Exhibit 99.1

July 20, 2022

PACWEST BANCORP ANNOUNCES RESULTS FOR THE SECOND QUARTER 2022

FOR IMMEDIATE RELEASE

SECOND QUARTER 2022 RESULTS

SECOND QUARTER 2022 HIGHLIGHTS

CEO COMMENTARY

Matt Wagner, CEO, commented, “Our organic loan growth during the second quarter was exceptionally strong as we continued to see high demand from our clients. Loans grew by $2.1 billion in the second quarter to an all-time high of $26.5 billion. Given the high level of economic uncertainty and interest rate volatility, we are taking a cautious approach and expect slower loan growth in the second half of the year. On the deposits side, we continued to see net outflows in the venture banking business as private fundraising and capital market activities for late stage companies continues to be muted. With venture banking deposits down $1.9 billion during the quarter, we used wholesale deposits to fund the loan growth, which increased deposit costs.”

“Credit quality remains strong as evidenced by net recoveries of two basis points and a slight net recovery on a year-to-date basis, and most credit metrics remain at historically low levels. We recorded a provision for credit losses on loans of $10.0 million during the quarter primarily as a result of the $2.0 billion increase in unfunded commitments. Our ACL ratio of 1.07% remains above the CECL adoption level of 0.97%.”

“Our Tier 1 and Total capital ratios increased during the second quarter of 2022 due to the preferred stock issuance in early June. The increase was partially offset by an increase in risk-weighted assets of $2.7 billion primarily as a result of continued loan growth and increases in unfunded commitments. Capital and balance sheet optimization remain a focus area as we look to grow our capital levels to those more similar to the first half of 2021.”

FINANCIAL HIGHLIGHTS

INCOME STATEMENT HIGHLIGHTS

NET INTEREST INCOME

Net interest income increased by $15.2 million to $323.9 million for the second quarter of 2022 compared to $308.7 million for the first quarter of 2022 due mainly to higher income on loans and leases resulting primarily from higher average balances and higher income on deposits in financial institutions, offset partially by higher interest expense on deposits and borrowings. Income on loans and leases increased by $25.5 million in the second quarter of 2022 due to a $2.0 billion increase in the balance of average loans and leases and one more day compared to the first quarter of 2022. Income on deposits in financial institutions increased by $2.6 million in the second quarter of 2022 due to a 65 basis point increase in the yield on average deposits in financial institutions, offset partially by a $909.1 million decrease in the average balance. The tax equivalent yield on average loans and leases was 4.65% for the second quarter of 2022 compared to 4.66% for the first quarter of 2022. The slight decrease in the tax equivalent yield on average loans and leases was due primarily to interest recapture on nonaccrual loans being lower by $2.3 million and amortized loan fees being lower by $1.3 million. Interest expense on deposits increased by $9.2 million in the second quarter of 2022 due mainly to a higher level of wholesale deposits which contributed to an 11 basis points increase in the cost of deposits. Interest expense on borrowings increased by $2.3 million due to a $1.1 billion increase in average balance and 50 basis points increase in cost of average borrowings.

The tax equivalent NIM was 3.56% for the second quarter of 2022 compared to 3.43% for the first quarter of 2022. The increase in the NIM was due mainly to the change in the interest-earning assets mix driven by the increase in the balance of average loans and leases as a percentage of average interest-earning assets from 64% to 69%, the decrease in the balance of average investment securities as a percentage of average interest-earning assets from 28% to 26%, and the decrease in the balance of average deposits in financial institutions as a percentage of average interest-earning assets from 8% to 5%. The balance of average loans and leases increased by $2.0 billion to $25.4 billion, the balance of average investment securities decreased by $909.1 million to $9.5 billion, and the balance of average deposits in financial institutions decreased by $1.1 billion to $2.0 billion. The increase in the balance of average loans and leases was the result of the Company’s strong organic loan growth.

The cost of average total deposits was 0.18% in the second quarter of 2022 compared to 0.07% in the first quarter of 2022 due mainly to higher average balances and rates on higher-cost wholesale money market and brokered time deposits, as well as higher market rates on our deposit products. Given strong loan growth and declines in core deposits, wholesale deposits increased by $2.9 billion during the second quarter from $0.5 billion to $3.4 billion.

PROVISION FOR CREDIT LOSSES

The following table presents details of the provision for credit losses for the periods indicated:

The provision for credit losses was $11.5 million for the second quarter of 2022 compared to no provision for credit losses for the first quarter of 2022. The $10.0 million increase in the loan-related provision was due mainly to the growth in unfunded commitments of $2.0 billion during the second quarter of 2022. The $1.5 million provision for credit losses on held-to-maturity securities is related to our $2.3 billion transfer from available-for-sale securities in the second quarter of 2022 and the estimated current expected credit loss on those held-to-maturity securities.

Noninterest Income

The following table presents details of noninterest income for the periods indicated:

Noninterest income increased by $13.5 million to $34.3 million for the second quarter of 2022 compared to $20.8 million for the first quarter of 2022 due primarily to an increase of $15.5 million in dividends and gains on equity investments, offset partially by an increase in loss on sale of securities. Dividends and gains on equity investments increased to $4.1 million for the second quarter of 2022 compared to a negative $11.4 million in the first quarter of 2022 due primarily to higher fair value gains on equity investments still held and lower fair value marks and losses on sales of equity investments. The increase in loss on sale of securities resulted from the sale of $393.4 million of securities for a net loss of $1.2 million for the second quarter of 2022 compared to sales of $206.1 million of securities for a net gain of $0.1 million for the first quarter of 2022. Warrant income was higher due primarily to merger and acquisition activities of three underlying companies.

Noninterest Expense

The following table presents details of noninterest expense for the periods indicated:

Noninterest expense increased by $16.2 million to $183.6 million for the second quarter of 2022 compared to $167.4 million for the first quarter of 2022 due primarily to an increase of $10.3 million in compensation expense, a decrease of $3.3 million in foreclosed assets income, an increase of $1.9 million in loan expense, and an increase of $1.3 million in other expense. The increase in compensation expense was due mainly to higher commissions, salaries, and bonus expense attributable mostly to strong loan growth and a full quarter of annual merit increases along with higher headcount which increased by 95 FTEs. The decrease in foreclosed assets income was due to a $3.2 million gain on the sale of our largest foreclosed property in the first quarter of 2022. The increase in loan expense was due mainly to higher loan-related legal expenses related to higher loan production. The increase in other expense was due mostly to higher employee costs for business travel.

Income Taxes

The effective income tax rate was 25.0% for the second quarter of 2022 compared to 25.9% for the first quarter of 2022. The decrease was due primarily to higher tax credits in the second quarter of 2022. The effective tax rate for the full year 2022 is currently estimated to be in the range of 25% to 27%.

BALANCE SHEET HIGHLIGHTS

Deposits and Client Investment Funds

The following table presents the composition of our deposit portfolio as of the dates indicated:

At June 30, 2022, core deposits totaled $29.2 billion or 86% of total deposits, including $13.3 billion of noninterest-bearing demand deposits or 39% of total deposits. Core deposits decreased by $2.5 billion or 7.8% in the second quarter of 2022 driven primarily by a $1.9 billion decrease in balances from our venture banking clients. Total deposits increased by $743.3 million or 2.2% in the second quarter of 2022 due to a $1.9 billion increase in non-core non-maturity deposits and a $1.3 billion increase in time deposits, offset partially by the decrease in core deposits. Total venture banking deposits decreased from $14.0 billion as of March 31, 2022 to $12.1 billion as of June 30, 2022.

In addition to deposit products, we also offer alternative, non-depository cash investment options for select clients. These alternative options include investments managed by Pacific Western Asset Management Inc. (“PWAM”), our registered investment advisor subsidiary, and third-party sweep products. Total off-balance sheet client investment funds increased from $1.7 billion as of March 31, 2022 to $2.1 billion as of June 30, 2022, of which $1.5 billion was managed by PWAM.

Loans and Leases

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

Loans and leases held for investment, net of deferred fees, increased by $2.1 billion or 8.8% in the second quarter of 2022 to $26.5 billion at June 30, 2022. The overall increase in the loans and leases balance for the second quarter of 2022 was due primarily to increases in the residential real estate mortgage, asset-based, and residential real estate construction portfolios.

Civic loan production was $847 million for the second quarter of 2022 compared to $559 million for the first quarter of 2022. The Civic loan portfolio as of June 30, 2022 totaled $2.4 billion.

The weighted average rate on the $2.8 billion of production for the second quarter of 2022 increased to 4.61% from 4.31% in the first quarter of 2022 due primarily to the loan mix (lower levels of single-family loan pool purchases and higher level of Civic fundings). In the second quarter of 2022, we purchased $69 million of single-family loan pools compared to $587 million in the first quarter of 2022. The single-family loan pool purchase portfolio as of June 30, 2022 totaled $2.9 billion. Purchases of single-family loan pools ceased in April 2022.

PPP loans declined by $37.4 million in the second quarter of 2022, as the program continues to wind down. Net fees for PPP loans were $1.0 million in the second quarter of 2022, down from $2.5 million in the first quarter of 2022. Remaining PPP loans totaled $33.0 million as of June 30, 2022, with $0.6 million of net fees to amortize over the remaining life of the loans.

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

Allowance for Credit Losses ON LOANS AND LEASES

The following tables present roll forwards of the allowance for credit losses on loans and leases for the periods indicated:

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

The allowance for credit losses increased by $11.3 million in the second quarter of 2022 to $283.8 million at June 30, 2022. The increase in the allowance for credit losses during the second quarter of 2022 was attributable to a $10.0 million provision for credit losses and $1.3 million in net recoveries.

Net recoveries were $1.3 million for the second quarter of 2022 as gross charge-offs of $2.8 million were reduced by recoveries of $4.1 million.

Net charge-offs were $1.2 million for the first quarter of 2022 as gross charge-offs of $3.2 million were reduced by recoveries of $2.0 million.

CREDIT QUALITY

The following table presents loan and lease credit quality metrics as of the dates indicated:

(1) Nonaccrual loans include SBA guaranteed amounts of $13.8 million at June 30, 2022 and $13.4 million at March 31, 2022.

Classified loans and leases were at historically low levels as of the end of the first quarter of 2022 but saw an increase of $22.2 million during the second quarter due mainly to a $10.7 million increase in classified commercial real estate mortgage loans and a $9.6 million increase in classified residential real estate mortgage loans. Special mention loans and leases increased by $102.9 million during the second quarter due mostly to an $86.9 million increase in special mention commercial real estate construction loans and a $23.6 million increase in special mention residential real estate construction loans. Nonaccrual loans and leases increased by $12.0 million to $78.5 million in the second quarter of 2022 due primarily to a $17.2 million increase in nonaccrual Civic residential mortgage and residential renovation loans partially offset by declines in nonaccrual loans in all other portfolios.

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

Loans and leases accruing and 30-89 days past due generally fluctuate from period to period. The $4.9 million decrease in the second quarter of 2022 was primarily in Civic residential mortgage loans, offset partially by a $9.5 million increase in the other commercial category due primarily to five PPP loans that are under review by the SBA for forgiveness, of which $6.2 million was forgiven in July 2022.

CAPITAL

Our Tier 1, Total capital, and Tier 1 leverage capital ratios increased during the second quarter of 2022 due mainly to the $513.2 million preferred stock issuance in June 2022. The net proceeds of $498.5 million increased stockholders’ equity, offset partially by an increase in risk-weighted assets of $2.7 billion primarily as a result of loan growth and the increase in unfunded commitments. We continue to consider additional capital enhancing strategies, such as a credit risk transfer transaction, to increase capital given our loan growth during the first half of the year. The following table presents capital ratios as of the dates indicated:

(1) Capital information for June 30, 2022 is preliminary.

(2) Non-GAAP measure.

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with over $40 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank 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 innovative hubs across the United States. The Bank also offers financing of business-purpose, non-owner-occupied investor properties through Civic, a wholly-owned subsidiary. The Bank also provides a specialized suite of services for the HOA industry. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.

FORWARD LOOKING STATEMENTS

This communication contains certain forward-looking information about PacWest that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about future financial and operational results, expectations, or intentions are forward-looking statements. Such statements often use words such as “anticipates,” “targets,” “expects,” “estimates,” “intends,” “plans,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Such statements are based on information available at the time of the communication and are based on current beliefs and expectations of the Company’s management and are subject to significant risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from those expressed in them. The ongoing COVID-19 pandemic continues to affect PacWest, its employees, customers and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity and prospects is uncertain due in part to the new variants of COVID-19. The risks from the COVID-19 pandemic have decreased as the pandemic subsides, however, new variants may continue to impact key macro-economic indicators such as unemployment and GDP and may have a material impact on our allowance for credit losses and related provision for credit losses. Continued deterioration in general business and economic conditions could adversely affect PacWest’s revenues and the values of its assets, including goodwill, and liabilities, lead to a tightening of credit, and increase stock price volatility. In addition, PacWest’s results could be adversely affected by changes in interest rates, inflation, sustained high unemployment rates, deterioration in the credit quality of its loan portfolio or in the value of the collateral securing those loans, deterioration in the value of its investment securities, and legal and regulatory developments. Actual results may differ materially from those set forth or implied in the forward-looking statements due to a variety of factors, including the risk factors described in documents filed by PacWest with the U.S. Securities and Exchange Commission.

All forward-looking statements in this communication are based on information available at the time the statement is made. We are under no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.