—						—						(29,916)						—						—						—						(29,916)
Balance, June 30, 2021			119,555,102						$	1,221					$	3,056,522					$	740,309					$	(96,887)					$	145,516					$	3,846,681
Net earnings			—						—						—						139,996						—						—						139,996
Other comprehensive loss - net
unrealized loss on securities
available-for-sale, net of tax			—						—						—						—						—						(46,657)						(46,657)
Restricted stock awarded and
earned stock compensation,
net of shares forfeited			27,206						—						8,501						—						—						—						8,501
Restricted stock surrendered			(2,742)						—						—						—						(116)						—						(116)
Cash dividends paid:
Common stock, $0.25/share			—						—						(29,971)						—						—						—						(29,971)
Balance, September 30, 2021			119,579,566						$	1,221					$	3,035,052					$	880,305					$	(97,003)					$	98,859					$	3,918,434

See Notes to Condensed Consolidated Financial Statements.

7

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PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

			Nine Months Ended September 30, 2020
			Common Stock																														Accumulated
															Additional																		Other
									Par						Paid-in						Retained						Treasury						Comprehensive
			Shares						Value						Capital						Earnings						Stock						Income						Total
			(Unaudited)
			(Dollars in thousands)
Balance, December 31, 2019			119,781,605						$	1,219					$	3,306,006					$	1,652,248					$	(83,434)					$	78,658					$	4,954,697
Cumulative effect of change in
accounting principle (1)			—						—						—						(5,283)						—						—						(5,283)
Net loss			—						—						—						(1,433,111)						—						—						(1,433,111)
Other comprehensive income - net
unrealized gain on securities
available-for-sale, net of tax			—						—						—						—						—						12,258						12,258
Restricted stock awarded and
earned stock compensation,
net of shares forfeited			194,916						2						6,492						—						—						—						6,494
Restricted stock surrendered			(106,021)						—						—						—						(3,460)						—						(3,460)
Common stock repurchased under
Stock Repurchase Program			(1,953,711)						(20)						(69,980)						—						—						—						(70,000)
Cash dividends paid:
Common stock, $0.60/share			—						—						(71,206)						—						—						—						(71,206)
Balance, March 31, 2020			117,916,789						$	1,201					$	3,171,312					$	213,854					$	(86,894)					$	90,916					$	3,390,389
Net earnings			—						—						—						33,204						—						—						33,204
Other comprehensive income - net
unrealized gain on securities
available-for-sale, net of tax			—						—						—						—						—						54,122						54,122
Restricted stock awarded and
earned stock compensation,
net of shares forfeited			550,738						6						6,283						—						—						—						6,289
Restricted stock surrendered			(92,924)						—						—						—						(1,601)						—						(1,601)
Cash dividends paid:
Common stock, $0.25/share			—						—						(29,505)						—						—						—						(29,505)
Balance, June 30, 2020			118,374,603						$	1,207					$	3,148,090					$	247,058					$	(88,495)					$	145,038					$	3,452,898
Net earnings			—						—						—						45,503						—						—						45,503
Other comprehensive income - net
unrealized gain on securities
available-for-sale, net of tax			—						—						—						—						—						10,436						10,436
Restricted stock awarded and
earned stock compensation,
net of shares forfeited			119,158						1						7,063						—						—						—						7,064
Restricted stock surrendered			(3,834)						—						—						—						(71)						—						(71)
Cash dividends paid:
Common stock, $0.25/share			—						—						(29,599)						—						—						—						(29,599)
Balance, September 30, 2020			118,489,927						$	1,208					$	3,125,554					$	292,561					$	(88,566)					$	155,474					$	3,486,231

________________________

(1)    Impact due to adoption on January 1, 2020 of ASU 2016-13, "Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments," and the related amendments, commonly referred to as CECL.

See Notes to Condensed Consolidated Financial Statements.

8

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PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

			Nine Months Ended
			September 30,
			2021						2020
			(Unaudited)
			(In thousands)
Cash flows from operating activities:
Net earnings (loss)			$	470,914					$	(1,354,404)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Goodwill impairment			—						1,470,000
Depreciation and amortization			38,311						33,303
Amortization of net premiums on securities available-for-sale			28,480						9,994
Amortization of intangible assets			8,858						11,581
Amortization of operating lease ROU assets			22,866						22,080
Provision for credit losses			(156,000)						329,000
Gain on sale of foreclosed assets			(135)						(187)
Provision for losses on foreclosed assets			14						267
Gain on sale of loans and leases			(1,561)						(468)
(Gain) loss on sale of premises and equipment			(5)						309
Gain on sale of securities			(616)						(13,167)
Gain on BOLI death benefit			(491)						—
Unrealized (gain) loss on derivatives and foreign currencies, net			(804)						494
Earned stock compensation			23,907						19,847
Increase in other assets			(1,516)						(60,450)
Decrease in accrued interest payable and other liabilities			(39,911)						(125,262)
Net cash provided by operating activities			392,311						342,937
Cash flows from investing activities:
Cash paid for acquisition, net			(123,090)						—
Net increase in loans and leases			(1,485,780)						(269,253)
Proceeds from sales of loans and leases			128,541						6,536
Proceeds from maturities and paydowns of securities available-for-sale			628,988						292,769
Proceeds from sales of securities available-for-sale			121,351						167,267
Purchases of securities available-for-sale			(4,921,557)						(1,085,749)
Net redemptions of Federal Home Loan Bank stock			—						23,674
Proceeds from sales of foreclosed assets			1,846						983
Purchases of premises and equipment, net			(15,078)						(11,013)
Proceeds from sales of premises and equipment			95						4
Proceeds from BOLI death benefit			4,143						761
Net (increase) decrease in equipment leased to others under operating leases			(16,346)						16,860
Net cash used in investing activities			(5,676,887)						(857,161)
Cash flows from financing activities:
Net increase in noninterest-bearing deposits			3,650,640						2,105,033
Net increase in interest-bearing deposits			1,931,049						2,629,213
Net decrease in borrowings			(55,210)						(1,699,008)
Proceeds from subordinated notes offering			394,308						—
Common stock repurchased and restricted stock surrendered			(8,200)						(75,132)
Cash dividends paid			(89,474)						(130,310)
Net cash provided by financing activities			5,823,113						2,829,796
Net increase in cash, cash equivalents, and restricted cash			538,537						2,315,572
Cash, cash equivalents, and restricted cash, beginning of period			3,160,661						637,624
Cash, cash equivalents, and restricted cash, end of period			$	3,699,198					$	2,953,196

See Notes to Condensed Consolidated Financial Statements.

9

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PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

			Nine Months Ended
			September 30,
			2021						2020
			(Unaudited)
			(In thousands)
Supplemental disclosures of cash flow information:
Cash paid for interest			$	35,505					$	86,060
Cash paid for income taxes			94,770						92,953
Loans transferred to foreclosed assets			1,062						14,370
Transfers from loans held for investment to loans held for sale			25,554						—
Effective February 1, 2021, the Company acquired Civic
in a transaction summarized as follows:
Fair value of assets acquired			$	307,997					—
Cash paid			(160,420)						—
Liabilities assumed			$	147,577					—

See Notes to Condensed Consolidated Financial Statements.

10

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 1.  ORGANIZATION    

PacWest Bancorp, a Delaware corporation, is a bank holding company registered under the BHCA, with our corporate headquarters located in Beverly Hills, California. Our principal business is to serve as the holding company for our wholly-owned subsidiary, Pacific Western Bank. References to "Pacific Western" or the "Bank" refer to Pacific Western Bank together with its wholly-owned subsidiaries. References to "we," "us," or the "Company" refer to PacWest Bancorp together with its subsidiaries on a consolidated basis. When we refer to "PacWest" or to the "holding company," we are referring to PacWest Bancorp, the parent company, on a stand-alone basis.

We are focused on relationship-based business banking to small, middle-market and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 69 full-service branches located in California, one branch located in Durham, North Carolina, one branch located in Denver, Colorado, and numerous loan production offices across the country. 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 provides 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 innovation hubs across the United States. The Bank also offers financing of non-owner-occupied investor properties through Civic Financial Services, a wholly-owned subsidiary. The Bank also offers a specialized suite of services for the HOA industry. In addition, we provide investment advisory and asset management services to select clients through Pacific Western Asset Management Inc., a wholly-owned subsidiary of the Bank and an SEC-registered investment adviser.

We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including foreign exchange services. Our major operating expenses are interest paid by the Bank on deposits and borrowings, compensation, occupancy, and general operating expenses.

Significant Accounting Policies

Our accounting policies are described in Note 1. Nature of Operations and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the Securities and Exchange Commission ("Form 10-K").

Accounting Standards Adopted in 2021

Effective January 1, 2021, the Company adopted ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” which simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The amendment also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

Effective January 1, 2021, the Company adopted ASU 2020-01, “Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)” which clarifies that entities that apply the measurement alternative in ASC 321 should consider observable transactions that result in entities initially applying or discontinuing the use of the equity method of accounting under ASC 323. The guidance also clarifies that certain forward contracts and purchased options on equity securities that are not deemed to be in-substance common stock under ASC 323 or accounted for as derivatives under ASC 815 are in the scope of ASC 321. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

11

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Effective January 1, 2021, the Company adopted ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables – Nonrefundable Fees and Other Costs” which clarifies the Company should reevaluate whether a callable debt security that has multiple call dates is within the scope of ASC 310-20-35-33 at each reporting period. ASC 310-20-35-33 requires that, to the extent the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess should be amortized to the earliest call date. As the Company’s accounting policy to amortize premiums on investments in callable debt securities to the earliest call date is consistent with the manner required by ASU 2020-08, the adoption of this standard had no impact on the Company’s condensed consolidated financial statements.

Basis of Presentation    

Our interim condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K.

Use of Estimates

We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of goodwill and other intangible assets, and the realization of deferred tax assets. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period’s presentation format. In our loan and allowance tables, we realigned our venture capital subclasses to better reflect and report our lending. Prior to the realignment, our venture capital subclasses were: (1) equity fund loans, (2) early stage, (3) expansion stage, and (4) late stage. After the realignment, our venture capital subclasses are: (1) equity fund loans and (2) venture lending (which includes early stage, expansion stage, and late stage). Additionally, we realigned our other commercial subclasses by moving our cash flow subclass into the other lending subclass. All of the loan and allowance tables, both current period and prior periods, reflect these realignments. In our securities available-for-sale tables, we are presenting a new line for private label commercial MBS, which had previously been included with the asset-backed securities line. All of the securities available-for-sale tables, both current period and prior periods, reflect this new presentation.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 2. ACQUISITIONS

Acquisition of Civic

On February 1, 2021, the Bank completed the acquisition of Civic in an all-cash transaction. Civic, located in Redondo Beach, California, is one of the leading lenders in the United States specializing in residential non-owner-occupied investment properties. The acquisition of Civic advances the Bank’s strategy to diversify and expand its lending portfolio, diversify its revenue streams, and deploy excess liquidity into higher-yielding assets. Civic operates as a subsidiary of the Bank and at September 30, 2021 had $1.0 billion of loans outstanding. The loans are categorized as either income producing and other residential real estate mortgage or residential real estate construction and land based on their purpose.

The Civic acquisition has been accounted for under the acquisition method of accounting. We acquired $308.0 million of assets and assumed $147.6 million of liabilities upon closing of the acquisition. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and assumed liabilities. Such fair values are preliminary estimates and are subject to adjustment for up to one year after the acquisition date or when additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. The application of the acquisition method of accounting resulted in the recognition of goodwill of $125.4 million. All of the recognized goodwill is expected to be deductible for tax purposes.

The following assets acquired and liabilities assumed, both tangible and intangible, of the acquired entity are presented at estimated fair value as of the acquisition date:

			Acquisition and
			Date Acquired
			Civic Financial
			Services
			February 1, 2021
			(In thousands)
Assets Acquired:
Cash and due from banks			$	37,331
Loans and leases			67,294
Premises and equipment			1,197
Goodwill			125,448
Customer relationship intangible			750
Other assets			75,977
Total assets acquired			$	307,997
Liabilities Assumed:
Noninterest-bearing demand deposits			$	37,339
Borrowings			50,210
Accrued interest payable and other liabilities			60,028
Total liabilities assumed			$	147,577
Total consideration - paid in cash			$	160,420

NOTE 3. RESTRICTED CASH BALANCES

The FRBSF establishes cash reserve requirements that its member banks must maintain based on a percentage of deposit liabilities. On March 26, 2020, the FRBSF reduced the reserve requirement ratios to zero percent. There was no average reserves required to be held at the FRBSF for the nine months ended September 30, 2021. The average reserves required to be held at the FRBSF for the nine months ended September 30, 2020 was $55.2 million. As of September 30, 2021 and December 31, 2020, we pledged cash collateral for our derivative contracts of $2.0 million and $2.9 million.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 4. INVESTMENT SECURITIES     

Securities Available-for-Sale

The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated:

			September 30, 2021																								December 31, 2020
									Gross						Gross																		Gross						Gross
			Amortized						Unrealized						Unrealized						Fair						Amortized						Unrealized						Unrealized						Fair
Security Type			Cost						Gains						Losses						Value						Cost						Gains						Losses						Value
			(In thousands)
Agency residential MBS			$	2,185,544					$	11,236					$	(15,787)					$	2,180,993					$	329,488					$	12,483					$	(897)					$	341,074
Municipal securities			1,929,753						67,167						(6,991)						1,989,929						1,438,004						93,631						(18)						1,531,617
Agency commercial MBS			1,269,984						49,063						(5,023)						1,314,024						1,207,676						74,238						(37)						1,281,877
Agency residential CMOs			1,062,836						29,440						(3,739)						1,088,537						1,172,166						47,994						(280)						1,219,880
U.S. Treasury securities			973,307						2,060						(4,099)						971,268						4,989						313						—						5,302
Corporate debt securities			505,800						11,976						(1,161)						516,615						308,803						3,490						(404)						311,889
Private label commercial MBS			389,030						716						(1,428)						388,318						81,878						1,089						(10)						82,957
Collateralized loan obligations			359,057						163						(673)						358,547						136,777						23						(924)						135,876
Private label residential CMOs			301,743						3,508						(1,570)						303,681						110,891						6,076						(21)						116,946
Asset-backed securities			132,421						855						(279)						132,997						166,861						445						(760)						166,546
SBA securities			30,849						1,185						(17)						32,017						39,437						2,217						(27)						41,627
Total			$	9,140,324					$	177,369					$	(40,767)					$	9,276,926					$	4,996,970					$	241,999					$	(3,378)					$	5,235,591

As of September 30, 2021, securities available-for-sale with a fair value of $492.0 million were pledged as collateral for public deposits and other purposes as required by various statutes and agreements.

Realized Gains and Losses on Securities Available-for-Sale

The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized gains for the years indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
Sales of Securities Available-for-Sale			2021						2020						2021						2020
			(In thousands)
Amortized cost of securities sold			$	76,184					$	17,000					$	120,735					$	154,100
Gross realized gains			$	517					$	5,270					$	618					$	13,199
Gross realized losses			(2)						—						(2)						(32)
Net realized gains			$	515					$	5,270					$	616					$	13,167

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Unrealized Losses on Securities Available-for-Sale

The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions as of the dates indicated:

			September 30, 2021
			Less Than 12 Months												12 Months or More												Total
									Gross												Gross												Gross
			Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Security Type			Value						Losses						Value						Losses						Value						Losses
			(In thousands)
Agency residential MBS			$	1,697,399					$	(15,779)					$	680					$	(8)					$	1,698,079					$	(15,787)
Municipal securities			583,499						(6,860)						2,559						(131)						586,058						(6,991)
Agency commercial MBS			282,753						(5,023)						—						—						282,753						(5,023)
Agency residential CMOs			189,684						(3,700)						11,283						(39)						200,967						(3,739)
U.S. Treasury securities			632,950						(4,099)						—						—						632,950						(4,099)
Corporate debt securities			127,786						(1,161)						—						—						127,786						(1,161)
Private label commercial MBS			266,238						(1,428)						—						—						266,238						(1,428)
Collateralized loan obligations			202,528						(600)						43,930						(73)						246,458						(673)
Private label residential CMOs			234,541						(1,555)						319						(15)						234,860						(1,570)
Asset-backed securities			25,044						(49)						16,126						(230)						41,170						(279)
SBA securities			—						—						1,897						(17)						1,897						(17)
Total			$	4,242,422					$	(40,254)					$	76,794					$	(513)					$	4,319,216					$	(40,767)

			December 31, 2020
			Less Than 12 Months												12 Months or More												Total
									Gross												Gross												Gross
			Fair						Unrealized						Fair						Unrealized						Fair						Unrealized
Security Type			Value						Losses						Value						Losses						Value						Losses
			(In thousands)
Agency residential MBS			$	90,722					$	(897)					$	—					$	—					$	90,722					$	(897)
Municipal securities			5,919						(18)						—						—						5,919						(18)
Agency commercial MBS			58,408						(37)						—						—						58,408						(37)
Agency residential CMOs			97,863						(280)						—						—						97,863						(280)
Corporate debt securities			87,596						(404)						—						—						87,596						(404)
Private label commercial MBS			3,058						(10)						—						—						3,058						(10)
Collateralized loan obligations			96,442						(729)						28,972						(195)						125,414						(924)
Private label residential CMOs			788						(19)						74						(2)						862						(21)
Asset-backed securities			14,636						(53)						61,031						(707)						75,667						(760)
SBA securities			2,127						(27)						—						—						2,127						(27)
Total			$	457,559					$	(2,474)					$	90,077					$	(904)					$	547,636					$	(3,378)

The securities that were in an unrealized loss position at September 30, 2021, were considered impaired and required further review to determine if the unrealized losses were credit-related. We concluded the unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. We also considered the seniority of the tranches and U.S. government agency guarantees, if any, to assess whether an unrealized loss was credit-related. Accordingly, we determined the unrealized losses were not credit-related and recognized the unrealized losses in "other comprehensive income" in stockholders' equity. Although we periodically sell securities for portfolio management purposes, we do not foresee having to sell any impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any impaired securities before recovery of their amortized cost.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Contractual Maturities of Securities Available-for-Sale

The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated:

			September 30, 2021
			Amortized						Fair
Maturities			Cost						Value
			(In thousands)
Due in one year or less			$	40,903					$	41,218
Due after one year through five years			578,943						606,629
Due after five years through ten years			2,991,339						3,029,128
Due after ten years			5,529,139						5,599,951
Total securities available-for-sale			$	9,140,324					$	9,276,926

CMBS, CMOs, and MBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral.

Interest Income on Investment Securities

The following table presents the composition of our interest income on investment securities for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2021						2020						2021						2020
			(In thousands)
Taxable interest			$	31,980					$	17,835					$	79,156					$	59,457
Non-taxable interest			8,542						6,272						25,113						17,113
Dividend income			258						336						730						1,357
Total interest income on investment securities			$	40,780					$	24,443					$	104,999					$	77,927

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 5.  LOANS AND LEASES

Our loans are carried at the principal amount outstanding, net of deferred fees and costs, and in the case of acquired and purchased loans, net of purchase discounts and premiums. Deferred fees and costs and purchase discounts and premiums on acquired loans are recognized as an adjustment to interest income over the contractual life of the loans primarily using the effective interest method or taken into income when the related loans are paid off or included in the carrying amount of loans that are sold.

Loans and Leases Held for Investment

The following table summarizes the composition of our loans and leases held for investment as of the dates indicated:

			September 30,						December 31,
			2021						2020
			(In thousands)
Real estate mortgage			$	9,590,037					$	7,905,193
Real estate construction and land			3,699,435						3,393,145
Commercial			6,892,846						7,534,801
Consumer			405,937						320,218
Total gross loans and leases held for investment			20,588,255						19,153,357
Deferred fees, net			(77,235)						(69,980)
Total loans and leases held for investment, net of deferred fees			20,511,020						19,083,377
Allowance for loan and lease losses			(203,733)						(348,181)
Total loans and leases held for investment, net (1)			$	20,307,287					$	18,735,196

____________________

(1)    Excludes accrued interest receivable of $75.7 million and $79.7 million at September 30, 2021 and December 31, 2020, respectively, which is recorded in "Other assets" on the condensed consolidated balance sheets.

The following tables present an aging analysis of our loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated:

			September 30, 2021
			30 - 89						90 or More
			Days						Days						Total
			Past Due						Past Due						Past Due						Current						Total
			(In thousands)
Real estate mortgage:
Commercial			$	899					$	2,954					$	3,853					$	3,690,744					$	3,694,597
Income producing and other residential			3,760						5,661						9,421						5,876,939						5,886,360
Total real estate mortgage			4,659						8,615						13,274						9,567,683						9,580,957
Real estate construction and land:
Commercial			—						—						—						992,003						992,003
Residential			13,017						19,587						32,604						2,627,266						2,659,870
Total real estate construction and land			13,017						19,587						32,604						3,619,269						3,651,873
Commercial:
Asset-based			—						479						479						3,661,290						3,661,769
Venture capital			1,670						—						1,670						1,631,191						1,632,861
Other commercial			561						1,654						2,215						1,575,377						1,577,592
Total commercial			2,231						2,133						4,364						6,867,858						6,872,222
Consumer			1,042						357						1,399						404,569						405,968
Total			$	20,949					$	30,692					$	51,641					$	20,459,379					$	20,511,020

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			December 31, 2020
			30 - 89						90 or More
			Days						Days						Total
			Past Due						Past Due						Past Due						Current						Total
			(In thousands)
Real estate mortgage:
Commercial			$	6,750					$	29,145					$	35,895					$	4,060,776					$	4,096,671
Income producing and other residential			600						373						973						3,802,292						3,803,265
Total real estate mortgage			7,350						29,518						36,868						7,863,068						7,899,936
Real estate construction and land:
Commercial			—						—						—						1,117,121						1,117,121
Residential			759						—						759						2,242,401						2,243,160
Total real estate construction and land			759						—						759						3,359,522						3,360,281
Commercial:
Asset-based			—						2,128						2,128						3,427,155						3,429,283
Venture capital			540						—						540						1,697,968						1,698,508
Other commercial			2,323						4,766						7,089						2,368,025						2,375,114
Total commercial			2,863						6,894						9,757						7,493,148						7,502,905
Consumer			1,260						111						1,371						318,884						320,255
Total			$	12,232					$	36,523					$	48,755					$	19,034,622					$	19,083,377

It is our policy to discontinue accruing interest when principal or interest payments are past due 90 days or more (unless the loan is both well secured and in the process of collection) or when, in the opinion of management, there is a reasonable doubt as to the collectability of a loan or lease in the normal course of business. Interest income on nonaccrual loans is recognized only to the extent cash is received and the principal balance of the loan is deemed collectable.

The following table presents our nonaccrual and performing loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated:  

			September 30, 2021																		December 31, 2020
			Nonaccrual						Performing						Total						Nonaccrual						Performing						Total
			(In thousands)
Real estate mortgage:
Commercial			$	25,615					$	3,668,982					$	3,694,597					$	43,731					$	4,052,940					$	4,096,671
Income producing and other residential			7,547						5,878,813						5,886,360						1,826						3,801,439						3,803,265
Total real estate mortgage			33,162						9,547,795						9,580,957						45,557						7,854,379						7,899,936
Real estate construction and land:
Commercial			—						992,003						992,003						315						1,116,806						1,117,121
Residential			19,918						2,639,952						2,659,870						—						2,243,160						2,243,160
Total real estate construction and land			19,918						3,631,955						3,651,873						315						3,359,966						3,360,281
Commercial:
Asset-based			1,605						3,660,164						3,661,769						2,679						3,426,604						3,429,283
Venture capital			2,348						1,630,513						1,632,861						1,980						1,696,528						1,698,508
Other commercial			6,979						1,570,613						1,577,592						40,243						2,334,871						2,375,114
Total commercial			10,932						6,861,290						6,872,222						44,902						7,458,003						7,502,905
Consumer			495						405,473						405,968						389						319,866						320,255
Total			$	64,507					$	20,446,513					$	20,511,020					$	91,163					$	18,992,214					$	19,083,377

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

At September 30, 2021, nonaccrual loans and leases included $30.7 million of loans and leases 90 or more days past due, $0.7 million of loans and leases 30 to 89 days past due, and $33.2 million of loans and leases current with respect to contractual payments that were placed on nonaccrual status based on management’s judgment regarding their collectability. At December 31, 2020, nonaccrual loans and leases included $36.5 million of loans and leases 90 or more days past due, $3.4 million of loans and leases 30 to 89 days past due, and $51.3 million of current loans and leases that were placed on nonaccrual status based on management’s judgment regarding their collectability.

As of September 30, 2021, our three largest loan relationships on nonaccrual status had an aggregate carrying value of $16.6 million and represented 26% of total nonaccrual loans and leases.

The following tables present the credit risk rating categories for loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated. Classified loans and leases are those with a credit risk rating of either substandard or doubtful.

			September 30, 2021
			Classified						Special Mention						Pass						Total
			(In thousands)
Real estate mortgage:
Commercial			$	69,059					$	202,029					$	3,423,509					$	3,694,597
Income producing and other residential			13,603						73,831						5,798,926						5,886,360
Total real estate mortgage			82,662						275,860						9,222,435						9,580,957
Real estate construction and land:
Commercial			—						67,649						924,354						992,003
Residential			19,918						7,324						2,632,628						2,659,870
Total real estate construction and land			19,918						74,973						3,556,982						3,651,873
Commercial:
Asset-based			4,734						87,980						3,569,055						3,661,769
Venture capital			4,840						38,281						1,589,740						1,632,861
Other commercial			28,926						17,107						1,531,559						1,577,592
Total commercial			38,500						143,368						6,690,354						6,872,222
Consumer			524						2,165						403,279						405,968
Total			$	141,604					$	496,366					$	19,873,050					$	20,511,020

			December 31, 2020
			Classified						Special Mention						Pass						Total
			(In thousands)
Real estate mortgage:
Commercial			$	91,543					$	262,462					$	3,742,666					$	4,096,671
Income producing and other residential			8,767						61,384						3,733,114						3,803,265
Total real estate mortgage			100,310						323,846						7,475,780						7,899,936
Real estate construction and land:
Commercial			42,558						107,592						966,971						1,117,121
Residential			—						759						2,242,401						2,243,160
Total real estate construction and land			42,558						108,351						3,209,372						3,360,281
Commercial:
Asset-based			27,867						153,301						3,248,115						3,429,283
Venture capital			6,508						118,125						1,573,875						1,698,508
Other commercial			87,557						14,930						2,272,627						2,375,114
Total commercial			121,932						286,356						7,094,617						7,502,905
Consumer			462						2,732						317,061						320,255
Total			$	265,262					$	721,285					$	18,096,830					$	19,083,377

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents our nonaccrual loans and leases by loan portfolio segment and class and by with and without an allowance recorded as of the date indicated and interest income recognized on nonaccrual loans and leases for the periods indicated:

									Three Months						Nine Months												Three Months						Nine Months
									Ended						Ended												Ended						Ended
			September 30,						September 30,						September 30,						September 30,						September 30,						September 30,
			2021						2021						2021						2020						2020						2020
			Nonaccrual						Interest						Interest						Nonaccrual						Interest						Interest
			Recorded						Income						Income						Recorded						Income						Income
			Investment						Recognized						Recognized						Investment						Recognized						Recognized
			(In thousands)
With An Allowance Recorded:
Real estate mortgage:
Commercial			$	72					$	—					$	—					$	736					$	—					$	—
Income producing and other residential			3,323						—						—						1,163						—						—
Real estate construction and land:
Residential			1,987						—						—						—						—						—
Commercial:
Asset based			1,126						—						—						2,248						—						—
Venture capital			2,347						—						—						2,001						—						—
Other commercial			1,170						—						—						1,235						—						—
Consumer			495						—						—						404						—						—
With No Related Allowance Recorded:
Real estate mortgage:
Commercial			$	25,543					$	90					$	511					$	44,384					$	155					$	285
Income producing and other residential			4,224						—						—						845						—						—
Real estate construction and land:
Commercial			—						—						—						324						—						—
Residential			17,931						—						—						—						—						—
Commercial:
Asset based			479						—						—						569						—						—
Other commercial			5,810						3						5						31,706						517						1,628
Total Loans and Leases With and
Without an Allowance Recorded:
Real estate mortgage			$	33,162					$	90					$	511					$	47,128					$	155					$	285
Real estate construction and land			19,918						—						—						324						—						—
Commercial			10,932						3						5						37,759						517						1,628
Consumer			495						—						—						404						—						—
Total			$	64,507					$	93					$	516					$	85,615					$	672					$	1,913

20

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present our loans held for investment by loan portfolio segment and class, by credit quality indicator (internal risk ratings), and by year of origination (vintage year) as of the dates indicated:

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
September 30, 2021			2021						2020						2019						2018						2017						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-2 High pass			$	565					$	5,835					$	48,421					$	5,816					$	10,448					$	37,536					$	2					$	—					$	108,623
3-4 Pass			316,700						539,855						344,575						536,615						505,934						1,014,656						44,726						11,825						3,314,886
5 Special mention			—						4,839						67,336						79,223						7,985						42,646						—						—						202,029
6-8 Classified			—						494						17,116						5,767						12,473						33,209						—						—						69,059
Total			$	317,265					$	551,023					$	477,448					$	627,421					$	536,840					$	1,128,047					$	44,728					$	11,825					$	3,694,597
Current YTD period:
Gross charge-offs			$	—					$	—					$	190					$	168					$	53					$	168					$	—					$	—					$	579
Gross recoveries			—						—						—						—						—						(5,934)						—						—						(5,934)
Net			$	—					$	—					$	190					$	168					$	53					$	(5,766)					$	—					$	—					$	(5,355)
Real Estate Mortgage:
Income Producing and
Other Residential
Internal risk rating:
1-2 High pass			$	28,374					$	32,923					$	62,522					$	26,751					$	13,363					$	26,586					$	28,044					$	—					$	218,563
3-4 Pass			2,327,323						625,371						713,871						944,356						594,336						265,707						109,206						193						5,580,363
5 Special mention			384						13,803						17,214						42,270						—						—						160						—						73,831
6-8 Classified			334						4,022						—						3,045						101						5,793						—						308						13,603
Total			$	2,356,415					$	676,119					$	793,607					$	1,016,422					$	607,800					$	298,086					$	137,410					$	501					$	5,886,360
Current YTD period:
Gross charge-offs			$	28					$	1					$	—					$	—					$	—					$	55					$	—					$	—					$	84
Gross recoveries			—						—						—						—						—						(55)						(1)						—						(56)
Net			$	28					$	1					$	—					$	—					$	—					$	—					$	(1)					$	—					$	28
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-2 High pass			$	—					$	—					$	43					$	—					$	—					$	—					$	—					$	—					$	43
3-4 Pass			29,494						100,207						367,405						396,084						725						14,220						16,176						—						924,311
5 Special mention			—						—						—						—						67,649						—						—						—						67,649
6-8 Classified			—						—						—						—						—						—						—						—						—
Total			$	29,494					$	100,207					$	367,448					$	396,084					$	68,374					$	14,220					$	16,176					$	—					$	992,003
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	775					$	—					$	—					$	—					$	—					$	775
Gross recoveries			—						—						—						—						—						—						—						—						—
Net			$	—					$	—					$	—					$	775					$	—					$	—					$	—					$	—					$	775

21

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
September 30, 2021			2021						2020						2019						2018						2017						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Construction
and Land: Residential
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
3-4 Pass			841,092						532,400						973,649						195,691						51,769						5,471						25,435						7,121						2,632,628
5 Special mention			1,767						5,557						—						—						—						—						—						—						7,324
6-8 Classified			5,398						5,899						8,621						—						—						—						—						—						19,918
Total			$	848,257					$	543,856					$	982,270					$	195,691					$	51,769					$	5,471					$	25,435					$	7,121					$	2,659,870
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Gross recoveries			—						—						—						—						—						—						—						—						—
Net			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Commercial: Asset-Based
Internal risk rating:
1-2 High pass			$	103,920					$	76,652					$	172,748					$	120,030					$	67,234					$	183,114					$	577,818					$	54,890					$	1,356,406
3-4 Pass			83,672						86,281						62,353						48,794						16,584						38,221						1,866,135						10,609						2,212,649
5 Special mention			—						—						50,293						20,949						—						—						12,640						4,098						87,980
6-8 Classified			—						—						—						—						—						479						4,029						226						4,734
Total			$	187,592					$	162,933					$	285,394					$	189,773					$	83,818					$	221,814					$	2,460,622					$	69,823					$	3,661,769
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	232					$	232
Gross recoveries			—						—						—						—						—						(451)						(23)						—						(474)
Net			$	—					$	—					$	—					$	—					$	—					$	(451)					$	(23)					$	232					$	(242)
Commercial: Venture
Capital
Internal risk rating:
1-2 High pass			$	—					$	1,999					$	—					$	—					$	(3)					$	15					$	170,192					$	—					$	172,203
3-4 Pass			106,056						67,392						56,089						12,490						5,771						4,791						1,155,622						9,326						1,417,537
5 Special mention			10,992						3,111						20,506						—						—						3,704						(32)						—						38,281
6-8 Classified			—						—						—						2,500						—						—						(7)						2,347						4,840
Total			$	117,048					$	72,502					$	76,595					$	14,990					$	5,768					$	8,510					$	1,325,775					$	11,673					$	1,632,861
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	620					$	—					$	—					$	620
Gross recoveries			—						—						—						(13)						(93)						(27)						—						—						(133)
Net			$	—					$	—					$	—					$	(13)					$	(93)					$	593					$	—					$	—					$	487

____________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

22

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
September 30, 2021			2021						2020						2019						2018						2017						Prior						Loans						Loans						Total
			(In thousands)
Commercial: Other
Commercial
Internal risk rating:
1-2 High pass			$	227,874					$	44,485					$	285					$	5					$	278					$	51					$	41,464					$	694					$	315,136
3-4 Pass			270,186						73,562						80,334						78,067						49,397						90,990						564,920						8,967						1,216,423
5 Special mention			—						1,901						658						1,509						97						10,591						2,261						90						17,107
6-8 Classified			2,042						—						414						(2)						229						4,275						20,808						1,160						28,926
Total			$	500,102					$	119,948					$	81,691					$	79,579					$	50,001					$	105,907					$	629,453					$	10,911					$	1,577,592
Current YTD period:
Gross charge-offs			$	—					$	—					$	122					$	47					$	63					$	521					$	75					$	2,122					$	2,950
Gross recoveries			—						—						(27)						—						(44)						(1,423)						(57)						(111)						(1,662)
Net			$	—					$	—					$	95					$	47					$	19					$	(902)					$	18					$	2,011					$	1,288
Consumer
Internal risk rating:
1-2 High pass			$	—					$	11					$	—					$	6					$	6					$	—					$	663					$	—					$	686
3-4 Pass			181,973						31,750						74,081						44,997						23,654						37,991						8,137						10						402,593
5 Special mention			256						377						1,071						210						23						153						—						75						2,165
6-8 Classified			—						—						159						—						173						171						2						19						524
Total			$	182,229					$	32,138					$	75,311					$	45,213					$	23,856					$	38,315					$	8,802					$	104					$	405,968
Current YTD period:
Gross charge-offs			$	—					$	55					$	545					$	259					$	107					$	113					$	—					$	1					$	1,080
Gross recoveries			—						—						—						(27)						(10)						(75)						(1)						—						(113)
Net			$	—					$	55					$	545					$	232					$	97					$	38					$	(1)					$	1					$	967
Total Loans and Leases
Internal risk rating:
1-2 High pass			$	360,733					$	161,905					$	284,019					$	152,608					$	91,326					$	247,302					$	818,183					$	55,584					$	2,171,660
3-4 Pass			4,156,496						2,056,818						2,672,357						2,257,094						1,248,170						1,472,047						3,790,357						48,051						17,701,390
5 Special mention			13,399						29,588						157,078						144,161						75,754						57,094						15,029						4,263						496,366
6-8 Classified			7,774						10,415						26,310						11,310						12,976						43,927						24,832						4,060						141,604
Total			$	4,538,402					$	2,258,726					$	3,139,764					$	2,565,173					$	1,428,226					$	1,820,370					$	4,648,401					$	111,958					$	20,511,020
Current YTD period:
Gross charge-offs			$	28					$	56					$	857					$	1,249					$	223					$	1,477					$	75					$	2,355					$	6,320
Gross recoveries			—						—						(27)						(40)						(147)						(7,965)						(82)						(111)						(8,372)
Net			$	28					$	56					$	830					$	1,209					$	76					$	(6,488)					$	(7)					$	2,244					$	(2,052)

______________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

23

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
December 31, 2020			2020						2019						2018						2017						2016						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Mortgage:
Commercial
Internal risk rating:
1-2 High pass			$	—					$	28,304					$	4,848					$	13,184					$	12,241					$	41,222					$	—					$	—					$	99,799
3-4 Pass			554,143						413,785						574,497						725,503						405,367						893,008						62,586						13,978						3,642,867
5 Special mention			2,622						78,484						99,397						14,625						9,967						57,367						—						—						262,462
6-8 Classified			504						1,255						7,489						7,869						16,797						57,629						—						—						91,543
Total			$	557,269					$	521,828					$	686,231					$	761,181					$	444,372					$	1,049,226					$	62,586					$	13,978					$	4,096,671
Current YTD period:
Gross charge-offs			$	—					$	—					$	154					$	3,330					$	—					$	6,694					$	—					$	—					$	10,178
Gross recoveries			—						—						—						(9)						—						(280)						—						—						(289)
Net			$	—					$	—					$	154					$	3,321					$	—					$	6,414					$	—					$	—					$	9,889
Real Estate Mortgage:
Income Producing and
Other Residential
Internal risk rating:
1-2 High pass			$	58,714					$	55,826					$	28,831					$	33,017					$	18,991					$	9,265					$	—					$	—					$	204,644
3-4 Pass			491,504						850,978						1,067,109						577,906						238,499						187,959						113,987						528						3,528,470
5 Special mention			12,307						4,207						42,455						1,554						—						—						861						—						61,384
6-8 Classified			—						—						2,862						—						—						4,950						118						837						8,767
Total			$	562,525					$	911,011					$	1,141,257					$	612,477					$	257,490					$	202,174					$	114,966					$	1,365					$	3,803,265
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	51					$	—					$	457					$	508
Gross recoveries			—						—						—						—						—						(327)						(1)						—						(328)
Net			$	—					$	—					$	—					$	—					$	—					$	(276)					$	(1)					$	457					$	180
Real Estate Construction
and Land: Commercial
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
3-4 Pass			66,114						369,588						357,295						118,586						36,027						11,778						7,583						—						966,971
5 Special mention			—						—						40,396						67,196						—						—						—						—						107,592
6-8 Classified			—						—						—						—						42,243						315						—						—						42,558
Total			$	66,114					$	369,588					$	397,691					$	185,782					$	78,270					$	12,093					$	7,583					$	—					$	1,117,121
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Gross recoveries			—						—						—						—						—						—						—						—						—
Net			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—

24

---

PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
December 31, 2020			2020						2019						2018						2017						2016						Prior						Loans						Loans						Total
			(In thousands)
Real Estate Construction
and Land: Residential
Internal risk rating:
1-2 High pass			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
3-4 Pass			345,134						670,894						849,819						285,072						28,725						688						9,034						53,035						2,242,401
5 Special mention			759						—						—						—						—						—						—						—						759
6-8 Classified			—						—						—						—						—						—						—						—						—
Total			$	345,893					$	670,894					$	849,819					$	285,072					$	28,725					$	688					$	9,034					$	53,035					$	2,243,160
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Gross recoveries			—						—						—						—						—						(21)						—						—						(21)
Net			$	—					$	—					$	—					$	—					$	—					$	(21)					$	—					$	—					$	(21)
Commercial: Asset-Based
Internal risk rating:
1-2 High pass			$	116,247					$	173,457					$	111,630					$	69,244					$	121,838					$	88,201					$	275,093					$	72,017					$	1,027,727
3-4 Pass			155,221						84,798						85,539						42,928						8,227						46,663						1,750,934						46,078						2,220,388
5 Special mention			—						59,822						41,789						9,022						14,274						482						23,257						4,655						153,301
6-8 Classified			—						—						—						—						19,417						551						8,799						(900)						27,867
Total			$	271,468					$	318,077					$	238,958					$	121,194					$	163,756					$	135,897					$	2,058,083					$	121,850					$	3,429,283
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	—					$	—					$	11,817					$	—					$	—					$	11,817
Gross recoveries			(52)						—						—						—						—						(420)						(236)						—						(708)
Net			$	(52)					$	—					$	—					$	—					$	—					$	11,397					$	(236)					$	—					$	11,109
Commercial: Venture
Capital
Internal risk rating:
1-2 High pass			$	1,999					$	4,797					$	—					$	(4)					$	(4)					$	52					$	167,296					$	—					$	174,136
3-4 Pass			48,132						103,437						37,818						7,789						29,738						5,494						1,161,606						5,725						1,399,739
5 Special mention			21,645						42,499						2,202						—						—						—						46,765						5,014						118,125
6-8 Classified			—						(1,710)						4,000						—						—						3,690						528						—						6,508
Total			$	71,776					$	149,023					$	44,020					$	7,785					$	29,734					$	9,236					$	1,376,195					$	10,739					$	1,698,508
Current YTD period:
Gross charge-offs			$	—					$	—					$	6,533					$	—					$	(8)					$	150					$	144					$	—					$	6,819
Gross recoveries			—						—						(478)						(176)						(154)						(3)						(450)						—						(1,261)
Net			$	—					$	—					$	6,055					$	(176)					$	(162)					$	147					$	(306)					$	—					$	5,558

25

---

PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

																																													Revolving
																																													Converted
Amortized Cost Basis (1)			Term Loans by Origination Year																																				Revolving						to Term
December 31, 2020			2020						2019						2018						2017						2016						Prior						Loans						Loans						Total
			(In thousands)
Commercial: Other
Commercial
Internal risk rating:
1-2 High pass			$	1,057,405					$	380					$	4					$	366					$	69					$	1,350					$	74,206					$	80					$	1,133,860
3-4 Pass			88,875						95,110						99,434						77,557						23,305						89,865						657,088						7,533						1,138,767
5 Special mention			—						40						2,145						564						484						10,440						335						922						14,930
6-8 Classified			2						564						80						230						755						3,813						75,046						7,067						87,557
Total			$	1,146,282					$	96,094					$	101,663					$	78,717					$	24,613					$	105,468					$	806,675					$	15,602					$	2,375,114
Current YTD period:
Gross charge-offs			$	—					$	—					$	—					$	506					$	239					$	33,521					$	27,332					$	1,871					$	63,469
Gross recoveries			—						(18)						(8)						(34)						(226)						(3,155)						(100)						(19)						(3,560)
Net			$	—					$	(18)					$	(8)					$	472					$	13					$	30,366					$	27,232					$	1,852					$	59,909
Consumer
Internal risk rating:
1-2 High pass			$	15					$	—					$	8					$	14					$	—					$	—					$	509					$	—					$	546
3-4 Pass			40,585						110,993						62,833						39,036						41,623						12,831						8,536						78						316,515
5 Special mention			45						137						1,628						261						422						239						—						—						2,732
6-8 Classified			—						35						—						36						56						306						2						27						462
Total			$	40,645					$	111,165					$	64,469					$	39,347					$	42,101					$	13,376					$	9,047					$	105					$	320,255
Current YTD period:
Gross charge-offs			$	—					$	97					$	86					$	177					$	363					$	44					$	22					$	9					$	798
Gross recoveries			—						—						(1)						(10)						(16)						(174)						—						—						(201)
Net			$	—					$	97					$	85					$	167					$	347					$	(130)					$	22					$	9					$	597
Total Loans and Leases
Internal risk rating:
1-2 High pass			$	1,234,380					$	262,764					$	145,321					$	115,821					$	153,135					$	140,090					$	517,104					$	72,097					$	2,640,712
3-4 Pass			1,789,708						2,699,583						3,134,344						1,874,377						811,511						1,248,286						3,771,354						126,955						15,456,118
5 Special mention			37,378						185,189						230,012						93,222						25,147						68,528						71,218						10,591						721,285
6-8 Classified			506						144						14,431						8,135						79,268						71,254						84,493						7,031						265,262
Total			$	3,061,972					$	3,147,680					$	3,524,108					$	2,091,555					$	1,069,061					$	1,528,158					$	4,444,169					$	216,674					$	19,083,377
Current YTD period:
Gross charge-offs			$	—					$	97					$	6,773					$	4,013					$	594					$	52,277					$	27,498					$	2,337					$	93,589
Gross recoveries			(52)						(18)						(487)						(229)						(396)						(4,380)						(787)						(19)						(6,368)
Net			$	(52)					$	79					$	6,286					$	3,784					$	198					$	47,897					$	26,711					$	2,318					$	87,221

______________________

(1)    Amounts with negative balances are loans with zero principal balances and deferred loan origination fees.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

TDRs are a result of rate reductions, term extensions, fee concessions, transfers to foreclosed assets, discounted loan payoffs, and debt forgiveness, or a combination thereof. The Company has granted various commercial and consumer loan modifications to provide borrowers relief from the economic impacts of COVID-19. In accordance with the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Company has elected to not apply TDR classification to COVID-19 related loan modifications that met all of the requisite criteria as stipulated in the CARES Act. The following table presents our troubled debt restructurings of loans held for investment by loan portfolio segment and class for the periods indicated:

			Three Months Ended September 30,
			2021																		2020
									Pre-						Post-												Pre-						Post-
									Modification						Modification												Modification						Modification
			Number						Outstanding						Outstanding						Number						Outstanding						Outstanding
			of						Recorded						Recorded						of						Recorded						Recorded
Troubled Debt Restructurings			Loans						Investment						Investment						Loans						Investment						Investment
			(Dollars in thousands)
Real estate mortgage:
Commercial			—						$	—					$	—					1						$	12,594					$	—
Income producing and other residential			3						297						297						2						157						157
Commercial:
Asset-based			1						1,484						1,484						1						15,267						—
Venture capital			2						2,382						2,382						1						2,015						2,015
Other commercial			2						85						85						5						7,105						100
Total			8						$	4,248					$	4,248					10						$	37,138					$	2,272

			Nine Months Ended September 30,
			2021																		2020
									Pre-						Post-												Pre-						Post-
									Modification						Modification												Modification						Modification
			Number						Outstanding						Outstanding						Number						Outstanding						Outstanding
			of						Recorded						Recorded						of						Recorded						Recorded
Troubled Debt Restructurings			Loans						Investment						Investment						Loans						Investment						Investment
			(Dollars in thousands)
Real estate mortgage:
Commercial			2						$	647					$	—					9						$	16,339					$	3,745
Income producing and other residential			4						518						518						6						911						911
Real estate construction and land:
Residential			1						208						208						—						—						—
Commercial:
Asset-based			2						1,987						1,987						8						17,008						1,741
Venture capital			4						4,502						2,529						2						2,047						2,047
Other commercial			37						48,694						30,719						33						30,324						21,544
Consumer			1						20						20						3						212						212
Total			51						$	56,576					$	35,981					61						$	66,841					$	30,200

During the three and nine months ended September 30, 2021, there was one asset-based loan for $479,000 and two other commercial loans totaling $95,000 restructured in the preceding 12-month period that subsequently defaulted. During the three months ended September 30, 2020, there was one $412,000 real estate mortgage commercial loan restructured in the preceding 12-month period that subsequently defaulted. During the nine months ended September 30, 2020, there was one $412,000 real estate mortgage commercial loan and one $5,000 other commercial loan restructured in the preceding 12-month period that subsequently defaulted.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Leases Receivable

We provide equipment financing to our customers primarily with operating and direct financing leases. For direct financing leases, lease receivables are recorded on the balance sheet but the leased equipment is not, although we generally retain legal title to the leased equipment until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized using the effective interest method over the life of the leases. Direct financing leases are subject to our accounting for allowance for loan and lease losses. See Note 9. Leases for information regarding operating leases where we are the lessor.

The following table provides the components of leases receivable income for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2021						2020						2021						2020
			(In thousands)
Component of leases receivable income:
Interest income on net investments in leases			$	2,287					$	1,869					$	6,645					$	6,224

The following table presents the components of leases receivable as of the dates indicated:

			September 30, 2021						December 31, 2020
			(In thousands)
Net investment in direct financing leases:
Lease payments receivable			$	171,412					$	158,740
Unguaranteed residual assets			24,862						19,303
Deferred costs and other			1,257						996
Aggregate net investment in leases			$	197,531					$	179,039

The following table presents maturities of leases receivable as of the date indicated:

			September 30, 2021
			(In thousands)
Period ending December 31,
2021			$	18,527
2022			52,542
2023			39,820
2024			35,214
2025			20,231
Thereafter			24,163
Total undiscounted cash flows			190,497
Less: Unearned income			(19,085)
Present value of lease payments			$	171,412

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Allowance for Loan and Lease Losses

The following tables present a summary of the activity in the allowance for loan and lease losses on loans and leases held for investment by loan portfolio segment for the periods indicated:

			Three Months Ended September 30, 2021
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	107,013					$	54,582					$	57,697					$	6,308					$	225,600
Charge-offs			(29)						—						(951)						(536)						(1,516)
Recoveries			563						—						543						43						1,149
Net (charge-offs) recoveries			534						—						(408)						(493)						(367)
Provision			(11,344)						(1,923)						(9,792)						1,559						(21,500)
Balance, end of period			$	96,203					$	52,659					$	47,497					$	7,374					$	203,733
			Nine Months Ended September 30, 2021
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	138,342					$	78,356					$	126,403					$	5,080					$	348,181
Charge-offs			(663)						(775)						(3,802)						(1,080)						(6,320)
Recoveries			5,990						—						2,269						113						8,372
Net (charge-offs) recoveries			5,327						(775)						(1,533)						(967)						2,052
Provision			(47,466)						(24,922)						(77,373)						3,261						(146,500)
Balance, end of period			$	96,203					$	52,659					$	47,497					$	7,374					$	203,733
Ending Allowance by
Evaluation Methodology:
Individually evaluated			$	189					$	—					$	2,721					$	—					$	2,910
Collectively evaluated			$	96,014					$	52,659					$	44,776					$	7,374					$	200,823
Ending Loans and Leases by
Evaluation Methodology:
Individually evaluated			$	34,822					$	19,364					$	38,647					$	—					$	92,833
Collectively evaluated			9,546,135						3,632,509						6,833,575						405,968						20,418,187
Ending balance			$	9,580,957					$	3,651,873					$	6,872,222					$	405,968					$	20,511,020

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Three Months Ended September 30, 2020
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	130,724					$	70,113					$	97,947					$	2,266					$	301,050
Charge-offs			(1,551)						—						(35,666)						(67)						(37,284)
Recoveries			109						21						1,063						7						1,200
Net (charge-offs) recoveries			(1,442)						21						(34,603)						(60)						(36,084)
Provision			(7,588)						20,039						64,921						3,628						81,000
Balance, end of period			$	121,694					$	90,173					$	128,265					$	5,834					$	345,966
			Nine Months Ended September 30, 2020
									Real Estate
			Real Estate						Construction
			Mortgage						and Land						Commercial						Consumer						Total
			(In thousands)
Allowance for Loan and Lease Losses:
Balance, beginning of period			$	44,575					$	30,544					$	61,528					$	2,138					$	138,785
Cumulative effect of change in accounting
principle - CECL			5,308						(8,592)						6,860						41						3,617
Balance, January 1, 2020			49,883						21,952						68,388						2,179						142,402
Charge-offs			(6,233)						—						(66,337)						(705)						(73,275)
Recoveries			360						21						4,410						48						4,839
Net (charge-offs) recoveries			(5,873)						21						(61,927)						(657)						(68,436)
Provision			77,684						68,200						121,804						4,312						272,000
Balance, end of period			$	121,694					$	90,173					$	128,265					$	5,834					$	345,966
Ending Allowance by
Evaluation Methodology:
Individually evaluated			$	340					$	—					$	2,584					$	—					$	2,924
Collectively evaluated			$	121,354					$	90,173					$	125,681					$	5,834					$	343,042
Ending Loans and Leases by
Evaluation Methodology:
Individually evaluated			$	51,852					$	1,782					$	41,501					$	—					$	95,135
Collectively evaluated			7,825,193						3,421,965						7,321,673						362,234						18,931,065
Ending balance			$	7,877,045					$	3,423,747					$	7,363,174					$	362,234					$	19,026,200

The allowance for loan and lease losses decreased by $21.9 million in the third quarter of 2021 to $203.7 million due primarily to a provision for loan and lease losses benefit of $21.5 million driven by improvement in both key macro-economic variables and loan portfolio credit quality metrics, offset partially by increased provisions for unfunded commitments and loan growth.

We actively participated in both rounds of the Paycheck Protection Program ("PPP") under the provisions of the CARES Act during 2020 and 2021. As of September 30, 2021, PPP loans had an outstanding balance of approximately $279.4 million. The loans are fully guaranteed by the SBA, and do not carry an allowance.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

A loan is considered collateral-dependent, and is individually evaluated for reserve purposes, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table summarizes collateral-dependent loans held for investment by collateral type as of the following dates:

			September 30, 2021																		December 31, 2020
			Real						Business												Real						Business
			Property						Assets						Total						Property						Assets						Total
			(In thousands)
Real estate mortgage			$	28,195					$	—					$	28,195					$	43,656					$	—					$	43,656
Real estate construction and land			19,364						—						19,364						1,766						—						1,766
Commercial			—						3,662						3,662						—						31,100						31,100
Total			$	47,559					$	3,662					$	51,221					$	45,422					$	31,100					$	76,522

Allowance for Credit Losses

The allowance for credit losses is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets.

The following tables present a summary of the activity in the allowance for loan and lease losses and reserve for unfunded loan commitments for the periods indicated:

			Three Months Ended
			September 30, 2021
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	225,600					$	74,571					$	300,171
Charge-offs			(1,516)						—						(1,516)
Recoveries			1,149						—						1,149
Net charge-offs			(367)						—						(367)
Provision			(21,500)						1,500						(20,000)
Balance, end of period			$	203,733					$	76,071					$	279,804
			Nine Months Ended
			September 30, 2021
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	348,181					$	85,571					$	433,752
Charge-offs			(6,320)						—						(6,320)
Recoveries			8,372						—						8,372
Net recoveries			2,052						—						2,052
Provision			(146,500)						(9,500)						(156,000)
Balance, end of period			$	203,733					$	76,071					$	279,804

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Three Months Ended
			September 30, 2020
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	301,050					$	80,571					$	381,621
Charge-offs			(37,284)						—						(37,284)
Recoveries			1,200						—						1,200
Net charge-offs			(36,084)						—						(36,084)
Provision			81,000						16,000						97,000
Balance, end of period			$	345,966					$	96,571					$	442,537
			Nine Months Ended
			September 30, 2020
			Allowance for						Reserve for						Total
			Loan and						Unfunded Loan						Allowance for
			Lease Losses						Commitments						Credit Losses
			(In thousands)
Balance, beginning of period			$	138,785					$	35,861					$	174,646
Cumulative effect of change in accounting
principle - CECL			3,617						3,710						7,327
Balance, January 1, 2020			142,402						39,571						181,973
Charge-offs			(73,275)						—						(73,275)
Recoveries			4,839						—						4,839
Net charge-offs			(68,436)						—						(68,436)
Provision			272,000						57,000						329,000
Balance, end of period			$	345,966					$	96,571					$	442,537

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 6.  FORECLOSED ASSETS, NET

The following table summarizes foreclosed assets, net of the valuation allowance, as of the dates indicated:

			September 30,						December 31,
Property Type			2021						2020
			(In thousands)
Commercial real estate			$	12,594					$	12,979
Construction and land development			—						219
Single-family residence			415						—
Total other real estate owned, net			13,009						13,198
Other foreclosed assets			355						829
Total foreclosed assets, net			$	13,364					$	14,027

The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated:

			Foreclosed
			Assets
			(In thousands)
Balance, December 31, 2020			$	14,027
Transfers to foreclosed assets from loans			1,062
Provision for losses			(14)
Reductions related to sales			(1,711)
Balance, September 30, 2021			$	13,364

NOTE 7.  GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill and other intangible assets arise from the acquisition method of accounting for business combinations. Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment annually unless a triggering event occurs thereby requiring an updated assessment. Our regular annual impairment assessment occurs in the fourth quarter. Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Impairment exists when the carrying value of the goodwill exceeds its fair value. An impairment loss would be recognized in an amount equal to that excess as a charge to "Noninterest expense" in the condensed consolidated statements of earnings (loss).

The following table presents the changes in the carrying amount of goodwill for the period indicated:

			Goodwill
			(In thousands)
Balance, December 31, 2020			$	1,078,670
Addition from the Civic acquisition			125,448
Balance, September 30, 2021			$	1,204,118

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Our other intangible assets with definite lives are CDI and CRI. CDI and CRI are amortized over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired.

The following table presents the estimated aggregate future amortization expense for our current intangible assets as of the date indicated:

			September 30, 2021
			(In thousands)
Period ending December 31,
2021			$	2,362
2022			7,672
2023			3,788
2024			1,711
Net CDI and CRI			$	15,533

The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2021						2020						2021						2020
			(In thousands)
Gross Amount of CDI and CRI:
Balance, beginning of period			$	100,550					$	109,646					$	109,646					$	117,573
Addition from Civic acquisition			—						—						750						—
Fully amortized portion			—						—						(9,846)						(7,927)
Balance, end of period			100,550						109,646						100,550						109,646
Accumulated Amortization:
Balance, beginning of period			(82,127)						(79,082)						(86,005)						(79,179)
Amortization expense			(2,890)						(3,751)						(8,858)						(11,581)
Fully amortized portion			—						—						9,846						7,927
Balance, end of period			(85,017)						(82,833)						(85,017)						(82,833)
Net CDI and CRI, end of period			$	15,533					$	26,813					$	15,533					$	26,813

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 8.  OTHER ASSETS

The following table presents the detail of our other assets as of the dates indicated:

			September 30,						December 31,
Other Assets			2021						2020
			(In thousands)
LIHTC investments			$	279,608					$	213,034
Cash surrender value of BOLI			202,725						203,031
Operating lease ROU assets, net (1)			124,926						119,787
Interest receivable			109,855						101,596
SBIC investments			42,553						32,327
Equity investments without readily determinable fair values			36,787						34,304
Prepaid expenses			28,512						22,999
Equity investments with readily determinable fair values			18,829						6,147
Taxes receivable			16,898						59,565
Equity warrants (2)			3,747						4,520
Other receivables/assets			106,039						63,016
Total other assets			$	970,479					$	860,326

____________________

(1)    See Note 9. Leases for further details regarding the operating lease ROU assets.

(2)    See Note 11. Derivatives for information regarding equity warrants.

NOTE 9. LEASES

Operating Leases as a Lessee

Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings (loss). The following table presents the components of lease expense for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2021						2020						2021						2020
			(In thousands)
Operating lease expense:
Fixed costs			$	8,678					$	8,950					$	25,950					$	26,027
Variable costs			18						15						42						40
Short-term lease costs			357						117						1,042						312
Sublease income			(1,114)						(1,081)						(3,297)						(3,100)
Net lease expense			$	7,939					$	8,001					$	23,737					$	23,279

The following table presents supplemental cash flow information related to leases for the periods indicated:

			Nine Months Ended
			September 30,
			2021						2020
			(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	27,386					$	25,198
ROU assets obtained in exchange for lease obligations:
Operating leases			$	29,840					$	19,027

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents supplemental balance sheet and other information related to operating leases as of the dates indicated:

			September 30,						December 31,
			2021						2020
			(Dollars in thousands)
Operating leases:
Operating lease right-of-use assets, net			$	124,926					$	119,787
Operating lease liabilities			$	144,259					$	139,501
Weighted average remaining lease term (in years)			5.7						5.8
Weighted average discount rate			2.27		%				2.54		%

The following table presents the maturities of operating lease liabilities as of the date indicated:

			September 30, 2021
			(In thousands)
Period ending December 31,
2021			$	8,840
2022			34,415
2023			31,900
2024			24,810
2025			18,100
Thereafter			36,547
Total operating lease liabilities			154,612
Less: Imputed interest			(10,353)
Present value of operating lease liabilities			$	144,259

Operating Leases as a Lessor

We provide equipment financing to our customers through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is shown on the condensed consolidated balance sheets as "Equipment leased to others under operating leases" and is depreciated to its estimated residual value at the end of the lease term, shown as "Leased equipment depreciation" in the condensed consolidated statements of earnings (loss), according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Noninterest Income" in the condensed consolidated statements of earnings (loss). The equipment is tested periodically for impairment. No impairment was recorded on "Equipment leased to others under operating leases" in the three or nine months ended September 30, 2021 and 2020.

The following table presents the rental payments to be received on operating leases as of the date indicated:

			September 30, 2021
			(In thousands)
Period ending December 31,
2021			$	10,678
2022			45,363
2023			36,169
2024			30,483
2025			23,114
Thereafter			47,870
Total undiscounted cash flows			$	193,677

36

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 10.  BORROWINGS AND SUBORDINATED DEBT

Borrowings

The following table summarizes our borrowings as of the dates indicated:

			September 30, 2021												December 31, 2020
									Weighted												Weighted
									Average												Average
			Balance						Rate						Balance						Rate
			(Dollars in thousands)
FHLB secured advances			$	—					—		%				$	5,000					—		%
Total borrowings			$	—					—		%				$	5,000					—		%

The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the FRBSF, and other financial institutions.

FHLB Secured Line of Credit. The Bank had secured financing capacity with the FHLB as of September 30, 2021 of $3.6 billion, collateralized by a blanket lien on $5.9 billion of qualifying loans.

The following table presents the interest rates and maturity dates of FHLB secured advances as of the dates indicated:

			September 30, 2021																		December 31, 2020
															Maturity																		Maturity
			Balance						Rate						Date						Balance						Rate						Date
			(Dollars in thousands)
FHLB term advance			$	—					—		%										$	5,000					—		%				5/6/2021
Total			$	—					—		%										$	5,000					—		%

FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of September 30, 2021, the Bank had secured borrowing capacity of $1.4 billion collateralized by liens covering $1.8 billion of qualifying loans. As of September 30, 2021 and December 31, 2020, there were no balances outstanding.

FHLB Unsecured Line of Credit. The Bank has a $112.0 million unsecured line of credit with the FHLB for the purchase of overnight funds, of which there were no balances outstanding at September 30, 2021 and December 31, 2020.

Federal Funds Arrangements with Commercial Banks. As of September 30, 2021, the Bank had unsecured lines of credit of $180.0 million in the aggregate with several correspondent banks for the purchase of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of September 30, 2021 and December 31, 2020, there were no balances outstanding. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of September 30, 2021 and December 31, 2020, there were no borrowings outstanding.

37

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Subordinated Debt

The following table summarizes the terms of each issuance of subordinated debt outstanding as of the dates indicated:

			September 30, 2021												December 31, 2020												Date						Maturity						Rate Index
Series			Balance						Rate (1)						Balance						Rate (1)						Issued						Date						(Quarterly Reset)
			(Dollars in thousands)
Subordinated notes, net (2)			$	394,511					3.25		%				$	—					—		%				4/30/2021						5/1/2031						Fixed rate (3)
Trust V			10,310						3.22		%				10,310						3.33		%				8/15/2003						9/17/2033						3-month LIBOR + 3.10
Trust VI			10,310						3.17		%				10,310						3.27		%				9/3/2003						9/15/2033						3-month LIBOR + 3.05
Trust CII			5,155						3.07		%				5,155						3.18		%				9/17/2003						9/17/2033						3-month LIBOR + 2.95
Trust VII			61,856						2.88		%				61,856						2.96		%				2/5/2004						4/23/2034						3-month LIBOR + 2.75
Trust CIII			20,619						1.81		%				20,619						1.91		%				8/15/2005						9/15/2035						3-month LIBOR + 1.69
Trust FCCI			16,495						1.72		%				16,495						1.82		%				1/25/2007						3/15/2037						3-month LIBOR + 1.60
Trust FCBI			10,310						1.67		%				10,310						1.77		%				9/30/2005						12/15/2035						3-month LIBOR + 1.55
Trust CS 2005-1			82,475						2.07		%				82,475						2.17		%				11/21/2005						12/15/2035						3-month LIBOR + 1.95
Trust CS 2005-2			128,866						2.08		%				128,866						2.16		%				12/14/2005						1/30/2036						3-month LIBOR + 1.95
Trust CS 2006-1			51,545						2.08		%				51,545						2.16		%				2/22/2006						4/30/2036						3-month LIBOR + 1.95
Trust CS 2006-2			51,550						2.08		%				51,550						2.16		%				9/27/2006						10/30/2036						3-month LIBOR + 1.95
Trust CS 2006-3 (4)			29,847						1.50		%				31,487						1.54		%				9/29/2006						10/30/2036						3-month EURIBOR + 2.05
Trust CS 2006-4			16,470						2.08		%				16,470						2.16		%				12/5/2006						1/30/2037						3-month LIBOR + 1.95
Trust CS 2006-5			6,650						2.08		%				6,650						2.16		%				12/19/2006						1/30/2037						3-month LIBOR + 1.95
Trust CS 2007-2			39,177						2.08		%				39,177						2.16		%				6/13/2007						7/30/2037						3-month LIBOR + 1.95
Total subordinated debt			936,146						2.62		%				543,275						2.24		%
Acquisition discount (5)			(73,699)												(77,463)
Net subordinated debt			$	862,447											$	465,812

___________________

(1)    Rates do not include the effects of discounts and issuance costs.

(2)    Net of unamortized issuance costs of $5.5 million.

(3)    Interest rate is fixed until May 1, 2026, when it changes to a floating rate and resets quarterly at a benchmark rate plus 25,200 basis points.

(4)    Denomination is in Euros with a value of €25.8 million.

(5)    Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions.

Subordinated Notes Offering

On April 30, 2021, the Bank completed the sale of $400 million aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes (the "Notes") due May 1, 2031 (the “Maturity Date”). Subject to any redemption prior to the Maturity Date, the Notes will bear interest from and including the original issue date to, but excluding, May 1, 2026 (the “Reset Date”), at a fixed rate of 3.25% per annum and from and including the Reset Date, but excluding the Maturity Date, the Notes will bear interest at a floating per annum rate equal to a benchmark rate (which is expected to be the Three-Month Term SOFR) plus 252 basis points.

Interest on the Notes will be payable on May 1 and November 1 of each year through, but not including, the Reset Date, and quarterly thereafter on February 1, May 1, August 1, and November 1 of each year to, but not including, the Maturity Date or earlier redemption date. The first interest payment will be made on November 1, 2021. The Bank may, at its option, beginning with the interest payment date of May 1, 2026, and on any scheduled interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to any required regulatory approval to the extent such approval is then required, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption, subject to certain conditions. The costs incurred in connection with the Notes offering amortize to interest expense over the term of the Notes. The Notes qualify as Tier 2 capital for regulatory capital purposes.

38

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 11.  DERIVATIVES

The following table presents the U.S. dollar notional amounts and fair values of our derivative instruments included in the condensed consolidated balance sheets as of the dates indicated:

			September 30, 2021												December 31, 2020
			Notional						Fair						Notional						Fair
Derivatives Not Designated As Hedging Instruments			Amount						Value						Amount						Value
			(In thousands)
Derivative Assets:
Interest rate contracts			$	87,927					$	952					$	59,867					$	1,028
Foreign exchange contracts			28,463						1,711						73,108						3,202
Interest rate and economic contracts			116,390						2,663						132,975						4,230
Equity warrant assets			19,539						3,747						24,081						4,520
Total			$	135,929					$	6,410					$	157,056					$	8,750
Derivative Liabilities:
Interest rate contracts			$	87,927					$	878					$	59,867					$	1,004
Foreign exchange contracts			28,463						—						73,108						146
Total			$	116,390					$	878					$	132,975					$	1,150

For further information regarding our derivatives, see Note 1. Nature of Operations and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements contained in "Item 8. Financial Statements and Supplementary Data" of the Form 10-K.

NOTE 12.  COMMITMENTS AND CONTINGENCIES

The following table presents a summary of commitments described below as of the dates indicated:

			September 30,						December 31,
			2021						2020
			(In thousands)
Loan commitments to extend credit			$	8,480,599					$	7,601,390
Standby letters of credit			344,383						337,336
Commitments to contribute capital to SBICs
and CRA-related loan pools			78,551						55,499
Total			$	8,903,533					$	7,994,225

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement that the Company has in particular classes of financial instruments.

Commitments to extend credit are contractual agreements to lend to our customers when customers are in compliance with their contractual credit agreements and when customers have contractual availability to borrow under such agreements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The estimated exposure to loss from these commitments is included in the reserve for unfunded loan commitments, which amounted to $76.1 million at September 30, 2021 and $85.6 million at December 31, 2020.

39

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. We provide standby letters of credit in conjunction with several of our lending arrangements and property lease obligations. Most guarantees expire within one year from the date of issuance. If a borrower defaults on its commitments subject to any letter of credit issued under these arrangements, we would be required to meet the borrower's financial obligation but would seek repayment of that financial obligation from the borrower. In some cases, borrowers have pledged cash and investment securities as collateral under these arrangements.

In addition, we invest in SBICs that call for capital contributions up to an amount specified in the partnership agreements, and in CRA-related loan pools. As of September 30, 2021 and December 31, 2020, we had commitments to contribute capital to these entities totaling $78.6 million and $55.5 million.

The following table presents the years in which commitments are expected to be paid for our commitments to contribute capital to small business investment companies and CRA-related loan pools as of the date indicated:

			September 30, 2021
			(In thousands)
Period ending December 31,
2021			$	34,229
2022			35,112
2023			3,652
2024			5,558
Total			$	78,551

Legal Matters

In the ordinary course of our business, the Company is party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon currently available information, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, would not have a material adverse effect on the Company’s financial statements or operations. The range of any reasonably possible liabilities is also not significant.

40

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 13.  FAIR VALUE MEASUREMENTS

The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily securities available-for-sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for individually evaluated loans and leases and other real estate owned and also to record impairment on certain assets, such as goodwill, CDI, and other long-lived assets.

For information regarding the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825, as amended by ASU 2016-01 and ASU 2018-03), see Note 1. Nature of Operations and Summary of Significant Accounting Policies, and Note 13. Fair Value Measurements, to the Consolidated Financial Statements of the Company's Form 10-K.

The Company also holds SBIC investments measured at fair value using the NAV per share practical expedient that are not required to be classified in the fair value hierarchy. At September 30, 2021, the fair value of these investments was $42.6 million.

The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:

			Fair Value Measurements as of
			September 30, 2021
Measured on a Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Securities available-for-sale:
Agency residential MBS			$	2,180,993					$	—					$	2,180,993					$	—
Municipal securities			1,989,929						—						1,989,929						—
Agency commercial MBS			1,314,024						—						1,314,024						—
Agency residential CMOs			1,088,537						—						1,088,537						—
U.S. Treasury securities			971,268						971,268						—						—
Corporate debt securities			516,615						—						516,615						—
Private label commercial MBS			388,318						—						369,989						18,329
Collateralized loan obligations			358,547						—						358,547						—
Private label residential CMOs			303,681						—						299,860						3,821
Asset-backed securities			132,997						—						132,997						—
SBA securities			32,017						—						32,017						—
Total securities available-for-sale			$	9,276,926					$	971,268					$	8,283,508					$	22,150
Equity investments with readily determinable fair values			$	18,829					$	18,829					$	—					$	—
Derivatives (1):
Equity warrants			3,747						—						—						3,747
Interest rate and economic contracts			2,663						—						2,663						—
Derivative liabilities			878						—						878						—

41

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Fair Value Measurements as of
			December 31, 2020
Measured on a Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Securities available-for-sale:
Municipal securities			$	1,531,617					$	—					$	1,531,617					$	—
Agency commercial MBS			1,281,877						—						1,281,877						—
Agency residential CMOs			1,219,880						—						1,219,880						—
Agency residential MBS			341,074						—						341,074						—
Corporate debt securities			311,889						—						311,889						—
Asset-backed securities			166,546						—						166,546						—
Collateralized loan obligations			135,876						—						135,876						—
Private label residential CMOs			116,946						—						112,299						4,647
Private label commercial MBS			82,957						—						57,232						25,725
SBA securities			41,627						—						41,627						—
U.S. Treasury securities			5,302						5,302						—						—
Total securities available-for-sale			$	5,235,591					$	5,302					$	5,199,917					$	30,372
Equity investments with readily determinable fair values			$	6,147					$	6,147					$	—					$	—
Derivatives (1):
Equity warrants			4,520						—						—						4,520
Interest rate and economic contracts			4,230						—						4,230						—
Derivative liabilities			1,150						—						1,150						—

____________________

(1)    For information regarding derivative instruments, see Note 11. Derivatives.

During the nine months ended September 30, 2021, there was a $582,000 transfer from Level 3 equity warrants to Level 1 equity investments with readily determinable fair values measured on a recurring basis.

The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label residential CMOs and private label commercial MBS available-for-sale measured at fair value on a recurring basis as of the date indicated:

			September 30, 2021
			Private Label Residential CMOs												Private Label Commercial MBS
									Weighted						Input or						Weighted
			Range						Average						Range						Average
Unobservable Inputs			of Inputs						Input (1)						of Inputs						Input (2)
Voluntary annual prepayment speeds			4.0% - 31.3%						12.5%						10.0% - 15.0%						11.9%
Annual default rates (3)			0.1% - 12.0%						2.4%						2.0%						2.0%
Loss severity rates (3)			16.5% - 82.1%						56.5%						60.0%						60.0%
Discount rates			0.0% - 10.5%						6.7%						2.7% - 3.3%						2.9%

____________________

(1)    Unobservable inputs for private label residential CMOs were weighted by the relative fair values of the instruments.

(2)    Voluntary annual prepayment speeds and discount rates for private label commercial MBS were weighted by the relative fair values of the instruments.

(3)    Annual default rates and loss severity rates were the same for all of the private label commercial MBS.

42

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents information about quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:

			September 30, 2021
			Equity Warrants
									Weighted
			Range						Average
Unobservable Inputs			of Inputs						Input (1)
Volatility			19.7% - 145.9%						29.4%
Risk-free interest rate			0.0% - 1.0%						0.5%
Remaining life assumption (in years)			0.08 - 4.99						2.91

____________________

(1)    Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments.

The following table summarizes activity for our Level 3 private label residential CMOs available-for-sale, private label commercial MBS available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated:

			Private Label						Private Label						Equity
			Residential CMOs						Commercial MBS						Warrants
			(In thousands)
Balance, December 31, 2020			$	4,647					$	25,725					$	4,520
Total included in earnings			263						(64)						25,351
Total included in other comprehensive income			(270)						(20)						—
Issuances			—						—						267
Sales			—						—						(25,809)
Net settlements			(819)						(7,312)						—
Transfers to Level 1 (equity investments with readily
determinable fair values)			—						—						(582)
Balance, September 30, 2021			$	3,821					$	18,329					$	3,747
Unrealized net gains (losses) for the period included in other
comprehensive income for securities held at quarter-end			$	823					$	136

The following tables present assets measured at fair value on a non-recurring basis as of the dates indicated:

			Fair Value Measurement as of
			September 30, 2021
Measured on a Non-Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Individually evaluated loans and leases (1)			$	32,765					$	—					$	654					$	32,111
Total non-recurring			$	32,765					$	—					$	654					$	32,111

______________________

(1)    Includes nonaccrual loans and leases and performing TDRs with balances greater than $250,000.

43

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Fair Value Measurement as of
			December 31, 2020
Measured on a Non-Recurring Basis			Total						Level 1						Level 2						Level 3
			(In thousands)
Individually evaluated loans and leases (1)			$	102,274					$	—					$	4,160					$	98,114
Total non-recurring			$	102,274					$	—					$	4,160					$	98,114

_____________________

(1)    Includes nonaccrual loans and leases and performing TDRs with balances greater than $250,000.

The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated:

			Three Months Ended												Nine Months Ended
Losses on Assets			September 30,												September 30,
Measured on a Non-Recurring Basis			2021						2020						2021						2020
			(In thousands)
Individually evaluated loans and leases			$	243					$	29,047					$	2,499					$	40,920
OREO			—						157						14						267
Total losses			$	243					$	29,204					$	2,513					$	41,187

The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated:

September 30, 2021

Valuation

Unobservable

Input or

Weighted

Asset

Fair Value

Technique

Inputs

Range

Average

(In thousands)

Individually evaluated

loans and leases

$

26,278

Discounted cash flows

Discount rates

3.75% - 7.75%

6.21%

Individually evaluated

loans and leases

5,833

Third party appraisals

No discounts

Total non-recurring Level 3

$

32,111

44

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated:

			September 30, 2021
			Carrying						Estimated Fair Value
			Amount						Total						Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and due from banks			$	174,585					$	174,585					$	174,585					$	—					$	—
Interest-earning deposits in financial institutions			3,524,613						3,524,613						3,524,613						—						—
Securities available-for-sale			9,276,926						9,276,926						971,268						8,283,508						22,150
Investment in FHLB stock			17,250						17,250						—						17,250						—
Loans and leases held for investment, net			20,307,287						20,904,189						—						654						20,903,535
Equity investments with readily determinable fair values			18,829						18,829						18,829						—						—
Equity warrants			3,747						3,747						—						—						3,747
Interest rate and economic contracts			2,663						2,663						—						2,663						—
Servicing rights			1,636						1,636						—						—						1,636
Financial Liabilities:
Core deposits			28,140,708						28,140,708						—						28,140,708						—
Non-core non-maturity deposits			960,438						960,438						—						960,438						—
Time deposits			1,458,599						1,459,457						—						1,459,457						—
Borrowings			—						—						—						—						—
Subordinated debt			862,447						923,374						—						923,374						—
Derivative liabilities			878						878						—						878						—

			December 31, 2020
			Carrying						Estimated Fair Value
			Amount						Total						Level 1						Level 2						Level 3
			(In thousands)
Financial Assets:
Cash and due from banks			$	150,464					$	150,464					$	150,464					$	—					$	—
Interest-earning deposits in financial institutions			3,010,197						3,010,197						3,010,197						—						—
Securities available-for-sale			5,235,591						5,235,591						5,302						5,199,917						30,372
Investment in FHLB stock			17,250						17,250						—						17,250						—
Loans and leases held for investment, net			18,735,196						19,305,998						—						4,160						19,301,838
Equity investments with readily determinable fair values			6,147						6,147						6,147						—						—
Equity warrants			4,520						4,520						—						—						4,520
Interest rate and economic contracts			4,230						4,230						—						4,230						—
Financial Liabilities:
Core deposits			22,264,480						22,264,480						—						22,264,480						—
Non-core non-maturity deposits			1,149,467						1,149,467						—						1,149,467						—
Time deposits			1,526,770						1,527,639						—						1,527,639						—
Borrowings			5,000						4,995						—						4,995						—
Subordinated debt			465,812						448,036						—						448,036						—
Derivative liabilities			1,150						1,150						—						1,150						—

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Limitations

Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect income taxes or any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on what management believes to be reasonable judgments regarding expected future cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Since the fair values have been estimated as of September 30, 2021, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different.

NOTE 14.  EARNINGS (LOSS) PER SHARE

The following table presents the computations of basic and diluted net earnings (loss) per share for the periods indicated:

			Three Months Ended												Nine Months Ended
			September 30,												September 30,
			2021						2020						2021						2020
			(Dollars in thousands, except per share data)
Basic Earnings (Loss) Per Share:
Net earnings (loss)			$	139,996					$	45,503					$	470,914					$	(1,354,404)
Less: Earnings allocated to unvested restricted stock(1)			(2,417)						(578)						(7,930)						(1,603)
Net earnings (loss) allocated to common shares			$	137,579					$	44,925					$	462,984					$	(1,356,007)
Weighted-average basic shares and unvested restricted
stock outstanding			119,569						118,438						119,272						118,469
Less: Weighted-average unvested restricted stock
outstanding			(2,340)						(1,684)						(2,235)						(1,596)
Weighted-average basic shares outstanding			117,229						116,754						117,037						116,873
Basic earnings (loss) per share			$	1.17					$	0.38					$	3.96					$	(11.60)
Diluted Earnings (Loss) Per Share:
Net earnings (loss) allocated to common shares			$	137,579					$	44,925					$	462,984					$	(1,356,007)
Weighted-average diluted shares outstanding			117,229						116,754						117,037						116,873
Diluted earnings (loss) per share			$	1.17					$	0.38					$	3.96					$	(11.60)

________________________

(1)    Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 15. REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue

The following table presents interest income and noninterest income, the components of total revenue, as disclosed in the condensed consolidated statements of earnings (loss) and the related amounts which are from contracts with customers within the scope of ASC Topic 606, "Revenue from Contracts with Customers," for the periods indicated. As illustrated here, substantially all of our revenue is specifically excluded from the scope of ASC Topic 606.

			Three Months Ended September 30,
			2021												2020
			Total						Revenue from						Total						Revenue from
			Recorded						Contracts with						Recorded						Contracts with
			Revenue						Customers						Revenue						Customers
			(In thousands)
Total interest income			$	290,082					$	—					$	265,908					$	—
Noninterest income:
Service charges on deposit accounts			3,407						3,407						2,570						2,570
Other commissions and fees			11,792						2,680						10,541						3,228
Leased equipment income			10,943						—						9,900						—
Gain on sale of loans			—						—						35						—
Gain on sale of securities			515						—						5,270						—
Other income			24,688						(14)						9,936						289
Total noninterest income			51,345						6,073						38,252						6,087
Total revenue			$	341,427					$	6,073					$	304,160					$	6,087

The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated:

			Three Months Ended
			September 30,
			2021						2020
			(In thousands)
Products and services transferred at a point in time			$	2,754					$	3,189
Products and services transferred over time			3,319						2,898
Total revenue from contracts with customers			$	6,073					$	6,087

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

			Nine Months Ended September 30,
			2021												2020
			Total						Revenue from						Total						Revenue from
			Recorded						Contracts with						Recorded						Contracts with
			Revenue						Customers						Revenue						Customers
			(In thousands)
Total interest income			$	843,924					$	—					$	831,315					$	—
Noninterest income:
Service charges on deposit accounts			9,793						9,793						7,232						7,232
Other commissions and fees			31,654						8,140						30,373						10,388
Leased equipment income			33,144						—						34,188						—
Gain on sale of loans			1,561						—						468						—
Gain on sale of securities			616						—						13,167						—
Other income			59,777						560						20,782						961
Total noninterest income			136,545						18,493						106,210						18,581
Total revenue			$	980,469					$	18,493					$	937,525					$	18,581

The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated:

			Nine Months Ended
			September 30,
			2021						2020
			(In thousands)
Products and services transferred at a point in time			$	8,819					$	10,152
Products and services transferred over time			9,674						8,429
Total revenue from contracts with customers			$	18,493					$	18,581

Contract Balances

The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers as of the dates indicated:

			September 30, 2021						December 31, 2020
			(In thousands)
Receivables, which are included in "Other assets"			$	1,219					$	1,046
Contract assets, which are included in "Other assets"			$	—					$	—
Contract liabilities, which are included in "Accrued interest payable and other liabilities"			$	261					$	359

Contract liabilities relate to advance consideration received from customers for which revenue is recognized over the life of the contract. The change in contract liabilities for the nine months ended September 30, 2021 due to revenue recognized that was included in the contract liability balance at the beginning of the period was $98,000.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 16.  STOCK-BASED COMPENSATION

At the annual meeting of stockholders held on May 11, 2021, the Company's stockholders approved the Amended and Restated PacWest Bancorp 2017 Stock Incentive Plan (the “Amended and Restated 2017 Plan”). The Company’s Amended and Restated 2017 Plan permits stock-based compensation awards to officers, directors, employees, and consultants and will remain in effect until December 31, 2026.

The Amended and Restated 2017 Plan authorizes grants of stock-based compensation instruments to purchase or issue up to 6,650,000 shares, representing 4,000,000 shares originally approved for grant under the Original 2017 Stock Incentive Plan plus 2,650,000 shares added as result of the approval of the Amended and Restated 2017 Plan. As of September 30, 2021, there were 3,027,093 shares available for grant under the Amended and Restated 2017 Plan.

Restricted Stock

Restricted stock amortization totaled $8.4 million and $7.1 million for the three months ended September 30, 2021 and 2020 and $23.0 million and $19.2 million for the nine months ended September 30, 2021 and 2020. Such amounts are included in "Compensation expense" on the condensed consolidated statements of earnings (loss). The amount of unrecognized compensation expense related to unvested TRSAs and PRSUs as of September 30, 2021 totaled $76.5 million.

Time-Based Restricted Stock Awards

At September 30, 2021, there were 2,321,753 shares of unvested TRSAs outstanding. TRSAs generally vest ratably over a service period of three or four years from the date of the grant or immediately upon death of an employee. Compensation expense related to TRSAs is based on the fair value of the underlying award on the grant date and is recognized over the vesting period using the straight-line method.

Performance-Based Restricted Stock Units

At September 30, 2021, there were 512,863 units of unvested PRSUs that have been granted. The PRSUs will vest only if performance goals with respect to certain financial metrics are met over a three-year performance period. The shares underlying the PRSUs are not considered issued and outstanding until they vest. PRSUs are granted and initially expensed based on a target number. The number of shares that will ultimately vest based on actual performance will range from zero to a maximum of either 150% or 200% of target.

Compensation expense related to PRSUs is based on the fair value of the underlying award on the grant date and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion or all of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion or all of the previously recognized amortization is reversed and also suspended. If it is determined that attainment of a financial measure higher than target is probable, the amortization will increase to up to 150% or 200% of the target amortization amount. Annual PRSU expense may vary during the three-year performance period based upon changes in management's estimate of the number of shares that may ultimately vest. In the case where the performance target for the PRSU is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable and the employee continues to meet the service requirement of the award.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 17.  RECENTLY ISSUED ACCOUNTING STANDARDS

Effective

Effect on the Financial Statements

Standard

Description

Date

or Other Significant Matters

ASU 2020-04, "Reference Rate Reform (Topic 848)" and ASU 2021-01, “Reference Rate Reform (Topic 848): Scope)"

This Update provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other agreements affected by the anticipated transition away from LIBOR toward new interest reference rates. For agreements that are modified because of reference rate reform and that meet certain scope guidance: (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered “minor” so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. Additionally, the amendments in ASU 2021-01 clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. ASU 2020-04 is effective immediately, as of March 12, 2020, and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. ASU 2021-01 is also effective immediately. Entities may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to January 7, 2021 and up to December 31, 2022.

Effective upon the issuance date of March 12, 2020, and once adopted, will apply to contract modifications made and hedging relationships entered into on or before December 31, 2022.

The Company has established a cross-functional project team and implementation plan to facilitate the LIBOR transition. As of September 30, 2021, the Company has completed its readiness efforts to identify loans and other financial instruments that are impacted by the discontinuance of LIBOR. We have also completed our review for fallback language contained in contracts for LIBOR-based loans and other financial instruments and have begun to execute a transition plan to amend those legacy contracts that do not have or have inadequate fallback language. With the impending phase-out of LIBOR, the Company has considered several viable alternative reference rates. Based on our current assessment, we plan to offer SOFR as the primary alternative reference rate, but may consider alternate rates such as the American Interbank Offered Rate (“Ameribor”) and others based on customer demands and/or the type of loan or financial instrument. The Company will also continue to assess impacts to our operations, financial models, data and technology as part of our transition plan. The Company is currently evaluating the impact of this Update on its consolidated financial statements but does not expect it to have a material impact.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Effective

Effect on the Financial Statements

Standard

Description

Date

or Other Significant Matters

ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services— Investment Companies (Topic 946), Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants

This Update amends certain SEC paragraphs from the Codification to reflect the SEC’s recent issuance of rules intended to modernize and streamline disclosure requirements, including: (1)    SEC Final Rule No. 33-10786 was issued on May 20, 2020, which amended Regulation S-X financial disclosure requirements applicable to acquisition and dispositions of business. It also changes the significant tests registrants must use to determine what to disclosure, the periods the financial statements must cover and the form of pro forma financial information that must be included in certain reports. (2)    SEC Final Rule No. 33-10835 was issued on September 11, 2020, which updated the statistical disclosure requirements for bank and savings and loan registrants. It also (1) eliminates disclosure items that overlap with SEC rules, U.S. GAAP or IFRS Standards, and (2) replaces Industry Guide 3, “Statistical Disclosure by Bank Holding Companies” with updated disclosure requirements codified in a new Subpart 1400 of Regulation S-K.

Effective upon issuance.

The Company adopted Rule 33-10786 on January 1, 2021 on its effective date and it did not have a material impact on the Company’s consolidated financial statements. The Company plans to adopt Rule 33-10835 on the presentation of financial statements and update of statistical disclosures for bank and savings and loan registrants in conjunction with the completion of our Annual Report on Form 10-K for the fiscal year ending December 31, 2021. The adoption of this disclosure guidance is not expected to have a material impact on our consolidated financial statements.

Effective

Effect on the Financial Statements

Standard

Description

Date

or Other Significant Matters

ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

The Update requires that an entity (acquirer) recognizes and measures contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At acquisition date, an acquirer should account for the related revenue contracts with customers in accordance with Topic 606 as if it had originated the contracts. The acquirer should consider the terms of the acquired contracts, such as timing of payment, identify each performance obligation in the contracts and allocate the total transaction price to each identified performance obligation on a relative standalone selling price basis as of contract inception or contract modification to determine what should be recorded at the acquisition date. The amendments improve comparability by providing consistent recognition and measurement guidance for revenue contracts with customers whether they are acquired and not acquired in a business combination. The amendments should be applied prospectively to business combinations occurring on or after the effective date. Additionally, early adoption is permitted.

January 1, 2023

The Company has not yet determined the effect of the adoption of ASU 2021-08 on the Company’s consolidated financial statements.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

NOTE 18.  SUBSEQUENT EVENTS

Acquisition of Homeowners Association Services Division

On October 8, 2021, the Bank completed its previously announced acquisition of the Homeowners Association (“HOA”) Services Division of MUFG Union Bank, N.A. (“Union Bank”) pursuant to the terms of the Purchase and Assumption Agreement (the “Purchase Agreement”), dated March 31, 2021, between the Bank and Union Bank.

Under the terms of the Purchase Agreement, the Bank acquired certain assets and assumed certain liabilities related to Union Bank’s HOA Services Division for cash consideration of approximately $255 million, which represents the aggregate of a 5.9% deposit premium and the net book value of certain acquired assets and assumed liabilities. At closing, there were approximately $4.1 billion of deposits related to Union Bank’s HOA Services Division and approximately $6.4 million in related loans. Due to the timing of the acquisition, the Company is currently in the process of completing the purchase accounting and has not made all of the remaining disclosures required by ASC 805-10-50, "Business Combinations - Overall - Disclosure," such as the fair value of assets acquired, which will be disclosed in subsequent filings. The existing management team and employees transitioned with the HOA Services Division to the Bank in connection with the close of the acquisition.

The HOA Services Division provides a full range of banking services to community HOA management companies and their homeowners associations. This acquisition significantly expands the Bank’s existing HOA banking practice, which provides lockbox, electronic receivables processing and other financial services to HOA management companies. This acquisition advances the Bank’s strategy to expand its product offerings to its customers and to diversify its revenue and funding sources. Management believes that the HOA business unit’s high quality, low-cost deposits further diversifies the Bank’s existing core deposits and provides an attractive funding source in a rising interest rate environment.

Common Stock Dividends

On November 1, 2021, the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.25 per common share. The cash dividend is payable on November 30, 2021 to stockholders of record at the close of business on November 15, 2021.

The Company has evaluated events that have occurred subsequent to September 30, 2021 and have concluded there are no other subsequent events that would require recognition in the accompanying condensed consolidated financial statements.

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PACWEST BANCORP AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Information

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:

•the ongoing COVID-19 pandemic continues to affect the Company, its employees, customers and third-party service providers, and the ultimate extent of the impacts of the pandemic and related government stimulus programs on its business, financial position, results of operations, liquidity and prospects is still uncertain, due in part to the Delta variant of COVID-19. Weaker than expected improvement in general business and economic conditions could adversely affect the Company’s revenues, the values of its assets and liabilities and continue to negatively impact loan growth;

•our ability to complete pending and future acquisitions, and to successfully integrate such acquired entities or achieve expected benefits, synergies and/or operating efficiencies within expected time frames or at all;

•our ability to compete effectively against other financial service providers in our markets;

•the impact of changes in interest rates or levels of market activity, especially on the fair value of our loan and investment portfolios;

•deterioration, weaker than expected improvement, or other changes in the state of the economy or the markets in which we conduct business (including the levels of IPOs and mergers and acquisitions), which may affect the ability of borrowers to repay their loans and the value of real property or other property held as collateral for such loans;

•changes in credit quality and the effect of credit quality and the CECL accounting standard on our provision for credit losses and allowance for credit losses;

•our ability to attract deposits and other sources of funding or liquidity;

•our ability to efficiently deploy excess liquidity;

•the need to retain capital for strategic or regulatory reasons;

•compression of the net interest margin due to changes in the interest rate environment, forward yield curves, loan products offered, spreads on newly originated loans and leases, changes in our asset or liability mix, and/or changes to the cost of deposits and borrowings;

•uncertainty regarding the future of LIBOR and the transition away from LIBOR toward new reference rates by the end of 2021;

•reduced demand for our services due to strategic or regulatory reasons or reduced demand for our products due to legislative changes such as new rent control laws;

•our ability to successfully execute on initiatives relating to enhancements of our technology infrastructure, including client-facing systems and applications;

•legislative or regulatory requirements or changes, including an increase of capital requirements, and increased political and regulatory uncertainty;

•the impact on our reputation and business from our interactions with business partners, counterparties, service providers and other third parties;

•higher than anticipated increases in operating expenses;

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•lower than expected dividends paid from the Bank to the holding company;

•the amount and exact timing of any common stock repurchases will depend upon market conditions and other factors;

•a deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge;

•the effectiveness of our risk management framework and quantitative models;

•the costs and effects of legal, compliance, and regulatory actions, changes and developments, including the impact of adverse judgments or settlements in litigation, the initiation and resolution of regulatory or other governmental inquiries or investigations, and/or the results of regulatory examinations or reviews;

•the impact of changes made to tax laws or regulations affecting our business, including the disallowance of tax benefits by tax authorities and/or changes in tax filing jurisdictions or entity classifications; and

•our success at managing risks involved in the foregoing items and all other risk factors described in our audited consolidated financial statements, and other risk factors described in this Form 10-Q and other documents filed or furnished by PacWest with the SEC.

All forward-looking statements included in this Form 10-Q are based on information available at the time the statement is made. We are under no obligation to (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.

Overview

PacWest Bancorp, a Delaware corporation, is a bank holding company registered under the BHCA, with our corporate headquarters located in Beverly Hills, California. Our principal business is to serve as the holding company for our wholly-owned subsidiary, Pacific Western Bank. References to "Pacific Western" or the "Bank" refer to Pacific Western Bank together with its wholly-owned subsidiaries. References to "we," "us," or the "Company" refer to PacWest Bancorp together with its subsidiaries on a consolidated basis. When we refer to "PacWest" or to the "holding company," we are referring to PacWest Bancorp, the parent company, on a stand-alone basis.

The Bank is focused on relationship-based business banking to small, middle-market, and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 69 full-service branches located in California, one branch located in Durham, North Carolina, one branch located in Denver, Colorado, and numerous loan production offices across the country. 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 provides 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 innovation hubs across the United States. The Bank also offers financing of non-owner-occupied investor properties through Civic Financial Services, a wholly-owned subsidiary. The Bank also offers a specialized suite of services for the HOA industry. In addition, we provide investment advisory and asset management services to select clients through Pacific Western Asset Management Inc., a wholly-owned subsidiary of the Bank and an SEC-registered investment adviser.

In managing the top line of our business, we focus on loan growth, loan yield, deposit cost, and net interest margin. Net interest income, on a year-to-date basis in 2021, accounted for 85.5% of net revenue (net interest income plus noninterest income).

At September 30, 2021, the Company had total assets of $35.9 billion, including $20.5 billion of total loans and leases, net of deferred fees, $9.3 billion of securities available-for-sale, and $3.5 billion of interest-earning deposits in financial institutions compared to $29.5 billion of total assets, including $19.1 billion of total loans and leases, net of deferred fees, $5.2 billion of securities available-for-sale, and $3.0 billion of interest-earning deposits in financial institutions at December 31, 2020. The $6.4 billion increase in total assets since year-end was due primarily to a $4.0 billion increase in securities available-for-sale, a $1.4 billion increase in loans and leases, net of deferred fees, and a $514.4 million increase in interest-earning deposits in financial institutions.

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At September 30, 2021, the Company had total liabilities of $32.0 billion, including total deposits of $30.6 billion and subordinated debt of $862.4 million, compared to $25.9 billion of total liabilities, including $24.9 billion of total deposits and $465.8 million of subordinated debt at December 31, 2020. The $6.1 billion increase in total liabilities since year-end was due mainly to increases of $5.9 billion in core deposits and $396.6 million in subordinated debt. The increase in core deposits was due primarily to continued strong deposit growth from our venture banking and community banking clients. At September 30, 2021, core deposits totaled $28.1 billion, or 92% of total deposits, including $12.9 billion of noninterest-bearing demand deposits, or 42% of total deposits. The increase in subordinated debt was due to the $400 million of subordinated notes issued by the Bank on April 30, 2021. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes.

At September 30, 2021, the Company had total stockholders' equity of $3.9 billion compared to $3.6 billion at December 31, 2020. The $323.5 million increase in stockholders' equity since year-end was due mainly to $470.9 million in net earnings, offset partially by a $73.7 million decrease in accumulated other comprehensive income and $89.5 million of cash dividends paid. Consolidated capital ratios remained strong with Tier 1 capital and total capital ratios of 10.65% and 14.36% at September 30, 2021.

Recent Events

Acquisition of Homeowners Association Services Division

On October 8, 2021, the Bank completed its previously announced acquisition of the Homeowners Association (“HOA”) Services Division of MUFG Union Bank, N.A. (“Union Bank”) pursuant to the terms of the Purchase and Assumption Agreement (the “Purchase Agreement”), dated March 31, 2021, between the Bank and Union Bank.

Under the terms of the Purchase Agreement, the Bank acquired certain assets and assumed certain liabilities related to Union Bank’s HOA Services Division for cash consideration of approximately $255 million, which represents the aggregate of a 5.9% deposit premium and the net book value of certain acquired assets and assumed liabilities. At closing, there were approximately $4.1 billion of deposits related to Union Bank’s HOA Services Division and approximately $6.4 million in related loans. For further information, see Note 18. Subsequent Events in the Notes to Condensed Consolidated Financial Statements (Unaudited) contained in "Item 1. Condensed Consolidated Financial Statements (Unaudited)."

Subordinated Notes Offering

On April 30, 2021, the Bank issued $400 million aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes (the “Notes”) due May 1, 2031 (the “Maturity Date”), if not previously redeemed. Subject to any redemption prior to the Maturity Date, the Notes will bear interest from and including the original issue date to, but excluding, May 1, 2026 (the “Reset Date”), at a fixed rate of 3.25% per annum and from and including the Reset Date to, but excluding the Maturity Date, the Notes will bear interest at a floating per annum rate equal to a benchmark rate (which is expected to be the Three-Month Term SOFR) plus 252 basis points. For further information, see Note 10. Borrowings and Subordinated Debt in the Notes to Condensed Consolidated Financial Statements (Unaudited) contained in "Item 1. Condensed Consolidated Financial Statements (Unaudited)."

Acquisition of Civic

On February 1, 2021, the Bank completed the acquisition of Civic in an all-cash transaction. Civic, located in Redondo Beach, California, is one of the leading lenders in the United States specializing in residential non-owner-occupied investment properties. The acquisition of Civic advances the Bank’s strategy to diversify and expand its lending portfolio, diversify its revenue streams, and deploy excess liquidity into higher-yielding assets. Civic operates as a subsidiary of the Bank and at September 30, 2021 had $1.0 billion of loans outstanding.

The Civic acquisition has been accounted for under the acquisition method of accounting which resulted in the recognition of goodwill of $125.4 million. All of the recognized goodwill is expected to be deductible for tax purposes. For further information, see Note 2. Acquisitions in the Notes to Condensed Consolidated Financial Statements (Unaudited) contained in "Item 1. Condensed Consolidated Financial Statements (Unaudited)."

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COVID-19 Pandemic - Impact to Our Business

From a business perspective, the impact in 2021 from the ongoing COVID-19 pandemic has decreased, however, new variants may continue to impact key macro-economic indicators such as unemployment and GDP and we will continue to closely monitor our loan portfolio. In the early stages of the COVID-19 pandemic, we experienced an increase in customers seeking loan modifications through payment deferrals and extension of terms. Most of the modifications were for payment deferrals for three months, while some deferrals were up to six months. Some loans were subsequently modified with deferrals of three to twelve months. As of September 30, 2021, there were 17 loans with a balance of $50.2 million on deferral. The Company did not apply a TDR classification to COVID-19 related loan modifications that met all of the requisite criteria as stipulated in the CARES Act.

We actively participated in both rounds of the Paycheck Protection Program ("PPP"), under the provisions of the CARES Act. As of September 30, 2021, PPP loans had an outstanding balance of approximately $279.4 million. In the third quarter of 2021, we did not originate any PPP loans, while loans forgiven under the PPP program totaled approximately $337.7 million. The loans have origination fees that are recognized over the life of the loan with the fee recognition accelerated upon forgiveness or repayment of the loan. Fees recognized in the third quarter of 2021 were $7.9 million. As of September 30, 2021, the remaining unamortized fees, net of deferred costs, totaled $7.7 million. The PPP loans are fully guaranteed by the SBA and do not carry an allowance.

As the COVID-19 pandemic unfolded in March 2020, we immediately enhanced the monitoring of our loan and lease portfolio with particular emphasis on certain loan and lease portfolios that we expected to be most impacted by the COVID-19 pandemic, such as the hotel, retail, commercial aviation, restaurant, and oil services loan and lease portfolios. We continue to closely monitor all of our portfolios, although with the increase in oil prices, the credit risk in the oil services portfolio has diminished. The hotel portfolio as of September 30, 2021 is comprised of hotel CRE loans of $506.4 million, hotel construction loans of $521.8 million, and hotel SBA loans of $29.2 million.

The tables below shows our exposure to these loan and lease portfolios, which includes equipment leased to others under operating leases, as of the dates indicated:

			September 30, 2021
																											% of
									Special																		Total Loans
Loan and Lease Portfolio			Classified						Mention						Pass						Total						and Leases
			(Dollars in thousands)
Hotel			$	16,141					$	199,346					$	841,934					$	1,057,421					5.2		%
Retail CRE			224						1,433						422,757						424,414						2.1		%
Commercial aviation			—						65,370						84,661						150,031						0.7		%
Restaurant			4,885						26,325						118,101						149,311						0.7		%
Total			$	21,250					$	292,474					$	1,467,453					$	1,781,177					8.7		%

			September 30, 2020
																											% of
									Special																		Total Loans
Loan and Lease Portfolio			Classified						Mention						Pass						Total						and Leases
			(Dollars in thousands)
Hotel			$	57,635					$	281,044					$	847,960					$	1,186,639					6.2		%
Retail CRE			27,678						497						417,311						445,486						2.3		%
Commercial aviation			19,397						140,246						96,335						255,978						1.3		%
Restaurant			8,379						8,920						131,497						148,796						0.8		%
Oil services			$	12,883					$	5,438					$	74,305					$	92,626					0.5		%
Total			$	125,972					$	436,145					$	1,567,408					$	2,129,525					11.2		%

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From a credit perspective, most of our credit metrics improved during the third quarter of 2021 as economic conditions and economic forecasts continued to improve. This improvement led to a provision for credit losses benefit of $20.0 million for the third quarter of 2021, compared to a provision for credit losses benefit of $88.0 million for the second quarter of 2021 and compared to a provision for credit losses of $97.0 million for the third quarter of 2020. For further details on CECL and the impacts to our process, see “- Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment” contained herein.

Key Performance Indicators

Among other factors, our operating results generally depend on the following key performance indicators:

The Level of Net Interest Income

Net interest income is the excess of interest earned on our interest-earning assets over the interest paid on our interest-bearing liabilities. Net interest margin is net interest income (annualized if related to a quarterly period) expressed as a percentage of average interest-earning assets. Tax equivalent net interest income is net interest income increased by an adjustment for tax-exempt interest on certain loans and investment securities based on a 21% federal statutory tax rate. Tax equivalent net interest margin is calculated as tax equivalent net interest income divided by average interest-earning assets.

Net interest income is affected by changes in both interest rates and the volume of average interest-earning assets and interest-bearing liabilities. Our primary interest-earning assets are loans and investment securities, and our primary interest-bearing liabilities are deposits and borrowings. Contributing to our high net interest margin is our high yield on loans and leases and competitive cost of deposits. While our deposit balances will fluctuate depending on deposit holders’ perceptions of alternative yields available in the market, we seek to minimize the impact of these variances by attracting a high percentage of noninterest-bearing deposits.

Loan and Lease Growth

We actively seek new lending opportunities under an array of lending products. Our lending activities include real estate mortgage loans, real estate construction and land loans, commercial loans and leases, and a small amount of consumer lending. Our commercial real estate loans and real estate construction loans are secured by a range of property types. Our commercial loans and leases portfolio is diverse and generally includes various asset-secured loans, equipment-secured loans and leases, venture capital loans to support venture capital firms’ operations and the operations of entrepreneurial and venture-backed companies during the various phases of their early life cycles, and secured business loans.

Our loan origination process emphasizes credit quality. To augment our internal loan production, we have historically purchased multi-family loans from other banks and private student loans from third-party lenders and recently have begun to purchase owner-occupied, single-family residential loans from other banks as well. These loan purchases help us manage the concentrations in our portfolio as they diversify the geographic, interest-rate risk, credit risk, and product composition of our loan portfolio. Achieving net loan growth is subject to many factors, including maintaining strict credit standards, competition from other lenders, and borrowers that opt to prepay loans.

The Magnitude of Credit Losses

We emphasize credit quality in originating and monitoring our loans and leases, and we measure our success by the levels of our classified loans and leases, nonaccrual loans and leases, and net charge-offs. We maintain an allowance for credit losses on loans and leases, which is the sum of the allowance for loan and lease losses and the reserve for unfunded loan commitments. Provisions for credit losses are charged to operations as and when needed for both on and off-balance sheet credit exposures. Loans and leases that are deemed uncollectable are charged off and deducted from the allowance for loan and lease losses. Recoveries on loans and leases previously charged off are added to the allowance for loan and lease losses. The provision for credit losses on the loan and lease portfolio is based on our allowance methodology, which considers the impact of assumptions and is reflective of historical experience, economic forecasts viewed to be reasonable and supportable by management, the current loan and lease composition, and relative credit risks known as of the balance sheet date. For originated and acquired credit-deteriorated loans, a provision for credit losses may be recorded to reflect credit deterioration after the origination date or after the acquisition date, respectively.

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We regularly review loans and leases to determine whether there has been any deterioration in credit quality resulting from borrower operations or changes in collateral value or other factors which may affect collectability of our loans and leases. Changes in economic conditions, such as the rate of economic growth, the unemployment rate, rate of inflation, increases in the general level of interest rates, declines in real estate values, changes in commodity prices, and adverse conditions in borrowers’ businesses, could negatively impact our borrowers and cause us to adversely classify loans and leases. An increase in classified loans and leases generally results in increased provisions for credit losses and an increased allowance for credit losses. Any deterioration in the commercial real estate market may lead to increased provisions for credit losses because our loans are concentrated in commercial real estate loans.

The Level of Noninterest Expense

Our noninterest expense includes fixed and controllable overhead, the largest components of which are compensation and occupancy expense. It also includes costs that tend to vary based on the volume of activity, such as loan and lease production and the number and complexity of foreclosed assets. We measure success in controlling both fixed and variable costs through monitoring of the efficiency ratio, which is calculated by dividing noninterest expense (less intangible asset amortization, net foreclosed assets expense (income), goodwill impairment, and acquisition, integration and reorganization costs) 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).

The following table presents the calculation of our efficiency ratio for the periods indicated:

						Three Months Ended																		Nine Months Ended
						September 30,						June 30,						September 30,						September 30,
Efficiency Ratio						2021						2021						2020						2021						2020
						(Dollars in thousands)
Noninterest expense						$	159,421					$	151,750					$	133,402					$	461,307					$	1,848,337
Less:			Intangible asset amortization			2,890						2,889						3,751						8,858						11,581
			Foreclosed assets expense (income), net			165						(119)						335						47						255
			Goodwill impairment			—						—						—						—						1,470,000
			Acquisition, integration and reorganization costs			200						200						—						3,825						—
			Noninterest expense used for efficiency ratio			$	156,166					$	148,780					$	129,316					$	448,577					$	366,501
Net interest income (tax equivalent)						$	279,777					$	270,083					$	253,632					$	814,495					$	761,354
Noninterest income						51,345						40,371						38,252						136,545						106,210
			Net revenues			331,122						310,454						291,884						951,040						867,564
Less:			Gain on sale of securities			515						—						5,270						616						13,167
			Net revenues used for efficiency ratio			$	330,607					$	310,454					$	286,614					$	950,424					$	854,397
Efficiency ratio						47.2		%				47.9		%				45.1		%				47.2		%				42.9		%

The increase in the efficiency ratio was attributable primarily to higher noninterest expense related to the Civic acquisition that closed on February 1, 2021. The level of revenues related to Civic lag the level of their noninterest expense as we shift from a gain on loan sales model pre-acquisition to a hold for portfolio model post-acquisition. Therefore, it will take time for the revenues to build as the on-balance sheet loan portfolio grows.

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Critical Accounting Policies and Estimates

Our accounting policies are fundamental to understanding management’s discussion and analysis of results of operations and financial condition. We identify critical policies and estimates as those that require management to make particularly difficult, subjective, and/or complex judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts would be reported under different conditions or using different assumptions. These policies and estimates relate to the allowance for credit losses on loans and leases held for investment, the carrying value of goodwill and other intangible assets, and the realization of deferred income tax assets and liabilities.

Our critical accounting policies and estimates are described in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Form 10-K.

Non-GAAP Measurements

We use certain 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. The methodology for determining these non-GAAP measures may differ among companies. We used the following non-GAAP measures in this Form 10-Q:

•Return on average tangible equity, tangible common equity ratio, and tangible book value per share: Given that the use of these measures is prevalent among banking regulators, investors, and analysts, we disclose them in addition to the related GAAP measures of return on average equity, equity to assets ratio, and book value per share, respectively. The reconciliations of these non-GAAP measurements to the GAAP measurements are presented in the following tables for and as of the periods presented.

						Three Months Ended																		Nine Months Ended
						September 30,						June 30,						September 30,						September 30,
Return on Average Tangible Equity						2021						2021						2020						2021						2020
						(Dollars in thousands)
Net earnings (loss)						$	139,996					$	180,512					$	45,503					$	470,914					$	(1,354,404)
Add:			Intangible asset amortization			2,890						2,889						3,751						8,858						11,581
			Goodwill impairment			—						—						—						—						1,470,000
			Adjusted net earnings used for return on
			average tangible equity			$	142,886					$	183,401					$	49,254					$	479,772					$	127,177
Average stockholders' equity						$	3,916,621					$	3,739,042					$	3,497,869					$	3,758,733					$	3,965,453
Less:			Average intangible assets			1,221,253						1,224,208						1,107,548						1,212,851						1,594,231
			Average tangible common equity			$	2,695,368					$	2,514,834					$	2,390,321					$	2,545,882					$	2,371,222
Return on average equity (1)						14.18		%				19.36		%				5.18		%				16.75		%				(45.62)		%
Return on average tangible equity (2)						21.03		%				29.25		%				8.20		%				25.20		%				7.16		%

___________________________________

(1)     Annualized net earnings (loss) divided by average stockholders' equity.

(2)     Annualized adjusted net earnings divided by average tangible common equity.

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Tangible Common Equity Ratio and			September 30,						December 31,
Tangible Book Value Per Share			2021						2020
			(Dollars in thousands, except per share data)
Stockholders’ equity			$	3,918,434					$	3,594,951
Less: Intangible assets			1,219,651						1,102,311
Tangible common equity			$	2,698,783					$	2,492,640
Total assets			$	35,885,676					$	29,498,442
Less: Intangible assets			1,219,651						1,102,311
Tangible assets			$	34,666,025					$	28,396,131
Equity to assets ratio			10.92		%				12.19		%
Tangible common equity ratio (1)			7.79		%				8.78		%
Book value per share			$	32.77					$	30.36
Tangible book value per share (2)			$	22.57					$	21.05
Shares outstanding			119,579,566						118,414,853

_______________________________________ 

(1)    Tangible common equity divided by tangible assets.

(2)    Tangible common equity divided by shares outstanding.

•Adjusted net earnings and adjusted earnings per share: These non-GAAP measurements are presented in the following tables for the periods presented. See Note 14. Earnings (Loss) Per Share for the GAAP calculation of earnings per share.

						Three Months Ended																		Nine Months Ended
Adjusted Net Earnings and						September 30,						June 30,						September 30,						September 30,
Adjusted Earnings Per Share						2021						2021						2020						2021						2020
						(Dollars in thousands)
Adjusted Net Earnings:
Net earnings (loss)						$	139,996					$	180,512					$	45,503					$	470,914					$	(1,354,404)
Add:			Goodwill impairment			—						—						—						—						1,470,000
			Adjusted net earnings			$	139,996					$	180,512					$	45,503					$	470,914					$	115,596
Adjusted Basic Earnings Per Share:
Adjusted net earnings						$	139,996					$	180,512					$	45,503					$	470,914					$	115,596
Less:			Earnings allocated to unvested restricted stock			(2,417)						(3,172)						(578)						(7,930)						(1,603)
			Adjusted net earnings allocated to
			common shares			$	137,579					$	177,340					$	44,925					$	462,984					$	113,993
Weighted-average basic shares and unvested restricted
			stock outstanding			119,569						119,386						118,438						119,272						118,469
Less:			Weighted-average unvested restricted stock
			outstanding			(2,340)						(2,356)						(1,684)						(2,235)						(1,596)
			Weighted-average basic shares outstanding			117,229						117,030						116,754						117,037						116,873
Adjusted basic earnings per share						$	1.17					$	1.52					$	0.38					$	3.96					$	0.98
Adjusted Diluted Earnings Per Share:
Adjusted net earnings allocated to common shares						$	137,579					$	177,340					$	44,925					$	462,984					$	113,993
Weighted-average diluted shares outstanding						117,229						117,030						116,754						117,037						116,873
Adjusted diluted earnings per share						$	1.17					$	1.52					$	0.38					$	3.96					$	0.98

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Results of Operations

Earnings Performance

The following table presents performance metrics for the periods indicated:

			Three Months Ended																		Nine Months Ended
			September 30,						June 30,						September 30,						September 30,
			2021						2021						2020						2021						2020
			(Dollars in thousands, except per share data)
Earnings Summary:
Interest income			$	290,082					$	280,505					$	265,908					$	843,924					$	831,315
Interest expense			(14,240)						(14,197)						(14,584)						(40,505)						(75,965)
Net interest income			275,842						266,308						251,324						803,419						755,350
Provision for credit losses			20,000						88,000						(97,000)						156,000						(329,000)
Noninterest income			51,345						40,371						38,252						136,545						106,210
Operating expense			(159,421)						(151,750)						(133,402)						(461,307)						(378,337)
Goodwill impairment			—						—						—						—						(1,470,000)
Earnings (loss) before income taxes			187,766						242,929						59,174						634,657						(1,315,777)
Income tax expense			(47,770)						(62,417)						(13,671)						(163,743)						(38,627)
Net earnings (loss)			$	139,996					$	180,512					$	45,503					$	470,914					$	(1,354,404)
Per Common Share Data:
Diluted earnings (loss) per share			$	1.17					$	1.52					$	0.38					$	3.96					$	(11.60)
Book value per share			$	32.77					$	32.17					$	29.42
Tangible book value per share (1)			$	22.57					$	21.95					$	20.09
Performance Ratios:
Return on average assets			1.55		%				2.11		%				0.65		%				1.86		%				(6.65)		%
Return on average tangible equity (1)			21.03		%				29.25		%				8.20		%				25.20		%				7.16		%
Net interest margin (tax equivalent)			3.33		%				3.40		%				3.90		%				3.46		%				4.13		%
Yield on average loans and leases (tax equivalent)			5.01		%				5.18		%				5.01		%				5.13		%				5.18		%
Cost of average total deposits			0.08		%				0.10		%				0.17		%				0.10		%				0.32		%
Efficiency ratio			47.2		%				47.9		%				45.1		%				47.2		%				42.9		%
Capital Ratios (consolidated):
Common equity tier 1 capital ratio			10.15		%				10.41		%				10.45		%
Tier 1 capital ratio			10.65		%				10.41		%				10.45		%
Total capital ratio			14.36		%				14.99		%				13.74		%

_____________________________

(1)    See "- Non-GAAP Measurements."

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Third Quarter of 2021 Compared to Second Quarter of 2021

Net earnings for the third quarter of 2021 were $140.0 million, or $1.17 per diluted share, compared to net earnings for the second quarter of 2021 of $180.5 million, or $1.52 per diluted share. The $40.5 million decrease in net earnings from the prior quarter was due to a lower provision for credit losses benefit of $68.0 million and higher noninterest expense of $7.7 million, offset partially by lower income tax expense of $14.6 million, higher noninterest income of $11.0 million, and higher net interest income of $9.5 million. The third quarter provision for credit losses benefit reflected improvement in both macro-economic forecast variables and loan portfolio credit quality metrics, offset partially by increased provisions for unfunded commitments and loan growth in the third quarter of 2021. Noninterest expense increased due mostly to a $7.3 million increase in compensation expense attributable mainly to higher bonus and incentives expense as we updated our full-year bonus estimates based on the growth in loans and deposits in the third quarter of 2021, overall year-to-date performance, and increased warrant income. The decrease in income tax expense was primarily due to lower pre-tax earnings in the third quarter of 2021 compared to the second quarter of 2021. Noninterest income increased due primarily to increases of $7.9 million in warrant income and $3.0 million in dividends and gains on equity investments. Net interest income increased due mainly to higher income on investment securities and loans and leases as a result of higher average balances.

Third Quarter of 2021 Compared to Third Quarter of 2020

Net earnings for the third quarter of 2021 were $140.0 million, or $1.17 per diluted share, compared to net earnings for the third quarter of 2020 of $45.5 million, or $0.38 per diluted share. The $94.5 million increase in net earnings from the year-ago quarter was due mainly to a lower provision for credit losses of $117.0 million, higher net interest income of $24.5 million, and higher noninterest income of $13.1 million, offset partially by higher income tax expense of $34.1 million and higher operating expense of $26.0 million. The decrease in the provision for credit losses for the third quarter of 2021 from the year-ago quarter reflected improvement in certain key macro-economic forecast variables and loan portfolio credit quality metrics. Net interest income increased due mainly to higher income on investment securities and loans and leases as a result of higher average balances, offset partially by a lower yield on average investment securities and the negative impact on net interest income due to the change in the mix of average interest-earning assets. Noninterest income increased due primarily to a $13.1 million increase in warrant income. The increase in income tax expense was due primarily to higher pre-tax earnings in the third quarter of 2021 compared to the year-ago quarter. Noninterest expense increased due mostly to an increase of $22.9 million in compensation expense, due mostly to the incremental expense of the Civic operations in 2021 and higher bonus expense due to year-to-date performance.

Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020

Net earnings for the nine months ended September 30, 2021 were $470.9 million, or $3.96 per diluted share, compared to a net loss for the nine months ended September 30, 2020 of $1.35 billion, or $11.60 loss per diluted share. The $1.83 billion increase in net earnings from the year-ago period was due mainly to $1.47 billion of goodwill impairment expense recognized in 2020 combined with a decrease in the provision for credit losses of $485.0 million due to improvements in both macro-economic forecast variables and loan portfolio credit quality metrics.

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Net Interest Income

The following tables summarize the distribution of average assets, liabilities, and stockholders’ equity, as well as interest income and yields earned on average interest-earning assets and interest expense and rates paid on average interest-bearing liabilities, presented on a tax equivalent basis, for the periods indicated:

			Three Months Ended
			September 30, 2021												June 30, 2021												September 30, 2020
						Interest			Yields									Interest			Yields									Interest			Yields
			Average			Income/			and						Average			Income/			and						Average			Income/			and
			Balance			Expense			Rates						Balance			Expense			Rates						Balance			Expense			Rates
			(Dollars in thousands)
ASSETS:
Loans and leases (1)(2)(3)			$	19,670,671		$	248,485		5.01		%				$	19,057,420		$	246,147		5.18		%				$	19,195,737		$	241,547		5.01		%
Investment securities (2)(4)			8,047,098			42,952			2.12		%				6,492,721			36,111			2.23		%				4,107,915			26,015			2.52		%
Deposits in financial institutions			5,657,768			2,580			0.18		%				6,347,764			2,022			0.13		%				2,554,349			654			0.10		%
Total interest‑earning assets (2)			33,375,537			294,017			3.50		%				31,897,905			284,280			3.57		%				25,858,001			268,216			4.13		%
Other assets			2,496,127												2,428,207												2,077,192
Total assets			$	35,871,664											$	34,326,112											$	27,935,193
LIABILITIES AND
STOCKHOLDERS’ EQUITY:
Interest checking			$	7,372,859		2,042			0.11		%				$	7,235,726		2,394			0.13		%				$	4,904,614		2,019			0.16		%
Money market			8,662,449			2,997			0.14		%				8,484,933			3,318			0.16		%				7,170,842			3,081			0.17		%
Savings			620,079			38			0.02		%				598,225			36			0.02		%				565,395			35			0.02		%
Time			1,475,307			1,340			0.36		%				1,498,169			1,521			0.41		%				1,876,072			4,752			1.01		%
Total interest‑bearing deposits			18,130,694			6,417			0.14		%				17,817,053			7,269			0.16		%				14,516,923			9,887			0.27		%
Borrowings			238,335			101			0.17		%				225,446			265			0.47		%				181,315			27			0.06		%
Subordinated debt			862,272			7,722			3.55		%				735,725			6,663			3.63		%				462,375			4,670			4.02		%
Total interest‑bearing liabilities			19,231,301			14,240			0.29		%				18,778,224			14,197			0.30		%				15,160,613			14,584			0.38		%
Noninterest‑bearing demand deposits			12,198,313												11,304,757												8,812,391
Other liabilities			525,429												504,089												464,320
Total liabilities			31,955,043												30,587,070												24,437,324
Stockholders’ equity			3,916,621												3,739,042												3,497,869
Total liabilities and
stockholders' equity			$	35,871,664											$	34,326,112											$	27,935,193
Net interest income (2)						$	279,777											$	270,083											$	253,632
Net interest rate spread (2)									3.21		%										3.27		%										3.75		%
Net interest margin (2)									3.33		%										3.40		%										3.90		%
Total deposits (5)			$	30,329,007		$	6,417		0.08		%				$	29,121,810		$	7,269		0.10		%				$	23,329,314		$	9,887		0.17		%

_____________________

(1)    Includes nonaccrual loans and leases and loan fees. Includes tax-equivalent adjustments related to tax-exempt interest on loans.

(2)    Tax equivalent.

(3)    Includes net loan premium amortization of $2.4 million and $1.5 million and net loan discount accretion of $35,000 for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively.

(4)    Includes tax-equivalent adjustments of $2.2 million, $2.2 million, and $1.6 million for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively, related to tax-exempt income on investment securities. The federal statutory tax rate utilized was 21%.

(5)    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.

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			Nine Months Ended
			September 30, 2021												September 30, 2020
						Interest			Yields									Interest			Yields
			Average			Income/			and						Average			Income/			and
			Balance			Expense			Rates						Balance			Expense			Rates
			(Dollars in thousands)
ASSETS:
Loans and leases (1)(2)(3)			$	19,221,192		$	737,478		5.13		%				$	19,403,365		$	752,785		5.18		%
Investment securities (2)(4)			6,650,744			111,392			2.24		%				3,936,492			82,086			2.79		%
Deposits in financial institutions			5,601,765			6,130			0.15		%				1,279,628			2,448			0.26		%
Total interest-earning assets (2)			31,473,701			855,000			3.63		%				24,619,485			837,319			4.54		%
Other assets			2,413,840												2,601,617
Total assets			$	33,887,541											$	27,221,102
LIABILITIES AND
STOCKHOLDERS’ EQUITY:
Interest checking			$	7,007,042		6,668			0.13		%				$	4,127,239		10,727			0.35		%
Money market			8,376,974			9,593			0.15		%				6,181,312			15,953			0.34		%
Savings			597,260			109			0.02		%				529,362			228			0.06		%
Time			1,488,848			4,816			0.43		%				2,343,645			24,301			1.39		%
Total interest-bearing deposits			17,470,124			21,186			0.16		%				13,181,558			51,209			0.52		%
Borrowings			229,990			559			0.32		%				1,023,307			8,124			1.06		%
Subordinated debt			689,484			18,760			3.64		%				460,088			16,632			4.83		%
Total interest-bearing liabilities			18,389,598			40,505			0.29		%				14,664,953			75,965			0.69		%
Noninterest-bearing demand deposits			11,232,927												8,157,169
Other liabilities			506,283												433,527
Total liabilities			30,128,808												23,255,649
Stockholders’ equity			3,758,733												3,965,453
Total liabilities and
stockholders' equity			$	33,887,541											$	27,221,102
Net interest income (2)						$	814,495											$	761,354
Net interest rate spread (2)									3.34		%										3.85		%
Net interest margin (2)									3.46		%										4.13		%
Total deposits (5)			$	28,703,051		$	21,186		0.10		%				$	21,338,727		$	51,209		0.32		%

_____________________

(1)    Includes nonaccrual loans and leases and loan fees. Includes tax-equivalent adjustments related to tax-exempt interest on loans.

(2)    Tax equivalent.

(3)    Includes net loan premium amortization of $5.0 million and net loan discount accretion of $4.4 million for the nine months ended September 30, 2021 and 2020, respectively.

(4)    Includes tax-equivalent adjustments of $6.4 million and $4.2 million for the nine months ended September 30, 2021 and 2020, respectively, related to tax-exempt income on investment securities. The federal statutory tax rate utilized was 21%.

(5)    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.

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Third Quarter of 2021 Compared to Second Quarter of 2021

Net interest income increased by $9.5 million to $275.8 million for the third quarter of 2021 compared to $266.3 million for the second quarter of 2021 due mainly to higher income on investment securities and loans and leases due mostly to higher average balances as we deployed our excess liquidity. Income on investment securities increased by $6.8 million in the third quarter of 2021 due to a $1.6 billion increase in the average balance of investment securities, offset partially by an 11 basis point decrease in the yield on average investment securities. Income on loans and leases increased by $2.2 million in the third quarter of 2021 due to a $613.3 million increase in the average balance of loans and leases, offset partially by a 17 basis point decrease in the yield on average loans and leases. The tax-equivalent yield on average loans and leases was 5.01% for the third quarter of 2021 compared to 5.18% for the second quarter of 2021.

The tax equivalent NIM was 3.33% for the third quarter of 2021 compared to 3.40% for the second quarter of 2021. The decrease in the tax equivalent NIM was due primarily to the change in the earning assets mix driven by the increase in the investment portfolio as a percentage of earning assets. The average balance of investment securities increased by $1.6 billion to $8.0 billion, the average balance of deposits in financial institutions decreased by $690.0 million to $5.7 billion, and the average balance of loans and leases increased by $613.3 million in the third quarter of 2021 to $19.7 billion. The increase in average balances of investment securities and loans and leases was the result of prudently deploying some of our excess liquidity ahead of the closing of the acquisition of the HOA Services Division of MUFG Union Bank that added approximately $4.1 billion of deposits on October 8, 2021. Excess liquidity continues to negatively impact the tax equivalent NIM, however, the impact decreased from approximately 73 basis points in the second quarter of 2021 to approximately 57 basis points in the third quarter of 2021. Average loans and leases as a percentage of average interest-earning assets was 59% for the third quarter of 2021 compared to 60% for the second quarter of 2021.

The cost of average total deposits decreased to 0.08% for the third quarter of 2021 from 0.10% for the second quarter of 2021. The lower cost of average total deposits was due primarily to the $894 million increase in the average balance of noninterest-bearing deposits.

Third Quarter of 2021 Compared to Third Quarter of 2020

Net interest income increased by $24.5 million to $275.8 million for the third quarter of 2021 compared to $251.3 million for the third quarter of 2020 due mainly to higher income on investment securities attributable to a higher average balance offset partially by a lower yield, higher income on loans and leases due to a higher average balance, and lower interest expense. Interest expense declined due principally to a lower cost of average interest-bearing deposits, offset partially by a higher balance of average subordinated debt attributable to the $400 million of subordinated notes issued in the second quarter of 2021. The tax equivalent yield on average loans and leases was 5.01% for the third quarter of 2021, unchanged compared to 5.01% for the same quarter of 2020.

The tax equivalent NIM was 3.33% for the third quarter of 2021 compared to 3.90% for the same quarter last year. The decrease in the tax equivalent NIM was due mostly to the change in the mix of average interest-earning assets and the lower yield on average investment securities, offset partially by lower deposit costs. The change in mix of average interest-earning assets was due to a $3.9 billion increase in average investment securities, a $3.1 billion increase in average deposits in financial institutions, and a $474.9 million increase in average loans and leases. Average loans and leases as a percentage of average interest-earning assets was 59% for the third quarter of 2021 compared to 74% for the third quarter of 2020.

The cost of average total deposits decreased to 0.08% for the third quarter of 2021 from 0.17% for the third quarter of 2020 due mainly to lower rates paid on deposits in conjunction with decreased market rates.

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Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020

Net interest income increased by $48.1 million to $803.4 million for the nine months ended September 30, 2021 compared to $755.4 million for the nine months ended September 30, 2020 due mainly to higher income on investment securities attributable to a higher average balance offset partially by a lower yield combined with lower interest expense due to lower rates paid on deposits, borrowings, and subordinated debt in conjunction with decreased market rates; the aforementioned increase in net interest income is offset partially by lower income on loans and leases due to a lower average loans and leases balance coupled with a lower loans and leases yield also attributable to decreased market rates. The tax equivalent yield on average loans and leases was 5.13% for the nine months ended September 30, 2021 compared to 5.18% for the same period in 2020.

The tax equivalent NIM was 3.46% for the nine months ended September 30, 2021 compared to 4.13% for the same period last year. The decrease in the tax equivalent NIM was due mostly to the change in the mix of average interest-earning assets and the lower yields on average investment securities and loans and leases, offset partially by lower costs of deposits, borrowings, and subordinated debt. The change in mix of average interest-earning assets was due to a $4.3 billion increase in average deposits in financial institutions, a $2.7 billion increase in average investment securities, and a $182.2 million decrease in average loans and leases. Average loans and leases as a percentage of average interest-earning assets was 61% for the nine months ended September 30, 2021 compared to 79% for the nine months ended September 30, 2020.

The cost of average total deposits decreased to 0.10% for the nine months ended September 30, 2021 from 0.32% for the same period last year due mainly to lower rates paid on deposits in conjunction with decreased market rates.

Provision for Credit Losses

The following table sets forth the details of the provision for credit losses on loans and leases held for investment and information regarding credit quality metrics for the periods indicated:

			Three Months Ended																		Nine Months Ended
			September 30,						June 30,						September 30,						September 30,
			2021						2021						2020						2021						2020
			(Dollars in thousands)
Provision For Credit Losses:
(Reduction in) addition to allowance for loan and lease losses			$	(21,500)					$	(72,000)					$	81,000					$	(146,500)					$	272,000
Addition to (reduction in) reserve for unfunded
loan commitments			1,500						(16,000)						16,000						(9,500)						57,000
Total provision for credit losses			$	(20,000)					$	(88,000)					$	97,000					$	(156,000)					$	329,000
Credit Quality Metrics:
Net charge-offs (recoveries) on loans and leases
held for investment (1)			$	367					$	(5,155)					$	36,084					$	(2,052)					$	68,436
Annualized net charge-offs to average loans and leases			0.01		%				(0.11)		%				0.75		%				(0.01)		%				0.47		%
At quarter-end:
Allowance for credit losses			$	279,804					$	300,171					$	442,537
Allowance for credit losses to loans and leases
held for investment			1.36		%				1.54		%				2.33		%
Allowance for credit losses to nonaccrual
loans and leases held for investment			433.8		%				528.4		%				516.9		%
Nonaccrual loans and leases held for investment			$	64,507					$	56,803					$	85,615
Performing TDRs held for investment			$	36,750					$	40,129					$	13,679
Classified loans and leases held for investment			$	141,604					$	147,267					$	274,572

______________________

(1)    See "- Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment" for detail of charge-offs and recoveries by loan portfolio segment, class, and subclass for the periods presented.

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Provisions for credit losses are charged to earnings for both the allowance for loan and lease losses and the reserve for unfunded loan commitments (collectively, the allowance for credit losses). The provision for credit losses on our loans and leases held for investment is based on our allowance methodology and is an expense that, in our judgment, is required to maintain an adequate allowance for credit losses. For further details on our allowance for credit losses methodology, see “- Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment” contained herein.

The provision for credit losses benefit was $20.0 million for the third quarter of 2021 compared to a benefit of $88.0 million for the second quarter of 2021. The third quarter benefit reflected improvement in both macro-economic forecast variables and loan portfolio credit quality metrics, offset partially by increased provisions for unfunded commitments and loan growth.

The provision for credit losses benefit was $20.0 million for the third quarter of 2021 compared to a provision of $97.0 million for the third quarter of 2020 as a result of improvement in both macro-economic forecast variables and loan portfolio credit quality metrics.

The provision for credit losses benefit was $156.0 million for the nine months ended September 30, 2021 compared to a provision of $329.0 million for the nine months ended September 30, 2020 as a result of improvement in both macro-economic forecast variables and loan portfolio credit quality metrics.

Certain circumstances may lead to increased provisions for credit losses in the future. Examples of such circumstances include deterioration in economic conditions and forecasts, an increased amount of classified and/or criticized loans and leases, and net loan and lease and unfunded commitment growth. Deterioration in economic conditions and forecasts include the rate of economic growth, the unemployment rate, the rate of inflation, changes in the general level of interest rates, changes in real estate values, and adverse conditions in borrowers’ businesses. See further discussion in “- Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment” contained herein.

Noninterest Income

The following table summarizes noninterest income by category for the periods indicated:

			Three Months Ended																		Nine Months Ended
			September 30,						June 30,						September 30,						September 30,
Noninterest Income			2021						2021						2020						2021						2020
			(In thousands)
Other commissions and fees			$	11,792					$	10,704					$	10,541					$	31,654					$	30,373
Leased equipment income			10,943						10,847						9,900						33,144						34,188
Service charges on deposit accounts			3,407						3,452						2,570						9,793						7,232
Gain on sale of loans and leases			—						1,422						35						1,561						468
Gain on sale of securities			515						—						5,270						616						13,167
Other income:
Dividends and gains (losses) on equity investments			8,387						5,394						6,945						24,685						9,920
Warrant income			13,578						5,650						500						25,351						3,310
Other			2,723						2,902						2,491						9,741						7,552
Total noninterest income			$	51,345					$	40,371					$	38,252					$	136,545					$	106,210

Third Quarter of 2021 Compared to Second Quarter of 2021

Noninterest income increased by $11.0 million to $51.3 million for the third quarter of 2021 compared to $40.4 million for the second quarter of 2021 due primarily to increases of $7.9 million in warrant income and $3.0 million in dividends and gains on equity investments. Warrant income increased due to a higher number of and dollar amount of gains on warrant exercises given the active capital markets, including one warrant gain of approximately $8.2 million. Dividends and gains on equity investments increased due primarily to higher gains on sales of equity investments and higher income distributions on SBIC investments, offset partially by lower net fair value gains on equity investments still held.

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Third Quarter of 2021 Compared to Third Quarter of 2020

Noninterest income increased by $13.1 million to $51.3 million for the third quarter of 2021 compared to $38.3 million for the third quarter of 2020 due mainly to increases of $13.1 million in warrant income, $1.4 million in dividends and gains on equity investments, and $1.3 million in other commissions and fees, offset partially by a $4.8 million decrease in gain on sale of securities. Warrant income increased due principally to higher gains from exercised warrants, driven by the active capital markets. The increase in dividends and gains on equity investments was due primarily to higher gains on sales of equity investments and higher income distributions on SBIC investments, offset partially by lower net fair value gains on equity investments still held. The increase in other commissions and fees was primarily due to higher foreign exchange fees and customer success fees. Gain on sale of securities decreased due to a net gain of $0.5 million on sales of $76.2 million for the third quarter of 2021 compared to a net gain of $5.3 million on sales of $17.0 million for the third quarter of 2020.

Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020

Noninterest income increased by $30.3 million to $136.5 million for the nine months ended September 30, 2021 compared to $106.2 million for the nine months ended September 30, 2020 due mainly to increases of $22.0 million in warrant income, $14.8 million in dividends and gains on equity investments, and $2.6 million in service charges on deposit accounts, offset partially by a $12.6 million decrease in gain on sale of securities. Warrant income increased due principally to higher gains from exercised warrants, driven by the active capital markets. The increase in dividends and gains on equity investments was due primarily to higher gains on sales of equity investments and higher income distributions on SBIC investments, offset partially by lower net fair value gains on equity investments still held. The increase in service charges on deposit accounts was due primarily to a higher volume of fee waivers that we granted customers in 2020 during the COVID pandemic. Gain on sale of securities decreased due to a net gain of $0.6 million on sales of $120.7 million for the nine months ended September 30, 2021 compared to a net gain of $13.2 million on sales of $154.1 million for the same period last year.

Noninterest Expense

The following table summarizes noninterest expense by category for the periods indicated:

			Three Months Ended																		Nine Months Ended
			September 30,						June 30,						September 30,						September 30,
Noninterest Expense			2021						2021						2020						2021						2020
			(In thousands)
Compensation			$	98,061					$	90,807					$	75,131					$	268,750					$	198,323
Occupancy			14,928						14,784						14,771						43,766						43,472
Leased equipment depreciation			8,603						8,614						7,057						26,186						21,364
Data processing			7,391						7,758						6,505						22,106						20,061
Other professional services			5,164						5,256						4,713						15,546						13,117
Customer related expense			4,538						4,973						4,762						14,329						13,102
Loan expense			4,180						4,031						3,499						11,404						9,528
Insurance and assessments			3,685						3,745						3,939						12,333						17,561
Intangible asset amortization			2,890						2,889						3,751						8,858						11,581
Acquisition, integration and reorganization costs			200						200						—						3,825						—
Foreclosed assets expense (income), net			165						(119)						335						47						255
Other			9,616						8,812						8,939						34,157						29,973
Total operating expense			159,421						151,750						133,402						461,307						378,337
Goodwill impairment			—						—						—						—						1,470,000
Total noninterest expense			$	159,421					$	151,750					$	133,402					$	461,307					$	1,848,337

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Third Quarter of 2021 Compared to Second Quarter of 2021

Noninterest expense increased by $7.7 million to $159.4 million for the third quarter of 2021 compared to $151.8 million for the second quarter of 2021 due mostly to an increase of $7.3 million in compensation expense attributable mainly to higher bonus and incentives expense as we updated our full-year bonus estimates based on the growth in loans and deposits in the third quarter of 2021, overall year-to-date performance, and increased warrant income.

Third Quarter of 2021 Compared to Third Quarter of 2020

Noninterest expense increased by $26.0 million to $159.4 million for the third quarter of 2021 compared to $133.4 million for the third quarter of 2020 due primarily to increases of $22.9 million in compensation expense due mostly to the incremental compensation expense for Civic that was acquired on February 1, 2021 and higher bonus expense due to year-to-date performance in 2021, and $1.5 million in leased equipment depreciation due to a higher balance of leased equipment.

Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020

Noninterest expense decreased by $1.39 billion to $461.3 million for the nine months ended September 30, 2021 compared to $1.85 billion for the nine months ended September 30, 2020 due primarily to a $1.47 billion goodwill impairment in the 2020 period. Excluding the goodwill impairment, noninterest expense increased by $83.0 million in the 2021 period compared to the 2020 period. This increase was due primarily to increases of $70.4 million increase in compensation expense, $4.8 million in leased equipment depreciation, $4.2 million in other expense, and $3.8 million increase in acquisition, integration and reorganization costs. The increase in compensation expense was due to the incremental compensation expense from eight months of Civic operations in the 2021 period and higher bonus expense, given the operating results in 2021, while the 2020 bonus amounts were below historical levels as a result of the higher provisions for credit losses in 2020. Leased equipment depreciation increased due to a higher balance of leased equipment. Other expense increased due mainly to higher legal settlement costs. The increase in acquisition, integration, and reorganization costs was due to the costs in the 2021 period related to the closed Civic acquisition and the acquisition of MUFG Union Bank's HOA Services Division that closed on October 8, 2021.

Income Taxes

The effective tax rate for the third quarter of 2021 was 25.4% compared to 25.7% for the second quarter of 2021 and 23.1% for the third quarter of 2020. The increased effective tax rate for the third quarter of 2021 compared to the third quarter of 2020 was primarily due to higher book income in 2021. The effective tax rate for the nine months ended September 30, 2021 was 25.8% compared to (2.9)% for the nine months ended September 30, 2020. Excluding non-deductible goodwill impairment, the effective income tax rate was 25.0% for the nine months ended September 30, 2020. The Company’s blended statutory tax rate for federal and state is 27.6% and the effective tax rate for the full year 2021 is estimated to be in the range of 25-27%.

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Balance Sheet Analysis

Securities Available-for-Sale

The following table presents the composition and durations of our securities available-for-sale as of the dates indicated:

			September 30, 2021																		June 30, 2021																		December 31, 2020
			Fair						% of						Duration						Fair						% of						Duration						Fair						% of						Duration
Security Type			Value						Total						(in years)						Value						Total						(in years)						Value						Total						(in years)
			(Dollars in thousands)
Agency residential MBS			$	2,180,993					24		%				3.3						$	552,411					8		%				3.3						$	341,074					7		%				1.9
Municipal securities			1,989,929						21		%				8.3						1,817,499						25		%				8.2						1,531,617						29		%				8.2
Agency commercial MBS			1,314,024						14		%				3.9						1,257,628						18		%				3.6						1,281,877						24		%				3.2
Agency residential CMOs			1,088,537						12		%				3.0						1,142,398						16		%				3.0						1,219,880						23		%				2.7
U.S. Treasury securities			971,268						10		%				6.8						877,153						12		%				7.7						5,302						—		%				1.3
Corporate debt securities			516,615						6		%				3.7						508,708						7		%				3.8						311,889						6		%				3.7
Private label commercial MBS			388,318						4		%				7.4						378,235						5		%				7.4						82,957						2		%				1.8
Collateralized loan obligations			358,547						4		%				0.2						382,043						5		%				—						135,876						3		%				—
Private label residential CMOs			303,681						3		%				3.3						96,922						1		%				2.5						116,946						2		%				2.1
Asset-backed securities			132,997						2		%				0.1						149,583						2		%				0.1						166,546						3		%				0.1
SBA securities			32,017						—		%				3.7						36,028						1		%				3.7						41,627						1		%				3.2
Total securities available-
for-sale			$	9,276,926					100		%				4.8						$	7,198,608					100		%				5.1						$	5,235,591					100		%				4.3

The following table shows the geographic composition of the majority of our municipal securities portfolio as of the date indicated:

			September 30, 2021
			Fair						% of
Municipal Securities by State			Value						Total
			(Dollars in thousands)
California			$	542,158					27		%
Texas			325,478						16		%
Washington			279,348						14		%
Oregon			121,199						6		%
Maryland			73,467						4		%
Georgia			68,062						4		%
New York			66,378						3		%
Colorado			57,940						3		%
Minnesota			55,694						3		%
Florida			45,659						2		%
Total of ten largest states			1,635,383						82		%
All other states			354,546						18		%
Total municipal securities			$	1,989,929					100		%

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Loans and Leases Held for Investment

The following table presents the composition of our loans and leases held for investment, net of deferred fees, by loan portfolio segment, class, and subclass as of the dates indicated:

			September 30, 2021												June 30, 2021												December 31, 2020
									% of												% of												% of
Loan and Lease Portfolio			Balance						Total						Balance						Total						Balance						Total
			(Dollars in thousands)
Real estate mortgage:
Other commercial real estate			$	2,438,398					12		%				$	2,483,856					13		%				$	2,747,526					14		%
SBA program			628,112						3		%				625,023						3		%				599,788						3		%
Hotel			506,355						2		%				521,869						2		%				571,917						3		%
Healthcare real estate			121,732						1		%				161,450						1		%				177,440						1		%
Total commercial real estate mortgage			3,694,597						18		%				3,792,198						19		%				4,096,671						21		%
Income producing and other residential			4,561,758						23		%				4,378,932						23		%				3,718,457						20		%
Other residential real estate			1,324,602						6		%				241,890						1		%				84,808						—		%
Total income producing and other
residential real estate mortgage			5,886,360						29		%				4,620,822						24		%				3,803,265						20		%
Total real estate mortgage			9,580,957						47		%				8,413,020						43		%				7,899,936						41		%
Real estate construction and land:
Commercial			992,003						5		%				930,785						5		%				1,117,121						6		%
Residential			2,659,870						13		%				2,574,799						13		%				2,243,160						12		%
Total real estate construction and land (1)			3,651,873						18		%				3,505,584						18		%				3,360,281						18		%
Total real estate			13,232,830						65		%				11,918,604						61		%				11,260,217						59		%
Commercial:
Lender finance			2,373,810						12		%				2,256,828						12		%				2,095,963						11		%
Equipment finance			574,531						3		%				638,898						3		%				700,042						4		%
Premium finance			522,406						2		%				482,822						2		%				438,761						2		%
Other asset-based			191,022						1		%				172,355						1		%				194,517						1		%
Total asset-based			3,661,769						18		%				3,550,903						18		%				3,429,283						18		%
Equity fund loans			1,114,292						5		%				1,245,283						6		%				1,032,718						5		%
Venture lending			518,569						3		%				504,149						3		%				665,790						4		%
Total venture capital			1,632,861						8		%				1,749,432						9		%				1,698,508						9		%
Secured business loans			471,869						2		%				434,032						2		%				430,263						2		%
Paycheck Protection Program			271,679						1		%				609,200						3		%				1,057,422						5		%
Security monitoring			160,483						1		%				207,232						1		%				329,312						2		%
Other lending			673,561						3		%				671,445						4		%				558,117						3		%
Total other commercial			1,577,592						7		%				1,921,909						10		%				2,375,114						12		%
Total commercial			6,872,222						33		%				7,222,244						37		%				7,502,905						39		%
Consumer			405,968						2		%				365,409						2		%				320,255						2		%
Total loans and leases held for investment,
net of deferred fees			$	20,511,020					100		%				$	19,506,257					100		%				$	19,083,377					100		%

 ________________________________

(1)    Includes land and acquisition and development loans of $144.9 million at September 30, 2021, $153.1 million at June 30, 2021 and $167.1 million at December 31, 2020.

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The following table presents the geographic composition of our real estate loans held for investment, net of deferred fees, by the top 10 states and all other states combined (in the order presented for the current quarter-end) as of the dates indicated:

			September 30, 2021												December 31, 2020
									% of												% of
Real Estate Loans by State			Balance						Total						Balance						Total
			(Dollars in thousands)
California			$	7,920,685					60		%				$	6,942,768					62		%
Florida			778,466						6		%				598,167						5		%
New York			725,657						5		%				716,329						6		%
Colorado			647,441						5		%				386,480						3		%
Washington			392,674						3		%				413,014						4		%
Oregon			356,233						3		%				269,600						2		%
Texas			332,886						2		%				263,731						2		%
Nevada			236,419						2		%				195,663						2		%
Arizona			212,762						2		%				171,533						2		%
Virginia			203,839						1		%				135,501						2		%
Total of 10 largest states			11,807,062						89		%				10,092,786						90		%
All other states			1,425,768						11		%				1,167,431						10		%
Total real estate loans held for investment, net of deferred fees			$	13,232,830					100		%				$	11,260,217					100		%

The following table presents a roll forward of loans and leases held for investment, net of deferred fees, for the periods indicated:

			Three Months Ended						Nine Months Ended
Roll Forward of Loans and Leases Held for Investment, Net of Deferred Fees (1)			September 30, 2021						September 30, 2021
			(Dollars in thousands)
Balance, beginning of period			$	19,506,257					$	19,083,377
Additions:
Production			2,406,024						5,681,952
Disbursements			1,349,333						4,034,963
Total production and disbursements			3,755,357						9,716,915
Reductions:
Payoffs			(1,732,621)						(5,337,003)
Paydowns			(1,013,867)						(2,883,507)
Total payoffs and paydowns			(2,746,488)						(8,220,510)
Sales			(2,175)						(101,426)
Transfers to foreclosed assets			(415)						(1,062)
Charge-offs			(1,516)						(6,320)
Transfers to loans held for sale			—						(25,554)
Total reductions			(2,750,594)						(8,354,872)
Loans and leases acquired through acquisition			—						65,600
Net increase			1,004,763						1,427,643
Balance, end of period			$	20,511,020					$	20,511,020
Weighted average rate on production (2)			4.24		%				4.37		%

_______________________________________ 

(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 does not include amortized fees. Amortized fees added approximately 40 basis points to loan yields for the nine months ended September 30, 2021.

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Allowance for Credit Losses on Loans and Leases Held for Investment

The allowance for credit losses on loans and leases held for investment is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The allowance for loan and lease losses is reported as a reduction of the amortized cost basis of loans and leases, while the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. The amortized cost basis of loans and leases does not include interest receivable, which is included in "Other assets" on the condensed consolidated balance sheets. The "Provision for credit losses" on the condensed consolidated statement of earnings (loss) is a combination of the provision for loan and lease losses and the provision for unfunded loan commitments.

Under the CECL methodology, expected credit losses reflect losses over the remaining contractual life of an asset, considering the effect of prepayments and available information about the collectability of cash flows, including information about relevant historical experience, current conditions, and reasonable and supportable forecasts of future events and circumstances. Thus, the CECL methodology incorporates a broad range of information in developing credit loss estimates.

For further information regarding the calculation of the allowance for credit losses on loans and leases held for investment using the CECL methodology, see Note 1. Nature of Operations and Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements contained in "Item 8. Financial Statements and Supplementary Data" of our Form 10-K.

In calculating our allowance for credit losses, we continued to consider the impacts of the ongoing COVID-19 pandemic on our estimation of expected credit losses given the changes in economic forecasts and assumptions along with the uncertainty related to the severity and duration of the economic consequences of the COVID-19 pandemic. Our methodology and framework along with the 4-quarter reasonable and supportable forecast period and 2-quarter reversion period have remained consistent since the implementation of CECL on January 1, 2020. Certain management assumptions are reassessed every quarter based on current expectations for credit losses, while other assumptions are assessed and updated on at least an annual basis.

In the third quarter of 2021, we used the Moody’s Consensus Forecast dated September 9, 2021 for the calculation of our quantitative component, which is consistent with the second quarter and first quarter of 2021 when we also used the Moody's Consensus Forecast. The key macro-economic variables used improved from the prior quarter as a result of updating and advancing the forecast by a quarter which, when combined with improvements in other credit quality metrics such as a decline in classified and special mention loans, drove the decrease in the quantitative calculation of the allowance for credit losses in the third quarter. This decrease was offset partially by provisions for net loan growth. During the first quarter of 2021, we added qualitative components that were based on management’s assessment of various qualitative factors such as economic conditions and collateral dependency. These qualitative components were primarily related to certain loan portfolios including hotels, retail, and office properties that may react more slowly to the improvements in the general economic conditions. These sectors may see a slower economic recovery to pre-pandemic levels due to changes in consumer behavior such as less business travel due to more virtual meetings, more online shopping versus in person shopping, or the potential for more permanent shifts to remote or hybrid working arrangements. Additionally, small businesses in these sectors may face greater challenges once debt relief and PPP funding is exhausted. During the third quarter of 2021, these qualitative adjustments were updated resulting in a decrease in the qualitative component, primarily to reflect an improved forecast for hotel properties, compared to the first and second quarters of 2021.

The determination of the allowance for credit losses is complex and highly dependent on numerous models, assumptions, and judgments made by management. Management's current expectation for credit losses as quantified in the allowance for credit losses considers the impact of assumptions and is reflective of historical credit experience, economic forecasts viewed to be reasonable and supportable, current loan and lease composition, and relative credit risks known as of the balance sheet date.

Management believes the allowance for credit losses is appropriate for the current expected credit losses in our loan and lease portfolio and associated unfunded commitments, and the credit risk ratings and inherent loss rates currently assigned are reasonable and appropriate as of the reporting date. It is possible that others, given the same information, may at any point in time reach different conclusions that could result in a significant impact to the Company's financial statements.

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The following table presents information regarding the allowance for credit losses on loans and leases held for investment as of the dates indicated:

			September 30,						June 30,						December 31,						September 30,
Allowance for Credit Losses Data			2021						2021						2020						2020
			(Dollars in thousands)
Allowance for loan and lease losses			$	203,733					$	225,600					$	348,181					$	345,966
Reserve for unfunded loan commitments			76,071						74,571						85,571						96,571
Total allowance for credit losses			$	279,804					$	300,171					$	433,752					$	442,537
Allowance for loan and lease losses to loans and leases held for investment			0.99		%				1.16		%				1.82		%				1.82		%
Allowance for loan and lease losses to loans and leases held for investment,
excluding PPP loans			1.01		%				1.19		%				1.93		%				1.94		%
Allowance for credit losses to loans and leases held for investment			1.36		%				1.54		%				2.27		%				2.33		%
Allowance for credit losses to loans and leases held for investment,
excluding PPP loans			1.38		%				1.59		%				2.41		%				2.48		%

The following table presents the changes in our allowance for credit losses on loans and leases held for investment for the periods indicated:

			Three Months Ended																		Nine Months Ended
			September 30,						June 30,						September 30,						September 30,
Allowance for Credit Losses Roll Forward			2021						2021						2020						2021						2020
			(Dollars in thousands)
Balance, beginning of period			$	300,171					$	383,016					$	381,621					$	433,752					$	174,646
Cumulative effect of change in accounting
principle - CECL, as of January 1, 2020:
Allowance for loan and lease losses			—						—						—						—						3,617
Reserve for unfunded loan commitments			—						—						—						—						3,710
Total cumulative effect			—						—						—						—						7,327
Provision for credit losses:
(Reduction in) addition to allowance for loan and lease losses			(21,500)						(72,000)						81,000						(146,500)						272,000
Addition to (reduction in) reserve for unfunded
loan commitments			1,500						(16,000)						16,000						(9,500)						57,000
Total provision for credit losses			(20,000)						(88,000)						97,000						(156,000)						329,000
Loans and leases charged off:
Real estate mortgage			(29)						(266)						(1,551)						(663)						(6,233)
Real estate construction and land			—						(75)						—						(775)						—
Commercial			(951)						(277)						(35,666)						(3,802)						(66,337)
Consumer			(536)						(198)						(67)						(1,080)						(705)
Total loans and leases charged off			(1,516)						(816)						(37,284)						(6,320)						(73,275)
Recoveries on loans charged off:
Real estate mortgage			563						4,882						109						5,990						360
Real estate construction and land			—						—						21						—						21
Commercial			543						1,029						1,063						2,269						4,410
Consumer			43						60						7						113						48
Total recoveries on loans charged off			1,149						5,971						1,200						8,372						4,839
Net (charge-offs) recoveries			(367)						5,155						(36,084)						2,052						(68,436)
Balance, end of period			$	279,804					$	300,171					$	442,537					$	279,804					$	442,537
Annualized net charge-offs (recoveries) to
average loans and leases			0.01		%				(0.11)		%				0.75		%				(0.01)		%				0.47		%

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The following table presents charge-offs by loan portfolio segment, class, and subclass for the periods indicated:

			Three Months Ended																		Nine Months Ended
			September 30,						June 30,						September 30,						September 30,
Allowance for Credit Losses Charge-offs			2021						2021						2020						2021						2020
			(In thousands)
Real estate mortgage:
Healthcare real estate			$	—					$	—					$	—					$	—					$	—
Hotel			—						—						—						343						—
SBA program			—						211						6						236						280
Other commercial real estate			—						—						1,494						—						5,727
Total commercial real estate mortgage			—						211						1,500						579						6,007
Income producing and other residential			29						55						—						84						—
Other residential real estate			—						—						51						—						226
Total income producing and other residential
real estate mortgage			29						55						51						84						226
Total real estate mortgage			29						266						1,551						663						6,233
Real estate construction and land:
Commercial			—						75						—						775						—
Residential			—						—						—						—						—
Total real estate construction and land			—						75						—						775						—
Commercial:
Lender finance			232						—						—						232						—
Equipment finance			—						—						267						—						11,817
Premium finance			—						—						—						—						—
Other asset-based			—						—						—						—						—
Total asset-based			232						—						267						232						11,817
Equity fund loans			—						—						—						—						—
Venture lending			—						—						5						620						6,818
Total venture capital			—						—						5						620						6,818
Paycheck Protection Program			—						—						—						—						—
Security monitoring			—						—						33,796						—						44,032
Secured business loans			73						—						—						120						—
Other lending			646						277						1,598						2,830						3,670
Total other commercial			719						277						35,394						2,950						47,702
Total commercial			951						277						35,666						3,802						66,337
Consumer			536						198						67						1,080						705
Total charge-offs			$	1,516					$	816					$	37,284					$	6,320					$	73,275

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The following table presents recoveries by portfolio segment, class, and subclass for the periods indicated:

			Three Months Ended																		Nine Months Ended
			September 30,						June 30,						September 30,						September 30,
Allowance for Credit Losses Recoveries			2021						2021						2020						2021						2020
			(In thousands)
Real estate mortgage:
Healthcare real estate			$	—					$	—					$	—					$	—					$	—
Hotel			—						—						—						—						—
SBA program			513						20						31						550						153
Other commercial real estate			—						4,860						3						5,384						118
Total commercial real estate mortgage			513						4,880						34						5,934						271
Income producing and other residential			—						—						—						—						—
Other residential real estate			50						2						75						56						89
Total income producing and other
residential real estate mortgage			50						2						75						56						89
Total real estate mortgage			563						4,882						109						5,990						360
Real estate construction and land:
Commercial			—						—						—						—						—
Residential			—						—						21						—						21
Total real estate construction and land			—						—						21						—						21
Commercial:
Lender finance			—						—						—						—						—
Equipment finance			—						7						31						114						269
Premium finance			—						—						—						—						—
Other asset-based			101						98						175						360						324
Total asset-based			101						105						206						474						593
Equity fund loans			—						—						—						—						—
Venture lending			32						44						604						133						903
Total venture capital			32						44						604						133						903
Paycheck Protection Program			—						—						—						—						—
Security monitoring			—						—						—						—						—
Secured business loans			125						73						56						324						273
Other lending			285						807						197						1,338						2,641
Total other commercial			410						880						253						1,662						2,914
Total commercial			543						1,029						1,063						2,269						4,410
Consumer			43						60						7						113						48
Total recoveries			$	1,149					$	5,971					$	1,200					$	8,372					$	4,839

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Deposits

The following table presents the balance of each major category of deposits as of the dates indicated:

			September 30, 2021												June 30, 2021												December 31, 2020
									% of												% of												% of
Deposit Composition			Balance						Total						Balance						Total						Balance						Total
			(Dollars in thousands)
Noninterest-bearing demand			$	12,881,806					42		%				$	11,252,286					38		%				$	9,193,827					37		%
Interest checking			7,168,472						24		%				7,394,472						25		%				5,974,910						24		%
Money market			7,463,261						24		%				7,777,199						26		%				6,532,917						26		%
Savings			627,169						2		%				614,204						2		%				562,826						2		%
Total core deposits			28,140,708						92		%				27,038,161						91		%				22,264,480						89		%
Non-core non-maturity deposits			960,438						3		%				1,122,971						4		%				1,149,467						5		%
Total non-maturity deposits			29,101,146						95		%				28,161,132						95		%				23,413,947						94		%
Time deposits $250,000 and under			882,551						3		%				913,371						3		%				994,197						4		%
Time deposits over $250,000			576,048						2		%				572,531						2		%				532,573						2		%
Total time deposits			1,458,599						5		%				1,485,902						5		%				1,526,770						6		%
Total deposits			$	30,559,745					100		%				$	29,647,034					100		%				$	24,940,717					100		%

During the third quarter of 2021, total deposits increased by $912.7 million to $30.6 billion, due primarily to an increase of $1.1 billion in core deposits. The increase in core deposits in the third quarter of 2021 was driven by continued strong deposit growth from our venture banking and community banking customers. At September 30, 2021, core deposits totaled $28.1 billion, or 92% of total deposits, including $12.9 billion of noninterest-bearing demand deposits, or 42% of total deposits.

The following table summarizes the maturities of time deposits as of the date indicated:

			Time Deposits
			$250,000						Over
September 30, 2021			and Under						$250,000						Total
			(In thousands)
Maturities:
Due in three months or less			$	281,940					$	161,805					$	443,745
Due in over three months through six months			155,375						185,918						341,293
Due in over six months through twelve months			225,713						217,151						442,864
Total due within twelve months			663,028						564,874						1,227,902
Due in over 12 months through 24 months			97,078						8,802						105,880
Due in over 24 months			122,445						2,372						124,817
Total			$	882,551					$	576,048					$	1,458,599

Client Investment Funds

In addition to deposit products, we also offer select clients non-depository cash investment options through PWAM, our registered investment adviser subsidiary, and third-party money market sweep products. PWAM provides customized investment advisory and asset management solutions. At September 30, 2021, total off-balance sheet client investment funds were $1.4 billion, of which $1.0 billion was managed by PWAM. At December 31, 2020, total off-balance sheet client investment funds were $1.3 billion, of which $1.0 billion was managed by PWAM.

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Credit Quality

Nonperforming Assets, Performing TDRs, and Classified Loans and Leases

The following table presents information on our nonperforming assets, performing TDRs, and classified loans and leases as of the dates indicated:

			September 30,						June 30,						December 31,						September 30,
			2021						2021						2020						2020
			(Dollars in thousands)
Nonaccrual loans and leases held for investment			$	64,507					$	56,803					$	91,163					$	85,615
Foreclosed assets, net			13,364						13,227						14,027						13,747
Total nonperforming assets			$	77,871					$	70,030					$	105,190					$	99,362
Performing TDRs held for investment			$	36,750					$	40,129					$	14,254					$	13,679
Classified loans and leases held for investment			$	141,604					$	147,267					$	265,262					$	274,572
Nonaccrual loans and leases held for investment to
loans and leases held for investment			0.31		%				0.29		%				0.48		%				0.45		%
Nonperforming assets to loans and leases held for investment
and foreclosed assets, net			0.38		%				0.36		%				0.55		%				0.52		%
Allowance for credit losses to nonaccrual loans and leases
held for investment			433.8		%				528.4		%				475.8		%				516.9		%
Classified loans and leases held for investment
to loans and leases held for investment			0.69		%				0.75		%				1.39		%				1.44		%

Nonaccrual Loans and Leases Held for Investment

The following table presents our nonaccrual loans and leases held for investment and accruing loans and leases past due between 30 and 89 days by loan portfolio segment and class as of the dates indicated:

			September 30, 2021												June 30, 2021												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			$	25,615					$	676					$	32,065					$	—					$	(6,450)					$	676
Income producing and other residential			7,547						3,760						6,133						2,179						1,414						1,581
Total real estate mortgage			33,162						4,436						38,198						2,179						(5,036)						2,257
Real estate construction and land:
Commercial			—						—						284						—						(284)						—
Residential			19,918						12,809						1,934						22,714						17,984						(9,905)
Total real estate construction and land			19,918						12,809						2,218						22,714						17,700						(9,905)
Commercial:
Asset-based			1,605						—						1,973						—						(368)						—
Venture capital			2,348						1,670						2,717						—						(369)						1,670
Other commercial			6,979						340						11,337						270						(4,358)						70
Total commercial			10,932						2,010						16,027						270						(5,095)						1,740
Consumer			495						1,042						360						1,454						135						(412)
Total held for investment			$	64,507					$	20,297					$	56,803					$	26,617					$	7,704					$	(6,320)

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During the third quarter of 2021, nonaccrual loan and leases held for investment increased by $7.7 million to $64.5 million at September 30, 2021 due mainly to additions of $21.6 million, offset partially by returns to accrual status of $5.9 million and charge-offs of $1.0 million and principal payments and other reductions of $7.1 million. Additionally, a residential real estate construction loan of $7.5 million on nonaccrual status as of September 30, 2021, which was also the largest nonaccrual loan as of this date, paid off on October 1, 2021. As of September 30, 2021, the Company's three largest loan relationships on nonaccrual status had an aggregate carrying value of $16.6 million and represented 26% of total nonaccrual loans and leases.

Foreclosed Assets

The following table presents foreclosed assets (primarily OREO), net of the valuation allowance, by property type as of the dates indicated:

			September 30,						June 30,						December 31,						September 30,
Property Type			2021						2021						2020						2020
			(In thousands)
Commercial real estate			$	12,594					$	12,594					$	12,979					$	12,594
Single-family residence			415						—						—						—
Construction and land development			—						219						219						219
Total OREO, net			13,009						12,813						13,198						12,813
Other foreclosed assets			355						414						829						934
Total foreclosed assets, net			$	13,364					$	13,227					$	14,027					$	13,747

During the third quarter of 2021, foreclosed assets increased by $0.1 million to $13.4 million at September 30, 2021 due mainly to additions of $0.4 million, offset partially by sales of $0.3 million.

Performing TDRs Held for Investment

The following table presents our performing TDRs held for investment by loan portfolio segment as of the dates indicated:

			September 30, 2021												June 30, 2021												December 31, 2020
									Number												Number												Number
									of												of												of
Performing TDRs			Balance						Loans						Balance						Loans						Balance						Loans
			(Dollars in thousands)
Real estate mortgage			$	5,926					18						$	6,415					19						$	6,631					20
Real estate construction and land			1,433						1						1,439						1						1,451						1
Commercial			29,366						24						32,250						20						6,146						21
Consumer			25						1						25						1						26						1
Total performing TDRs held for investment			$	36,750					44						$	40,129					41						$	14,254					43

During the third quarter of 2021, performing TDRs held for investment decreased by $3.4 million to $36.8 million at September 30, 2021 attributable primarily to payments and other reductions of $7.0 million, offset partially by transfers from nonaccrual status to performing TDRs of $3.6 million.

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Classified and Special Mention Loans and Leases Held for Investment

The following table presents the credit risk ratings of our loans and leases held for investment, net of deferred fees, as of the dates indicated:

			September 30,						June 30,						December 31,						September 30,
Loan and Lease Credit Risk Ratings			2021						2021						2020						2020
			(Dollars in thousands)
Pass			$	19,873,050					$	18,822,938					$	18,096,830					$	17,967,872
Special mention			496,366						536,052						721,285						783,756
Classified			141,604						147,267						265,262						274,572
Total loans and leases held for investment, net of deferred fees			$	20,511,020					$	19,506,257					$	19,083,377					$	19,026,200

Classified and special mention loans and leases fluctuate from period to period as a result of loan repayments and downgrades or upgrades from our ongoing active portfolio management.

During the third quarter of 2021, classified loans and leases decreased by $5.7 million to $141.6 million at September 30, 2021 due mostly to decreases of $19.6 million in asset-based loans and $10.1 million in other commercial loans, offset partially by increases of $18.0 million in residential real estate construction and land loans and $6.2 million in commercial real estate mortgage loans. Classified loans and leases peaked in the second quarter of 2020 at $293.2 million.

During the third quarter of 2021, special mention loans and leases decreased by $39.7 million to $496.4 million at September 30, 2021 due mainly to a decrease of $40.1 million in commercial real estate mortgage loans. Special mention loans and leases peaked in the first quarter of 2020 at $898.7 million, as we proactively downgraded certain loans at the onset of the COVID-19 pandemic.

The following table presents the classified and special mention credit risk rating categories for loans and leases held for investment, net of deferred fees, by loan portfolio segment and class and the related net changes as of the dates indicated:

			September 30, 2021												June 30, 2021												Increase (Decrease)
									Special												Special												Special
			Classified						Mention						Classified						Mention						Classified						Mention
			(In thousands)
Real estate mortgage:
Commercial			$	69,059					$	202,029					$	62,827					$	242,159					$	6,232					$	(40,130)
Income producing and other residential			13,603						73,831						12,681						60,843						922						12,988
Total real estate mortgage			82,662						275,860						75,508						303,002						7,154						(27,142)
Real estate construction and land:
Commercial			—						67,649						284						67,292						(284)						357
Residential			19,918						7,324						1,934						8,234						17,984						(910)
Total real estate construction and land			19,918						74,973						2,218						75,526						17,700						(553)
Commercial:
Asset-based			4,734						87,980						24,351						102,734						(19,617)						(14,754)
Venture capital			4,840						38,281						5,708						33,910						(868)						4,371
Other commercial			28,926						17,107						39,005						18,340						(10,079)						(1,233)
Total commercial			38,500						143,368						69,064						154,984						(30,564)						(11,616)
Consumer			524						2,165						477						2,540						47						(375)
Total			$	141,604					$	496,366					$	147,267					$	536,052					$	(5,663)					$	(39,686)

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Regulatory Matters

Capital

Bank regulatory agencies measure capital adequacy through standardized risk-based capital guidelines that compare different levels of capital (as defined by such guidelines) to risk-weighted assets and off-balance sheet obligations. At September 30, 2021, banks considered to be “well capitalized” must maintain a minimum Tier 1 leverage ratio of 5.00%, a minimum common equity Tier 1 risk-based capital ratio of 6.50%, a minimum Tier 1 risk-based capital ratio of 8.00%, and a minimum total risk-based capital ratio of 10.00%.

Basel III currently requires all banking organizations to maintain a 2.50% capital conservation buffer above the minimum risk-based capital requirements to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively comprised of common equity tier 1 capital, and it applies to each of the three risk-based capital ratios but not to the leverage ratio. Effective January 1, 2019, the common equity tier 1, tier 1, and total capital ratio minimums inclusive of the capital conservation buffer were 7.00%, 8.50%, and 10.50%. At September 30, 2021, the Company and Bank were in compliance with the capital conservation buffer requirement.

The Company and Bank elected the CECL 5-year regulatory transition guidance for calculating regulatory capital ratios and the September 30, 2021 ratios include this election. This regulatory guidance allows an entity to add back to capital 100% of the capital impact from the day one CECL transition adjustment and 25% of subsequent increases to the allowance for credit losses through December 31, 2022. This cumulative amount will then be phased out of regulatory capital over the next three years from 2023 to 2025. The add-back as of September 30, 2021 ranged from 0 basis points to 11 basis points for the capital ratios below.

In the third quarter of 2021, approximately $131 million of trust preferred securities were reclassified from Tier II capital to Tier I capital due to a reassessment of the Basel III implementation rule that permitted the grandfathering of certain trust preferred securities as Tier I capital. This change increased the Tier I leverage capital ratio by approximately 38 basis points and increased the Tier I capital ratio by approximately 50 basis points in the third quarter of 2021. Prior periods were not required to be revised for this change.

The following tables present a comparison of our actual capital ratios to the minimum required ratios and well capitalized ratios as of the dates indicated:

									Minimum Required
									For Capital						For Capital						For Well
									Adequacy						Conservation						Capitalized
			Actual						Purposes						Buffer						Classification
September 30, 2021
PacWest Bancorp Consolidated
Tier 1 leverage capital ratio			8.05%						4.00%						4.00%						N/A
CET1 capital ratio			10.15%						4.50%						7.00%						N/A
Tier 1 capital ratio			10.65%						6.00%						8.50%						N/A
Total capital ratio			14.36%						8.00%						10.50%						N/A
Pacific Western Bank
Tier 1 leverage capital ratio			8.40%						4.00%						4.00%						5.00%
CET1 capital ratio			11.12%						4.50%						7.00%						6.50%
Tier 1 capital ratio			11.12%						6.00%						8.50%						8.00%
Total capital ratio			13.59%						8.00%						10.50%						10.00%

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									Minimum Required
									For Capital						For Capital						For Well
									Adequacy						Conservation						Capitalized
			Actual						Purposes						Buffer						Classification
December 31, 2020
PacWest Bancorp Consolidated
Tier 1 leverage capital ratio			8.55%						4.00%						4.00%						N/A
CET1 capital ratio			10.53%						4.50%						7.00%						N/A
Tier 1 capital ratio			10.53%						6.00%						8.50%						N/A
Total capital ratio			13.76%						8.00%						10.50%						N/A
Pacific Western Bank
Tier 1 leverage capital ratio			9.53%						4.00%						4.00%						5.00%
CET1 capital ratio			11.73%						4.50%						7.00%						6.50%
Tier 1 capital ratio			11.73%						6.00%						8.50%						8.00%
Total capital ratio			12.99%						8.00%						10.50%						10.00%

Subordinated Debt

We issued or assumed through mergers subordinated debt to trusts that were established by us or entities we acquired, which, in turn, issued trust preferred securities. On April 30, 2021, the Bank completed the sale of $400 million aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due May 1, 2031. For further information, see Note 10. Borrowings and Subordinated Debt in the Notes to Condensed Consolidated Financial Statements (Unaudited) contained in "Item 1. Condensed Consolidated Financial Statements (Unaudited)."

The carrying value of subordinated debt totaled $862.4 million at September 30, 2021. At September 30, 2021, $131.0 million of the trust preferred securities were included in the Company's Tier I capital and $717.4 million were included in Tier II capital.

Dividends on Common Stock and Interest on Subordinated Debt

As a bank holding company, PacWest is required to notify and receive approval from the FRB prior to declaring and paying a dividend to stockholders during any period in which quarterly and/or cumulative twelve-month net earnings are insufficient to fund the dividend amount, among other requirements. Interest payments made on subordinated debt are considered dividend payments under FRB regulations. We may not pay a dividend if the FRB objects or until such time as we receive approval from the FRB or we no longer need to provide notice under applicable regulations. Given the impact of the goodwill impairment charge on net earnings in the first quarter of 2020, we were required to receive approval from the FRB prior to declaring a dividend from March 31, 2020 through March 31, 2021, but are no longer required to obtain such approval.

Liquidity

Liquidity Management

The goals of our liquidity management are to ensure the ability of the Company to meet its financial commitments when contractually due and to respond to other demands for funds such as the ability to meet the cash flow requirements of customers who may be either depositors wanting to withdraw funds or borrowers who have unfunded commitments. We have an Executive Management Asset/Liability Management Committee ("Executive ALM Committee") that is comprised of members of senior management and is responsible for managing commitments to meet the needs of customers while achieving our financial objectives. Our Executive ALM Committee meets regularly to review funding capacities, current and forecasted loan demand, and investment opportunities.

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We manage our liquidity by maintaining pools of liquid assets on-balance sheet, consisting of cash and due from banks, interest-earning deposits in other financial institutions, and unpledged securities available-for-sale, which we refer to as our primary liquidity. We also maintain available borrowing capacity under secured credit lines with the FHLB and the FRBSF, which we refer to as our secondary liquidity.

As a member of the FHLB, the Bank had secured borrowing capacity with the FHLB of $3.6 billion at September 30, 2021, of which all was available on that date. The FHLB secured credit line was collateralized by a blanket lien on $5.9 billion of certain qualifying loans. The Bank also had secured borrowing capacity with the FRBSF of $1.4 billion at September 30, 2021, all of which was available on that date. The FRBSF secured credit line was collateralized by liens on $1.8 billion of qualifying loans.

In addition to its secured lines of credit, the Bank also maintains unsecured lines of credit for the purpose of borrowing overnight funds, subject to availability, of $112.0 million with the FHLB and $180.0 million in the aggregate with several correspondent banks. As of September 30, 2021, there was no balance outstanding related to the FHLB unsecured line of credit. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of September 30, 2021, the Bank had borrowed nothing through the AFX.

    The following tables provide a summary of the Bank’s primary and secondary liquidity levels at the dates indicated:

			September 30,						June 30,						December 31,
Primary Liquidity - On-Balance Sheet			2021						2021						2020
			(Dollars in thousands)
Cash and due from banks			$	174,585					$	179,505					$	150,464
Interest-earning deposits in financial institutions			3,524,613						5,678,587						3,010,197
Securities available-for-sale			9,276,926						7,198,608						5,235,591
Less: pledged securities			(492,046)						(489,976)						(449,330)
Total primary liquidity			$	12,484,078					$	12,566,724					$	7,946,922
Ratio of primary liquidity to total deposits			40.9		%				42.4		%				31.9		%

Secondary Liquidity - Off-Balance Sheet			September 30,						June 30,						December 31,
Available Secured Borrowing Capacity			2021						2021						2020
			(In thousands)
Secured borrowing capacity with the FHLB			$	3,624,409					$	3,307,329					$	3,330,715
Less: secured advances outstanding			—						—						(5,000)
Available secured borrowing capacity with the FHLB			3,624,409						3,307,329						3,325,715
Available secured borrowing capacity with the FRBSF			1,376,803						1,436,648						1,409,452
Total secondary liquidity			$	5,001,212					$	4,743,977					$	4,735,167

During the three months ended September 30, 2021, the Company's primary liquidity decreased by $82.6 million to $12.5 billion at September 30, 2021 due mainly to a $2.2 billion decrease in interest-earning deposits in financial institutions, offset partially by a $2.1 billion increase in securities available-for-sale. During the third quarter of 2021, the Company's secondary liquidity increased by $257.2 million to $5.0 billion at September 30, 2021 due primarily to a $317.1 million increase in secured borrowing capacity with the FHLB, offset partially by a $59.8 million decrease in secured borrowing capacity with the FRBSF.

In addition to our primary liquidity, we generate liquidity from cash flows from our loan and securities portfolios and from our large base of core deposits, defined as noninterest-bearing demand, interest checking, savings, and non-brokered money market accounts. At September 30, 2021, core deposits totaled $28.1 billion and represented 92% of the Company's total deposits. Core deposits are normally less volatile, often with customer relationships tied to other products offered by the Bank promoting long-standing relationships and stable funding sources. See "- Balance Sheet Analysis - Deposits" for additional information and detail of our core deposits.

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Our deposit balances may decrease if customers withdraw funds from the Bank. In order to address the Bank’s liquidity risk from fluctuating deposit balances, the Bank maintains adequate levels of available liquidity on and off the balance sheet.

We use brokered deposits, the availability of which is uncertain and subject to competitive market forces and regulation, for liquidity management purposes. At September 30, 2021, brokered deposits totaled $1.2 billion, consisting primarily of $960.4 million of non-maturity brokered accounts and $195.7 million of brokered time deposits. At December 31, 2020, brokered deposits totaled $1.3 billion, consisting mainly of $1.1 billion of non-maturity brokered accounts and $195.7 million of brokered time deposits.

Our liquidity policy includes guidelines for On-Balance Sheet Liquidity (a measurement of primary liquidity to total deposits plus borrowings), Liquidity Buffer Coverage Ratio (the ratio of cash and unpledged securities to the estimated 30 day cash outflow in a defined stress scenario), Liquidity Stress Test Survival Horizon (the number of days that the Bank’s liquidity buffer plus available secured borrowing capacity is sufficient to offset cumulative cash outflow in a defined stress scenario), Loan to Funding Ratio (measurement of gross loans net of fees divided by deposits plus borrowings), Wholesale Funding Ratio (measurement of wholesale funding divided by interest-earning assets), and other guidelines developed for measuring and maintaining liquidity. At September 30, 2021, the Bank was in compliance with all established liquidity guidelines.

Holding Company Liquidity

PacWest acts a source of financial strength for the Bank which can also include being a source of liquidity. The primary sources of liquidity for the holding company include dividends from the Bank, intercompany tax payments from the Bank, and PacWest's ability to raise capital, issue subordinated debt, and secure outside borrowings. PacWest's ability to obtain funds for the payment of dividends to our stockholders, the repurchase of shares of common stock, and other cash requirements is largely dependent upon the Bank’s earnings. The Bank is subject to restrictions under certain federal and state laws and regulations that limit its ability to transfer funds to the holding company through intercompany loans, advances, or cash dividends. PacWest's ability to pay dividends is also subject to the restrictions set forth in Delaware law, by the FRB, and by certain covenants contained in our subordinated debt. Approval by the FRB is required prior to our declaring and paying a cash dividend during any period in which our quarterly and/or cumulative twelve-month net earnings are insufficient to fund the dividend amount, among other requirements. PacWest may not pay a dividend if the FRB objects or until such time as we receive approval from the FRB or we no longer need to provide notice under applicable regulations. In addition, we may be restricted by applicable law or regulation or actions taken by our regulators, now or in the future, from paying dividends. Due to the impact of the goodwill impairment charge on net earnings in the first quarter of 2020, we were required to receive approval from the FRB, as described above, prior to declaring a dividend, for the period of March 31, 2020 to March 31, 2021, but are no longer required to obtain such approval.

Dividends paid by California state-chartered banks are regulated by the FDIC for non-member banks and the DFPI under their general supervisory authority. The Bank may declare a dividend without the approval of the DFPI and FDIC as long as the total dividends declared in a calendar year do not exceed either the retained earnings or the total of net earnings for the three previous fiscal years less any dividends paid during such period. The Bank had a net loss of $256.7 million during the three fiscal years of 2020, 2019, and 2018, compared to dividends of $1.3 billion paid by the Bank during that same period. During the three and nine months ended September 30, 2021, PacWest received $33.0 million and $99.0 million in dividends from the Bank. Since the Bank had an accumulated deficit of $1.6 billion at September 30, 2021, for the foreseeable future any dividends from the Bank to PacWest will continue to require DFPI and FDIC approval consistent with what has been required since 2008 when Bank first had an accumulated deficit triggered by goodwill impairment write-downs during the financial crisis of 2007-2008.

At September 30, 2021, PacWest had $144.9 million in cash and cash equivalents, of which substantially all was on deposit at the Bank. We believe this amount of cash, along with anticipated future dividends from the Bank, will be sufficient to fund the holding company’s cash flow needs over the next 12 months.

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Contractual Obligations

The following table summarizes the known contractual obligations of the Company as of the date indicated:

									Due After						Due After
			Due						One Year						Three Years						Due
			Within						Through						Through						After
September 30, 2021			One Year						Three Years						Five Years						Five Years						Total
			(In thousands)
Time deposits			$	1,227,902					$	170,978					$	59,553					$	166					$	1,458,599
Long-term debt obligations (1)			—						—						—						941,635						941,635
Contractual interest (2)			14,257						28,096						22,388						6						64,747
Operating lease obligations			35,339						59,671						33,021						26,265						154,296
Other contractual obligations			78,700						140,952						25,838						22,409						267,899
Total			$	1,356,198					$	399,697					$	140,800					$	990,481					$	2,887,176

_______________________________________ 

(1)    Excludes issuance costs and purchase accounting fair value adjustments.

(2)    Excludes interest on variable rate subordinated debt instruments.

Long-term debt obligations include subordinated debt. Debt obligations are also discussed in Note 10. Borrowings and Subordinated Debt, in the Notes to Condensed Consolidated Financial Statements (Unaudited) contained in “Item 1. Condensed Consolidated Financial Statements (Unaudited).” Operating lease obligations are discussed in the Notes to Consolidated Financial Statements included in our Form 10-K. The other contractual obligations relate to our minimum liability associated with our data and item processing contract with a third-party provider, commitments to contribute capital to investments in low income housing project partnerships and private equity funds, and commitments under deferred compensation arrangements.

We believe that we will be able to meet our contractual obligations as they come due through the maintenance of adequate liquidity levels. We expect to maintain adequate liquidity levels through profitability, loan and lease payoffs, securities repayments and maturities, and continued deposit gathering activities. We also have in place various borrowing mechanisms for both short-term and long-term liquidity needs.

Off-Balance Sheet Arrangements

Our obligations also include off-balance sheet arrangements consisting of loan commitments, of which only a portion is expected to be funded, and standby letters of credit. At September 30, 2021, our loan commitments and standby letters of credit were $8.5 billion and $344.4 million. The loan commitments, a portion of which will eventually result in funded loans, increase our profitability through net interest income when drawn and unused commitment fees prior to being drawn. We manage our overall liquidity taking into consideration funded and unfunded commitments as a percentage of our liquidity sources. Our liquidity sources, as described in "- Liquidity - Liquidity Management," have been and are expected to be sufficient to meet the cash requirements of our lending activities. For further information on loan commitments, see Note 12. Commitments and Contingencies, of the Notes to Condensed Consolidated Financial Statements (Unaudited) contained in "Item 1. Condensed Consolidated Financial Statements (Unaudited)."

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

This analysis should be read in conjunction with text under the caption "Quantitative and Qualitative Disclosures About Market Risk" in our Form 10-K, which text is incorporated herein by reference. Our analysis of market risk and market-sensitive financial information contains forward-looking statements and is subject to the disclosure at the beginning of Item 2 regarding such forward-looking information.

Market Risk - Foreign Currency Exposure

We enter into foreign exchange contracts with our clients and counterparty banks primarily for the purpose of offsetting or hedging clients' foreign currency exposures arising out of commercial transactions, and we enter into cross currency swaps to hedge exposures to debt instruments denominated in foreign currencies. We have experienced and will continue to experience fluctuations in our net earnings as a result of transaction gains or losses related to revaluing certain asset and liability balances that are denominated in currencies other than the U.S. Dollar, and the derivatives that hedge those exposures. As of September 30, 2021, the U.S. Dollar notional amounts of subordinated debt payable denominated in foreign currencies was $29.8 million, and the U.S. Dollar notional amounts of derivatives outstanding to hedge these foreign currency exposures was $28.5 million. We recognized a foreign currency translation net gain of $129,000 for the nine months ended September 30, 2021 and a foreign currency translation net loss of $368,000 for the nine months ended September 30, 2020.

Asset/Liability Management and Interest Rate Sensitivity

Interest Rate Risk

We measure our IRR position on a monthly basis using two methods: (i) NII simulation analysis; and (ii) MVE modeling. The Executive ALM Committee and the Board Asset/Liability Management Committee review the results of these analyses quarterly. If hypothetical changes to interest rates cause changes to our simulated net present value of equity and/or net interest income outside our pre-established limits, we may adjust our asset and liability mix in an effort to bring our interest rate risk exposure within our established limits.

We evaluated the results of our NII simulation model and MVE model prepared as of September 30, 2021, the results of which are presented below. Our NII simulation and MVE model indicate that our balance sheet is asset-sensitive. An asset-sensitive profile would suggest that a sudden sustained increase in rates would result in an increase in our estimated NII and MVE, while a liability-sensitive profile would suggest that these amounts would decrease.

Net Interest Income Simulation

We used a NII simulation model to measure the estimated changes in NII that would result over the next 12 months from immediate and sustained changes in interest rates as of September 30, 2021. This model is an interest rate risk management tool and the results are not necessarily an indication of our future net interest income. This model has inherent limitations and these results are based on a given set of rate changes and assumptions at one point in time. We have assumed no growth or changes in the product mix of either our total interest-sensitive assets or liabilities over the next 12 months, therefore the results reflect an interest rate shock to a static balance sheet.

This analysis calculates the difference between NII forecasted using both increasing and decreasing interest rate scenarios using the forward yield curve at September 30, 2021. In order to arrive at the base case, we extend our balance sheet at September 30, 2021 one year and reprice any assets and liabilities that would contractually reprice or mature during that period using the products’ pricing as of September 30, 2021. Based on such repricing, we calculate an estimated NII and NIM for each rate scenario.

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The NII simulation model is dependent upon numerous assumptions. For example, the majority of our loans are variable rate that are assumed to reprice in accordance with their contractual terms. Some loans and investment securities include the opportunity of prepayment (embedded options) and the simulation model uses prepayment assumptions to estimate these accelerated cash flows and reinvest these proceeds at current simulated yields. Our interest-bearing deposits reprice at our discretion and are assumed to reprice at a rate less than the change in market rates. The 12-month NII simulation model as of September 30, 2021 assumes interest-bearing deposits reprice at 28% of the change in market rates in a rising interest rate scenario, depending on the amount of the rate change (this is commonly referred to as the "deposit beta"). The effects of certain balance sheet attributes, such as fixed-rate loans, variable-rate loans that have reached their floors, and the volume of noninterest-bearing deposits as a percentage of earning assets, impact our assumptions and consequently the results of our NII simulation model. Additionally, we assume that all market interest rates have an interest rate floor of 0%. Changes that could vary significantly from our assumptions include loan and deposit growth or contraction, loan and deposit pricing, changes in the mix of earning assets or funding sources, and future asset/liability management decisions, all of which may have significant effects on our net interest income.

The following table presents forecasted net interest income and net interest margin for the next 12 months using the static balance sheet and forward yield curve as the base scenario, with immediate and sustained parallel upward movements in interest rates of 100, 200, and 300 basis points and sustained parallel downward movements in interest rates of 25, 50, and 100 basis points as of the date indicated:

			Forecasted												Forecasted						Forecasted
			Net Interest						Percentage						Net Interest						Net Interest
			Income						Change						Margin						Margin Change
September 30, 2021			(Tax Equivalent)						From Base						(Tax Equivalent)						From Base
			(Dollars in millions)
Interest Rate Scenario:
Up 300 basis points			$	1,306.9					20.4%						3.96%						0.67%
Up 200 basis points			$	1,224.0					12.8%						3.71%						0.42%
Up 100 basis points			$	1,145.1					5.5%						3.47%						0.18%
BASE CASE			$	1,085.4					—						3.29%
Down 25 basis points			$	1,082.9					(0.2)%						3.28%						(0.01)%
Down 50 basis points			$	1,070.3					(1.4)%						3.24%						(0.05)%
Down 100 basis points			$	1,059.1					(2.4)%						3.21%						(0.08)%

During the third quarter of 2021, total base case year 1 tax equivalent NII increased by $49.3 million to $1.1 billion at September 30, 2021, and the base case tax equivalent NIM increased to 3.29% from 3.26%. The increase in year 1 NII and tax equivalent NIM compared to June 30, 2021 NII and NIM was attributable to growth in the balance of and shift in the mix of interest-earning assets resulting from the increases in loans and leases and investment securities and decrease in interest-earning deposits in financial institutions.

In addition to parallel interest rate shock scenarios, we also model various alternative rate vectors. The most favorable alternate rate vector that we model is the “Bear Flattener Severe” scenario, when short-term rates increase faster than long-term rates. In the “Bear Flattener Severe” scenario, Year 1 tax equivalent NII increases by 3.6%. Because of the low level of market interest rates and the assumption that market rates contain a 0% floor, the ad hoc scenarios that assume decreasing interest rates do not differ materially from the base case scenario.

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At September 30, 2021, we had $20.6 billion of total loans that included $10.8 billion with variable interest rate terms (excluding hybrid loans discussed below). Of the variable interest rate loans, $9.1 billion, or 85%, contained interest rate floor provisions, which included $8.9 billion of loans with "in-the-money" floors, meaning the loan coupon will not adjust down if there are future decreases to the index interest rate. The following table summarizes the estimated balance of loans with "in-the-money" floors for the indicated increases in interest rates:

September 30, 2021
						Total Amount of
						Loans With
Basis Points of						"In-the-Money"
Rate Increases						Loan Floors
(Dollars in millions)
50 bps						$5,711
100 bps						$3,500
150 bps						$2,390
200 bps						$937
250 bps						$20

At September 30, 2021, we also had $2.9 billion of variable-rate hybrid loans that do not immediately reprice because the loans contain an initial fixed-rate period before they become variable. The cumulative amounts of hybrid loans that would switch from being fixed-rate to variable-rate because the initial fixed-rate term would expire were approximately $139.6 million, $483.0 million, and $824.7 million in the next one, two, and three years.

LIBOR is expected to be phased out after 2021, as such the Company is assessing the impacts of this transition and exploring alternatives to use in place of LIBOR.  The business processes impacted relate primarily to our variable-rate loans and our subordinated debt, both of which are indexed to LIBOR. In the third quarter of 2021 we began using SOFR for some of our newly originated loans as we began to phase out LIBOR. We have included fallback language in loan documents going back to the third quarter of 2020 and continue to complete other aspects of our LIBOR transition plan. For further information, see Item 1A. "Risk Factors" of our Form 10-K.

Market Value of Equity

We measure the impact of market interest rate changes on the net present value of estimated cash flows from our assets, liabilities, and off-balance sheet items, defined as the market value of equity, using our MVE model. This simulation model assesses the changes in the market value of our interest-sensitive financial instruments that would occur in response to an instantaneous and sustained increase in market interest rates of 100, 200, and 300 basis points and sustained decrease in market interest rates of 50 and 100 basis points. This analysis assigns significant value to our noninterest-bearing deposit balances. The projections include various assumptions regarding cash flows and interest rates and are by their nature forward-looking and inherently uncertain.

The MVE model is an interest rate risk management tool and the results are not necessarily an indication of our actual future results. Actual results may vary significantly from the results suggested by the market value of equity table. Loan prepayments and deposit attrition, changes in the mix of our earning assets or funding sources, and future asset/liability management decisions, among others, may vary significantly from our assumptions. The base case is determined by applying various current market discount rates to the estimated cash flows from the different types of assets, liabilities, and off-balance sheet items existing at September 30, 2021.

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The following table shows the projected change in the market value of equity for the rate scenarios presented as of the date indicated:

																											Ratio of
			Projected						Dollar						Percentage						Percentage						Projected
			Market Value						Change						Change						of Total						Market Value
September 30, 2021			of Equity						From Base						From Base						Assets						to Book Value
			(Dollars in millions)
Interest Rate Scenario:
Up 300 basis points			$	6,905.7					$	489.2					7.6		%				19.2		%				176.2		%
Up 200 basis points			$	6,793.8					$	377.4					5.9		%				18.9		%				173.4		%
Up 100 basis points			$	6,644.6					$	228.2					3.6		%				18.5		%				169.6		%
BASE CASE			$	6,416.5					$	—					—		%				17.9		%				163.8		%
Down 50 basis points			$	6,276.0					$	(140.5)					(2.2)		%				17.5		%				160.2		%
Down 100 basis points			$	6,151.8					$	(264.7)					(4.1)		%				17.1		%				157.0		%

During the third quarter of 2021, total base case projected market value of equity increased by $371.8 million to $6.4 billion. This increase in base case projected MVE was due mostly to: (1) a $267.7 million decrease in the mark-to-market adjustment for total deposits, borrowings, and subordinated debt (due primarily to the increase in FHLB rates used as discount rates in deposit valuations); (2) a $71.8 million increase in the book value of stockholders' equity due mainly to $140.0 million of net earnings, offset partially by a $46.7 million decrease in accumulated other comprehensive income and $30.0 million of cash dividends paid; and (3) a $33.1 million increase in the mark-to-market adjustment for loans and leases.

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ITEM 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, an evaluation was carried out by the Company's management, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, these disclosure controls and procedures were effective.

There have been no changes in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The information set forth in Note 12. Commitments and Contingencies in the Notes to Condensed Consolidated Financial Statements (Unaudited) is incorporated herein by reference.

In addition, in the ordinary course of our business, we are party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon information currently available to us, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, would not have a material adverse effect on the Company’s financial statements or operations.

ITEM 1A. RISK FACTORS

For information regarding factors that could affect the Company's results of operations, financial condition and liquidity, see the risk factors disclosed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2020. See also "Forward-Looking Information" disclosed in Part I, Item 2 of this quarterly report on Form 10-Q.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table presents stock purchases made during the third quarter of 2021:

															Total Number of						Maximum Dollar
															Shares Purchased						Value of Shares
			Total												as Part of						That May Yet
			Number of						Average						Publicly						Be Purchased
			Shares						Price Paid						Announced						Under the
Purchase Dates			Purchased (1)						Per Share						Program (2)						Program (2)
																					(In thousands)
July 1 - July 31, 2021			—						$	—					—						$	—
August 1 - August 31, 2021			2,742						$	42.55					—						$	—
September 1 - September 30, 2021			—						$	—					—						$	—
Total			2,742						$	42.55					—

__________________________

(1)    Shares repurchased pursuant to net settlement by employees in satisfaction of income tax withholding obligations incurred through the vesting of Company stock awards.

(2)    On February 12, 2020, PacWest's Board authorized a new Stock Repurchase Program to purchase shares of its common stock for an aggregate purchase price not to exceed $200 million, effective February 29, 2020. No shares were repurchased under the new Stock Repurchase Program prior to expiration on February 28, 2021.

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ITEM 6. INDEX TO EXHIBITS

Exhibit Number			Description
2.1			Purchase and Assumption Agreement, dated March 31, 2021, between Pacific Western Bank and MUFG Union Bank, N.A. (Exhibit 2.1 to Form 8-K filed on April 1, 2021 and incorporated herein by this reference).*
3.1			Certificate of Incorporation, as amended, of PacWest Bancorp, a Delaware corporation, dated April 22, 2008 (Exhibit 3.1 to Form 8-K filed on May 14, 2008 and incorporated herein by this reference).
3.2			Certificate of Amendment of Certificate of Incorporation of PacWest Bancorp, a Delaware Corporation, dated May 14, 2010 (Exhibit 3.1 to Form 8-K filed on May 14, 2010 and incorporated herein by this reference).
3.3			Second Amended and Restated Bylaws of PacWest Bancorp, a Delaware Corporation, dated October 25, 2019 (Exhibit 3.5 to Form 8-K filed on October 29, 2019 and incorporated herein by this reference).
4.1			Description of Registered Securities (Exhibit 4.2 to Form 10-K filed on February 28, 2020 and incorporated herein by this reference).
10.1			PacWest Bancorp 2017 Stock Incentive Plan, as amended, dated May 15, 2017 (Exhibit 10.1 to Form S-8 filed on May 15, 2017 and incorporated herein by this reference).
10.2			Form of Stock Unit Award Agreement and Grant Notice pursuant to the Company's 2017 Stock Incentive Plan (Exhibit 10.2 to Form 8-K filed on May 18, 2017 and incorporated herein by reference).
10.3			Form of Stock Award Agreement and Grant Notice pursuant to the Company's 2017 Stock Incentive Plan (Exhibit 10.3 to Form 8-K filed on May 18, 2017 and incorporated herein by reference).
10.4			Form of Stock Unit Award Agreement and Grant Notice pursuant to the Company's 2017 Stock Incentive Plan, as amended (Exhibit 10.7 to Form 10-Q filed on August 8, 2019 and incorporated herein by this reference).
10.5			Form of Stock Award Agreement and Grant Notice pursuant to the Company's 2017 Stock Incentive Plan, as amended (Exhibit 10.8 for Form 10-Q filed on August 8, 2019 and incorporated herein by this reference).
10.6			2018 Executive Incentive Plan, as amended and restated February 14, 2018 (Exhibit 10.1 to Form 8-K filed on February 16, 2018 and incorporated herein by this reference).
10.7			Indemnification Agreement applicable to the directors and executive officers of the Company (Exhibit 10.10 to Form 10-K filed on February 28, 2020 and incorporated herein by this reference).
10.8			PacWest Bancorp Change in Control Severance Plan, dated February 12, 2020 (Exhibit 10.1 to Form 8-K filed on February 14, 2020 and incorporated herein by this reference).
10.9			Amended and Restated PacWest Bancorp 2017 Stock Incentive Plan (Appendix A to the Company's Definitive Proxy Statement filed on March 26, 2021 and incorporated herein by this reference).
10.10			Form of Stock Award Agreement and Grant Notice pursuant to the Company's Amended and Restated 2017 Stock Incentive Plan (Exhibit 10.10 to Form 10-Q filed on August 6, 2021 and incorporated herein by this reference)
31.1			Section 302 Certification of Chief Executive Officer (Filed herewith).
31.2			Section 302 Certification of Chief Financial Officer (Filed herewith).
32.1			Section 906 Certification of Chief Executive Officer (Filed herewith).
32.2			Section 906 Certification of Chief Financial Officer (Filed herewith).

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Exhibit Number			Description
101			Interactive data files pursuant to Rule 405 of Regulation S-T formatted in Inline XBRL: (i)  the Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020, (ii)  the Condensed Consolidated Statements of Earnings (Loss) for the three months ended September 30, 2021, June 30, 2021 and September 30, 2020 and nine months ended September 30, 2021 and 2020, (iii)  the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended September 30, 2021, June 30, 2021 and September 30, 2020 and nine months ended September 30, 2021 and 2020, (iv)  the Condensed Consolidated Statement of Changes in Stockholders’ Equity for the nine months ended September 30, 2021 and 2020, (v)   the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020, and (vi)  the Notes to Condensed Consolidated Financial Statements. (Pursuant to Rule 406T of Regulation S-T, this information is deemed furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.) (Filed herewith).
104			Cover page of PacWest Bancorp’s Quarterly Report on Form 10-Q formatted as Inline XBRL and contained in Exhibit 101.

* Schedules and exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company will furnish a copy of any omitted schedule or exhibit to the Securities and Exchange Commission upon request.

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Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						PACWEST BANCORP
Date:			November 8, 2021			/s/ Bart R. Olson
						Bart R. Olson
						Chief Financial Officer and Principal Financial Officer

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