tm2130213d1

Exhibit 99.1

October 18, 2021

PACWEST BANCORP ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2021

FOR IMMEDIATE RELEASE

THIRD QUARTER 2021 RESULTS

$140.0M		$1.17		$167.8M		21.03%
Net Earnings		Diluted Earnings per Share		PPNR		ROATE

THIRD QUARTER 2021 HIGHLIGHTS

•

Net Earnings of $140.0 Million or $1.17 Per Diluted Share

•

Core Deposits Up $1.1 Billion or 4.1% in 3Q21; Represents 92% of Total Deposits

•

Loan Growth of $1.0 Billion or 5.2%; Excluding PPP Loan Activity, Loan Growth of $1.3 Billion or 7.1%

•

Civic Loan Production of $481 Million in 3Q21, Compared to $423 Million in 2Q21

•

PPNR of $167.8 Million, Up 8.3% Compared to 2Q21

•

Provision for Credit Losses Benefit of $20.0 Million in 3Q21 Compared to Benefit of $88.0 Million in 2Q21

•

Net Interest Income (TE) of $279.8 Million in 3Q21, Compared to $270.1 Million in 2Q21

•

Noninterest Income of $51.3 Million in 3Q21, Compared to $40.4 Million in 2Q21, With Continued Strength in Warrant Income

•

Noninterest Expense of $159.4 Million in 3Q21, Up 5% From 2Q21, Driven Mainly By Higher Compensation Expense

•

Classified and Special Mention Loans Fell $5.7 Million and $39.7 Million, Respectively, From 2Q21

•

ACL Ratio of 1.36% and ALLL Ratio of 0.99%; Excluding PPP Loans, ACL Ratio of 1.38% and ALLL Ratio of 1.01%

•

Net Charge-offs of $0.4 Million (1 bp of Average Loans and Leases)

•

Cost of Deposits Decreased 2 bps to 8 bps

•

Loan and Lease Production of $2.4 Billion, Up From $1.7 Billion in 2Q21; WAC of 4.24% vs. 4.55% in 2Q21

•

Strong Capital Position – CET1 Ratio of 10.15% and Total Capital Ratio of 14.36% at 3Q21

•

Tangible Book Value Per Share Increased From $21.95 at 2Q21 to $22.57 at 3Q21

CEO COMMENTARY

Matt Wagner, President and CEO, commented, “For the second consecutive quarter, we experienced significant loan growth as loans grew $1.0 billion to an all-time high of $20.5 billion. Deploying approximately $3 billion of excess liquidity into higher-yielding securities and loans during the third quarter resulted in a $9.5 million increase in net interest income and helped drive a $12.8 million increase in our pre-tax pre-provision net revenue compared to the second quarter.”

“We continued to experience strong deposit growth as core deposits grew by $1.1 billion during the third quarter while our cost of average total deposits moved into the single digits at 8 basis points.”

“Credit quality continues to improve with net recoveries year-to-date and continued decreases in special mention and classified loans and leases, along with improved economic conditions related to the CECL forecast which resulted in a provision benefit for the third consecutive quarter.”

“We are excited about the acquisition of the Homeowners Association Services Division of MUFG Union Bank, N.A. which closed on October 8^th. The approximately $4.1 billion of stable, low-cost deposits enhances our franchise value, further diversifies our deposit portfolio, and will become more valuable in a rising rate environment.”

⁽¹⁾ Non-GAAP measure

Page 1

FINANCIAL HIGHLIGHTS

`	At or For the									At or For the
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			Increase			September 30,						Increase
Financial Highlights (1)	2021			2021			(Decrease)			2021			2020			(Decrease)

	(Dollars in thousands, except per share data)
Net earnings (loss)	$	139,996		$	180,512		$	(40,516	)	$	470,914		$	(1,354,404	)	$	1,825,318
Diluted earnings (loss) per share	$	1.17		$	1.52		$	(0.35	)	$	3.96		$	(11.60	)	$	15.56
Pre-provision, pre-goodwill impairment, pre-tax net revenue ("PPNR") (2)	$	167,766		$	154,929		$	12,837		$	478,657		$	483,223		$	(4,566	)
Return on average assets		1.55	%		2.11	%		(0.56	)		1.86	%		(6.65	)%		8.51
PPNR return on average assets (2)		1.86	%		1.81	%		0.05			1.89	%		2.37	%		(0.48	)
Return on average tangible equity (2)		21.03	%		29.25	%		(8.22	)		25.20	%		7.16	%		18.04

Yield on average loans and leases (tax equivalent)		5.01	%		5.18	%		(0.17	)		5.13	%		5.18	%		(0.05	)
Cost of average total deposits		0.08	%		0.10	%		(0.02	)		0.10	%		0.32	%		(0.22	)
Net interest margin ("NIM") (tax equivalent)		3.33	%		3.40	%		(0.07	)		3.46	%		4.13	%		(0.67	)
Efficiency ratio		47.2	%		47.9	%		(0.7	)		47.2	%		42.9	%		4.3

Total assets	$	35,885,676		$	34,867,987		$	1,017,689		$	35,885,676		$	28,426,716		$	7,458,960
Loans and leases held for investment, net of deferred fees	$	20,511,020		$	19,506,257		$	1,004,763		$	20,511,020		$	19,026,200		$	1,484,820
Noninterest-bearing demand deposits	$	12,881,806		$	11,252,286		$	1,629,520		$	12,881,806		$	9,346,744		$	3,535,062
Core deposits	$	28,140,708		$	27,038,161		$	1,102,547		$	28,140,708		$	21,117,629		$	7,023,079
Total deposits	$	30,559,745		$	29,647,034		$	912,711		$	30,559,745		$	23,965,695		$	6,594,050

As percentage of total deposits:
Noninterest-bearing demand deposits		42	%		38	%		4			42	%		39	%		3
Core deposits		92	%		91	%		1			92	%		88	%		4

Equity to assets ratio		10.92	%		11.03	%		(0.11	)		10.92	%		12.26	%		(1.34	)
Common equity tier 1 capital ratio		10.15	%		10.41	%		(0.26	)		10.15	%		10.45	%		(0.30	)
Total capital ratio		14.36	%		14.99	%		(0.63	)		14.36	%		13.74	%		0.62
Tangible common equity ratio (2)		7.79	%		7.80	%		(0.01	)		7.79	%		8.71	%		(0.92	)
Book value per share	$	32.77		$	32.17		$	0.60		$	32.77		$	29.42		$	3.35
Tangible book value per share (2)	$	22.57		$	21.95		$	0.62		$	22.57		$	20.09		$	2.48

(1) The operations of Civic are included from its February 1, 2021 acquisition date.

(2) Non-GAAP measure.

Page 2

INCOME STATEMENT HIGHLIGHTS

NET INTEREST INCOME

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 primarily resulting from higher average balances as we deploy 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, partially offset by an 11 basis point decrease in the yield on average investment securities. Income on loans and leases increased $2.2 million in the third quarter of 2021 due to a $613.3 million increase in the average balance of loans and leases, partially offset 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 decrease in the tax equivalent yield on average loans and leases was due primarily to lower nonaccrual interest recapture of $2.6 million, lower loan prepayment fees of $1.7 million, and higher loan premium amortization of $0.8 million.

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 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. 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^th. Excess liquidity continues to negatively impact the tax equivalent NIM, however, we saw the impact decrease from approximately 73 basis points in the second quarter of 2021 to approximately 57 basis points in the third quarter of 2021.

The cost of average total deposits decreased to 0.08% in the third quarter of 2021 from 0.10% in 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.

PROVISION FOR CREDIT LOSSES

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

	Three Months Ended
	September 30,			June 30,			Increase
Provision for Credit Losses	2021			2021			(Decrease)

	(In thousands)
(Reduction in) addition to allowance for loan and lease losses	$	(21,500	)	$	(72,000	)	$	50,500
Addition to (reduction in) reserve for unfunded loan commitments		1,500			(16,000	)		17,500
Total provision for credit losses	$	(20,000	)	$	(88,000	)	$	68,000

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, partially offset by increased provisions for unfunded commitments and loan growth.

Page 3

Noninterest Income

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

	Three Months Ended
	September 30,		June 30,		Increase
Noninterest Income	2021		2021		(Decrease)

	(In thousands)
Service charges on deposit accounts	$	3,407	$	3,452	$	(45	)
Other commissions and fees		11,792		10,704		1,088
Leased equipment income		10,943		10,847		96
Gain on sale of loans and leases		-		1,422		(1,422	)
Gain on sale of securities		515		-		515
Other income:
Dividends and gains on equity investments		8,387		5,394		2,993
Warrant income		13,578		5,650		7,928
Other		2,723		2,902		(179	)
Total noninterest income	$	51,345	$	40,371	$	10,974

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. 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.

Noninterest Expense

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

	Three Months Ended
	September 30,		June 30,			Increase
Noninterest Expense	2021		2021			(Decrease)

	(In thousands)
Compensation	$	98,061	$	90,807		$	7,254
Occupancy		14,928		14,784			144
Data processing		7,391		7,758			(367	)
Other professional services		5,164		5,256			(92	)
Insurance and assessments		3,685		3,745			(60	)
Intangible asset amortization		2,890		2,889			1
Leased equipment depreciation		8,603		8,614			(11	)
Foreclosed assets expense (income), net		165		(119	)		284
Acquisition, integration and reorganization costs		200		200			-
Customer related expense		4,538		4,973			(435	)
Loan expense		4,180		4,031			149
Other		9,616		8,812			804
Total noninterest expense	$	159,421	$	151,750		$	7,671

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 primarily to an increase of $7.3 million in compensation expense attributable mainly to higher bonus and incentives expense related to increased warrant income, the growth in loans and deposits in the third quarter of 2021, and overall year-to-date performance.

Page 4

Income Taxes

The effective income tax rate was 25.4% in the third quarter of 2021 compared to 25.7% in the second quarter of 2021. The effective income tax rate for the full year 2021 is 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:

	September 30, 2021					June 30, 2021					September 30, 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	%	$	9,346,744		39	%
Interest checking		7,168,472		24	%		7,394,472		25	%		4,657,511		20	%
Money market		7,463,261		24	%		7,777,199		26	%		6,539,313		27	%
Savings		627,169		2	%		614,204		2	%		574,061		2	%
Total core deposits		28,140,708		92	%		27,038,161		91	%		21,117,629		88	%
Non-core non-maturity deposits		960,438		3	%		1,122,971		4	%		1,123,909		5	%
Total non-maturity deposits		29,101,146		95	%		28,161,132		95	%		22,241,538		93	%
Time deposits $250,000 and under		882,551		3	%		913,371		3	%		1,047,621		4	%
Time deposits over $250,000		576,048		2	%		572,531		2	%		676,536		3	%
Total time deposits		1,458,599		5	%		1,485,902		5	%		1,724,157		7	%
Total deposits	$	30,559,745		100	%	$	29,647,034		100	%	$	23,965,695		100	%

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. Core deposits increased by $1.1 billion or 4.1% in the third quarter of 2021 driven by continued strong deposit growth from our venture banking and community banking clients.

In addition to deposit products, we also offer alternative, non-depository cash investment options for select clients. These alternative options include investments managed by Pacific Western Asset Management Inc. (“PWAM”), our registered investment advisor subsidiary, and third-party sweep products. Total off-balance sheet client investment funds at September 30, 2021 were $1.4 billion, of which $1.0 billion was managed by PWAM.

Page 5

Loans and Leases

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

	Three Months Ended						Nine Months Ended
Roll Forward of Loans and Leases Held	September 30,			June 30,			September 30,
for Investment, Net of Deferred Fees (1)	2021			2021			2021

	(Dollars in thousands)
Balance, beginning of period	$	19,506,257		$	18,979,228		$	19,083,377
Additions:
Production		2,406,024			1,663,151			5,681,952
Disbursements		1,349,333			1,662,644			4,034,963
Total production and disbursements		3,755,357			3,325,795			9,716,915
Reductions:
Payoffs		(1,732,621	)		(1,969,118	)		(5,337,003	)
Paydowns		(1,013,867	)		(802,222	)		(2,883,507	)
Total payoffs and paydowns		(2,746,488	)		(2,771,340	)		(8,220,510	)
Sales		(2,175	)		(26,610	)		(101,426	)
Transfers to foreclosed assets		(415	)		-			(1,062	)
Charge-offs		(1,516	)		(816	)		(6,320	)
Transfers to loans held for sale		-			-			(25,554	)
Total reductions		(2,750,594	)		(2,798,766	)		(8,354,872	)
Loans acquired through Civic acquisition		-			-			65,600
Net increase (decrease)		1,004,763			527,029			1,427,643
Balance, end of period	$	20,511,020		$	19,506,257		$	20,511,020

Weighted average rate on production (2)		4.24	%		4.55	%		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 excludes amortized fees. Amortized fees added approximately 40 basis points to loan yields in 2021.

Loans and leases held for investment, net of deferred fees, increased by $1.0 billion or 5.2% in the third quarter of 2021 to $20.5 billion at September 30, 2021. Excluding PPP loan activity, loans grew by $1.3 billion or 7.1%. The overall increase in the loans and leases balance for the third quarter of 2021 was primarily due to increases in the income producing and other residential, real estate construction and land and asset-based portfolios partially offset by a reduction in the venture capital portfolio and other commercial portfolio due to PPP loan forgiveness. The PPP forgiveness in the third quarter of 2021 was $338 million, down from $506 million in the second quarter of 2021. Net fees for PPP loans were $7.9 million in the third quarter of 2021 down slightly from the $8.8 million in the second quarter of 2021. Remaining PPP loans totaled $272 million as of September 30, 2021 with $7.7 million of net fees to amortize over the remaining life of the loans. The weighted average rate on the $2.4 billion of new production for the third quarter of 2021 decreased to 4.24% from 4.55% in the second quarter of 2021 due to the loan mix.

Page 6

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:

	September 30, 2021					June 30, 2021					September 30, 2020
			% of					% of					% of
Loan and Lease Portfolio	Balance		Total			Balance		Total			Balance		Total

	(In thousands)
Real estate mortgage:
Commercial	$	3,694,597		18	%	$	3,792,198		19	%	$	4,192,466		22	%
Income producing and other residential		5,886,360		29	%		4,620,822		24	%		3,684,579		19	%
Total real estate mortgage		9,580,957		47	%		8,413,020		43	%		7,877,045		41	%
Real estate construction and land:
Commercial		992,003		5	%		930,785		5	%		1,241,647		7	%
Residential		2,659,870		13	%		2,574,799		13	%		2,182,100		11	%
Total real estate construction and land		3,651,873		18	%		3,505,584		18	%		3,423,747		18	%
Total real estate		13,232,830		65	%		11,918,604		61	%		11,300,792		59	%
Commercial:
Asset-based		3,661,769		18	%		3,550,903		18	%		3,153,048		17	%
Venture capital		1,632,861		8	%		1,749,432		9	%		1,637,132		9	%
Other commercial		1,577,592		7	%		1,921,909		10	%		2,572,994		13	%
Total commercial		6,872,222		33	%		7,222,244		37	%		7,363,174		39	%
Consumer		405,968		2	%		365,409		2	%		362,234		2	%
Total loans and leases held for investment, net of deferred fees	$	20,511,020		100	%	$	19,506,257		100	%	$	19,026,200		100	%

Total unfunded loan commitments	$	8,480,599				$	7,891,875				$	7,178,506

Allowance for Credit Losses

The following tables present roll forwards of the allowance for credit losses for the periods indicated:

	Three Months Ended September 30, 2021
	Allowance for			Reserve for		Total
Allowance for Credit	Loan and			Unfunded Loan		Allowance for
Losses Rollforward	Lease Losses			Commitments		Credit Losses

	(In thousands)
Beginning balance	$	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	)
Ending balance	$	203,733		$	76,071	$	279,804


	Three Months Ended June 30, 2021
	Allowance for			Reserve for			Total
Allowance for Credit	Loan and			Unfunded Loan			Allowance for
Losses Rollforward	Lease Losses			Commitments			Credit Losses

	(In thousands)
Beginning balance	$	292,445		$	90,571		$	383,016
Charge-offs		(816	)		-			(816	)
Recoveries		5,971			-			5,971
Net recoveries		5,155			-			5,155
Provision		(72,000	)		(16,000	)		(88,000	)
Ending balance	$	225,600		$	74,571		$	300,171

Page 7

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

	September 30,			June 30,			Increase
Allowance for Credit Losses	2021			2021			(Decrease)

	(Dollars in thousands)
Allowance for loan and lease losses	$	203,733		$	225,600		$	(21,867	)
Reserve for unfunded loan commitments		76,071			74,571			1,500
Allowance for credit losses	$	279,804		$	300,171		$	(20,367	)

Provision for credit losses (for the quarter)	$	(20,000	)	$	(88,000	)	$	68,000
Net charge-offs (recoveries) (for the quarter)	$	367		$	(5,155	)	$	5,522
Net charge-offs (recoveries) to average loans and leases (for the quarter)		0.01	%		(0.11	)%
Allowance for loan and lease losses to loans and leases held for investment		0.99	%		1.16	%
Allowance for loan and lease losses to loans and leases held for investment, excluding PPP loans		1.01	%		1.19	%
Allowance for credit losses to loans and leases held for investment		1.36	%		1.54	%
Allowance for credit losses to loans and leases held for investment, excluding PPP loans		1.38	%		1.59	%

The allowance for credit losses decreased by $20.4 million in the third quarter of 2021 to $279.8 million at September 30, 2021. The decrease in the allowance for credit losses during the third quarter of 2021 was attributable to a provision for credit losses benefit of $20.0 million and $0.4 million in net charge-offs. The allowance for credit losses ratio, excluding PPP loans, of 1.38% remains robust and significantly higher than the pre-pandemic level of 0.97% as of the January 1, 2020 CECL adoption date.

Net charge-offs were $0.4 million for the third quarter of 2021. Gross charge-offs of $1.5 million were reduced by recoveries of $1.1 million.

Net recoveries were $5.2 million for the second quarter of 2021. Gross charge-offs of $0.8 million were reduced by recoveries of $6.0 million.

On a year-to-date basis for the nine months ended September 30, 2021, net recoveries were $2.1 million. Gross charge-offs of $6.3 million were reduced by recoveries of $8.4 million.

Page 8

CREDIT QUALITY

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

	September 30,			June 30,			Increase
Credit Quality Metrics	2021			2021			(Decrease)

	(Dollars in thousands)
NPAs and Performing TDRs:
Nonaccrual loans and leases held for investment (1)	$	64,507		$	56,803		$	7,704
Accruing loans contractually past due 90 days or more		-			-			-
Foreclosed assets, net		13,364			13,227			137
Total nonperforming assets ("NPAs")	$	77,871		$	70,030		$	7,841

Performing TDRs held for investment	$	36,750		$	40,129		$	(3,379	)

Nonaccrual loans and leases held for investment to loans and leases held for investment		0.31	%		0.29	%
Nonperforming assets to loans and leases held for investment and foreclosed assets		0.38	%		0.36	%
Allowance for credit losses to nonaccrual loans and leases held for investment		433.8	%		528.4	%

Loan and Lease Credit Risk Ratings:
Pass	$	19,873,050		$	18,822,938		$	1,050,112
Special mention		496,366			536,052			(39,686	)
Classified		141,604			147,267			(5,663	)
Total loans and leases held for investment, net of deferred fees	$	20,511,020		$	19,506,257		$	1,004,763

Classified loans and leases held for investment to loans and leases held for investment		0.69	%		0.75	%

(1) Nonaccrual loans include SBA guaranteed amounts of $20.1 million at September 30, 2021 and $24.2 million at June 30, 2021.

Since pro-actively downgrading certain loans at the onset of the pandemic in the first quarter of 2020, special mention loans and leases have decreased by $402.3 million from their peak in the first quarter of 2020, while classified loans and leases have decreased by $151.6 million from their peak in the second quarter of 2020, and each have continued a steady decline in the third quarter of 2021. Nonaccrual loans and leases increased by $7.7 million to $64.5 million in the third quarter of 2021 due primarily to an increase in nonaccrual short-term, single-family residential renovation loans, however $7.5 million of such nonaccrual loans paid off in the first week of October.

Page 9

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:

	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	)

CAPITAL

The following table presents certain actual capital ratios and ratios excluding PPP loans:


	September 30, 2021
				Excluding			June 30,
				PPP			2021
	Actual (1)			Loans (1)			Actual
PacWest Bancorp Consolidated:
Tier 1 leverage capital ratio		8.05	% (3)		8.15	% (4)		7.67	%
Common equity tier 1 capital ratio		10.15	%		10.15	%		10.41	%
Tier 1 capital ratio		10.65	% (3)		10.65	%		10.41	%
Total capital ratio		14.36	%		14.36	%		14.99	%
Tangible common equity ratio (2)		7.79	%		7.85	% (4)		7.80	%

(1)	Capital information for September 30, 2021 is preliminary.
(2)	Non-GAAP measure.
(3)	The increase in our consolidated Tier 1 capital ratio during the third quarter of 2021 was due in part to a reassessment of a Basel III implementation rule that permitted the grandfathering of certain trust preferred securities as Tier 1 capital. As a result, $131 million of trust preferred securities were reclassified from Tier 2 capital to Tier 1 capital during the third quarter of 2021. This change increased the Tier 1 leverage capital ratio by approximately 38 basis points and increased the Tier 1 capital ratio by approximately 50 basis points.
(4)	PPP loans have been excluded from total assets in the denominator as they are zero risk-weighted.

Page 10

ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with over $35 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the “Bank”). The Bank has 69 full-service branches located in California, one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The Bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices and Denver, Colorado branch office. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank 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 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. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.

FORWARD LOOKING STATEMENTS

This communication contains certain forward-looking information about PacWest that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about future financial and operational results, expectations, or intentions are forward-looking statements. Such statements are based on information available at the time of the communication and are based on current beliefs and expectations of the Company’s management and are subject to significant risks, uncertainties and contingencies, many of which are beyond our control. The ongoing COVID-19 pandemic has adversely affected PacWest, its employees, customers and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity and prospects is uncertain. The 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, sustained high unemployment rates, deterioration in the credit quality of its loan portfolio or in the value of the collateral securing those loans, deterioration in the value of its investment securities, the magnitude of individual loan losses on security monitoring loans, and legal and regulatory developments. Actual results may differ materially from those set forth or implied in the forward-looking statements due to a variety of factors, including the risk factors described in documents filed by PacWest with the U.S. Securities and Exchange Commission.

We are under no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Page 11

PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

	September 30,			June 30,			September 30,
	2021			2021			2020

	(Dollars in thousands, except per share data)
ASSETS:
Cash and due from banks	$	174,585		$	179,505		$	187,176
Interest-earning deposits in financial institutions		3,524,613			5,678,587			2,766,020
Total cash and cash equivalents		3,699,198			5,858,092			2,953,196

Securities available-for-sale, at estimated fair value		9,276,926			7,198,608			4,532,614
Federal Home Loan Bank stock, at cost		17,250			17,250			17,250
Total investment securities		9,294,176			7,215,858			4,549,864

Loans held for sale		-			-			-

Gross loans and leases held for investment		20,588,255			19,580,731			19,101,680
Deferred fees, net		(77,235	)		(74,474	)		(75,480	)
Total loans and leases held for investment, net of deferred fees		20,511,020			19,506,257			19,026,200
Allowance for loan and lease losses		(203,733	)		(225,600	)		(345,966	)
Total loans and leases held for investment, net		20,307,287			19,280,657			18,680,234

Equipment leased to others under operating leases		334,275			313,574			286,425
Premises and equipment, net		47,246			39,541			40,544
Foreclosed assets, net		13,364			13,227			13,747
Goodwill		1,204,118			1,204,118			1,078,670
Core deposit and customer relationship intangibles, net		15,533			18,423			26,813
Other assets		970,479			924,497			797,223
Total assets	$	35,885,676		$	34,867,987		$	28,426,716

LIABILITIES:
Noninterest-bearing deposits	$	12,881,806		$	11,252,286		$	9,346,744
Interest-bearing deposits		17,677,939			18,394,748			14,618,951
Total deposits		30,559,745			29,647,034			23,965,695
Borrowings		-			6,625			60,000
Subordinated debt		862,447			861,788			463,282
Accrued interest payable and other liabilities		545,050			505,859			451,508
Total liabilities		31,967,242			31,021,306			24,940,485
STOCKHOLDERS' EQUITY (1)		3,918,434			3,846,681			3,486,231
Total liabilities and stockholders’ equity	$	35,885,676		$	34,867,987		$	28,426,716

Book value per share	$	32.77		$	32.17		$	29.42
Tangible book value per share (2)	$	22.57		$	21.95		$	20.09
Shares outstanding		119,579,566			119,555,102			118,489,927

(1) Includes net unrealized gain on securities available-for-sale, net		$	98,859			$	145,516			$	155,474
(2) Non-GAAP measure.

Page 12

PACWEST BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (LOSS)

	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)
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:
Service charges on deposit accounts		3,407			3,452			2,570		9,793			7,232
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
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
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
Intangible asset amortization		2,890			2,889			3,751		8,858			11,581
Leased equipment depreciation		8,603			8,614			7,057		26,186			21,364
Foreclosed assets expense (income), net		165			(119	)		335		47			255
Acquisition, integration and reorganization costs		200			200			-		3,825			-
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
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	)

Basic and diluted earnings (loss) per share	$	1.17		$	1.52		$	0.38	$	3.96		$	(11.60	)
Dividends declared and paid per share	$	0.25		$	0.25		$	0.25	$	0.75		$	1.10

Page 13

PACWEST BANCORP AND SUBSIDIARIES

NET EARNINGS (LOSS) PER SHARE CALCULATIONS

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2021			2021			2020			2021			2020

	*(In thousands, except per share data)*
Basic Earnings (Loss) Per Share:
Net earnings (loss)	$	139,996		$	180,512		$	45,503		$	470,914		$	(1,354,404	)
Less: earnings allocated to unvested restricted stock (1)		(2,417	)		(3,172	)		(578	)		(7,930	)		(1,603	)
Net earnings (loss) allocated to common shares	$	137,579		$	177,340		$	44,925		$	462,984		$	(1,356,007	)

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

Basic earnings (loss) per share	$	1.17		$	1.52		$	0.38		$	3.96		$	(11.60	)

Diluted Earnings (Loss) Per Share:
Net earnings (loss) allocated to common shares	$	137,579		$	177,340		$	44,925		$	462,984		$	(1,356,007	)

Weighted average diluted shares outstanding		117,229			117,030			116,754			117,037			116,873

Diluted earnings (loss) per share	$	1.17		$	1.52		$	0.38		$	3.96		$	(11.60	)

(1)

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

Page 14

PACWEST BANCORP AND SUBSIDIARIES

AVERAGE BALANCE SHEET AND YIELD ANALYSIS

	Three Months Ended
	September 30, 2021							June 30, 2021							September 30, 2020
			Interest		Average					Interest		Average					Interest		Average
	Average		Income/		Yield/			Average		Income/		Yield/			Average		Income/		Yield/
	Balance		Expense		Cost			Balance		Expense		Cost			Balance		Expense		Cost
	(Dollars in thousands)
Assets:
Loans and leases (1)(2)	$	19,670,671	$	248,485		5.01	%	$	19,057,420	$	246,147		5.18	%	$	19,195,737	$	241,547		5.01	%
Investment securities (3)		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 (1)		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 (1)			$	279,777						$	270,083						$	253,632
Net interest spread (1)						3.21	%						3.27	%						3.75	%
Net interest margin (1)						3.33	%						3.40	%						3.90	%

Total deposits (4)	$	30,329,007	$	6,417		0.08	%	$	29,121,810	$	7,269		0.10	%	$	23,329,314	$	9,887		0.17	%

(1) Tax equivalent.

(2) 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.

(3) 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 related to tax-exempt income on investment securities. The federal statutory tax rate utilized was 21%.

(4) Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits.

Page 15

PACWEST BANCORP AND SUBSIDIARIES

FIVE QUARTER BALANCE SHEET

	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020
	(Dollars in thousands, except per share data)
ASSETS:
Cash and due from banks	$	174,585		$	179,505		$	177,199		$	150,464		$	187,176
Interest-earning deposits in financial institutions		3,524,613			5,678,587			5,517,667			3,010,197			2,766,020
Total cash and cash equivalents		3,699,198			5,858,092			5,694,866			3,160,661			2,953,196
Securities available-for-sale		9,276,926			7,198,608			5,941,690			5,235,591			4,532,614
Federal Home Loan Bank stock		17,250			17,250			17,250			17,250			17,250
Total investment securities		9,294,176			7,215,858			5,958,940			5,252,841			4,549,864
Loans held for sale		-			-			25,554			-			-
Gross loans and leases held for investment		20,588,255			19,580,731			19,055,165			19,153,357			19,101,680
Deferred fees, net		(77,235	)		(74,474	)		(75,937	)		(69,980	)		(75,480	)
Total loans and leases held for investment, net of deferred fees		20,511,020			19,506,257			18,979,228			19,083,377			19,026,200
Allowance for loan and lease losses		(203,733	)		(225,600	)		(292,445	)		(348,181	)		(345,966	)
Total loans and leases held for investment, net		20,307,287			19,280,657			18,686,783			18,735,196			18,680,234
Equipment leased to others under operating leases		334,275			313,574			327,413			333,846			286,425
Premises and equipment, net		47,246			39,541			39,622			39,234			40,544
Foreclosed assets, net		13,364			13,227			14,298			14,027			13,747
Goodwill		1,204,118			1,204,118			1,204,092			1,078,670			1,078,670
Core deposit and customer relationship intangibles, net		15,533			18,423			21,312			23,641			26,813
Other assets		970,479			924,497			883,653			860,326			797,223
Total assets	$	35,885,676		$	34,867,987		$	32,856,533		$	29,498,442		$	28,426,716

LIABILITIES:
Noninterest-bearing deposits	$	12,881,806		$	11,252,286		$	11,017,462		$	9,193,827		$	9,346,744
Interest-bearing deposits		17,677,939			18,394,748			17,205,829			15,746,890			14,618,951
Total deposits		30,559,745			29,647,034			28,223,291			24,940,717			23,965,695
Borrowings		-			6,625			19,750			5,000			60,000
Subordinated debt		862,447			861,788			465,814			465,812			463,282
Accrued interest payable and other liabilities		545,050			505,859			493,541			491,962			451,508
Total liabilities		31,967,242			31,021,306			29,202,396			25,903,491			24,940,485
STOCKHOLDERS' EQUITY (1)		3,918,434			3,846,681			3,654,137			3,594,951			3,486,231
Total liabilities and stockholders’ equity	$	35,885,676		$	34,867,987		$	32,856,533		$	29,498,442		$	28,426,716

Book value per share	$	32.77		$	32.17		$	30.68		$	30.36		$	29.42
Tangible book value per share (2)	$	22.57		$	21.95		$	20.39		$	21.05		$	20.09
Shares outstanding		119,579,566			119,555,102			119,105,642			118,414,853			118,489,927

(1) Includes net unrealized gain on securities available-for-sale, net	$	98,859		$	145,516		$	106,381		$	172,523		$	155,474
(2) Non-GAAP measure.

Page 16

PACWEST BANCORP AND SUBSIDIARIES

FIVE QUARTER STATEMENT OF EARNINGS

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020
	(Dollars in thousands, except per share data)
Interest income:
Loans and leases	$	246,722		$	244,529		$	241,544		$	242,198		$	240,811
Investment securities		40,780			33,954			30,265			28,843			24,443
Deposits in financial institutions		2,580			2,022			1,528			1,135			654
Total interest income		290,082			280,505			273,337			272,176			265,908

Interest expense:
Deposits		6,417			7,269			7,500			8,454			9,887
Borrowings		101			265			193			37			27
Subordinated debt		7,722			6,663			4,375			4,477			4,670
Total interest expense		14,240			14,197			12,068			12,968			14,584

Net interest income		275,842			266,308			261,269			259,208			251,324
Provision for credit losses		(20,000	)		(88,000	)		(48,000	)		10,000			97,000
Net interest income after provision for credit losses		295,842			354,308			309,269			249,208			154,324

Noninterest income:
Service charges on deposit accounts		3,407			3,452			2,934			3,119			2,570
Other commissions and fees		11,792			10,704			9,158			9,974			10,541
Leased equipment income		10,943			10,847			11,354			9,440			9,900
Gain on sale of loans and leases		-			1,422			139			1,671			35
Gain on sale of securities		515			-			101			4			5,270
Other income		24,688			13,946			21,143			15,642			9,936
Total noninterest income		51,345			40,371			44,829			39,850			38,252

Noninterest expense:
Compensation		98,061			90,807			79,882			73,171			75,131
Occupancy		14,928			14,784			14,054			14,083			14,771
Data processing		7,391			7,758			6,957			6,718			6,505
Other professional services		5,164			5,256			5,126			6,800			4,713
Insurance and assessments		3,685			3,745			4,903			5,064			3,939
Intangible asset amortization		2,890			2,889			3,079			3,172			3,751
Leased equipment depreciation		8,603			8,614			8,969			7,501			7,057
Foreclosed assets expense (income), net		165			(119	)		1			(272	)		335
Acquisition, integration and reorganization costs		200			200			3,425			1,060			-
Customer related expense		4,538			4,973			4,818			4,430			4,762
Loan expense		4,180			4,031			3,193			3,926			3,499
Other expense		9,616			8,812			15,729			10,029			8,939
Total noninterest expense		159,421			151,750			150,136			135,682			133,402

Earnings before income taxes		187,766			242,929			203,962			153,376			59,174
Income tax expense		47,770			62,417			53,556			36,546			13,671
Net earnings	$	139,996		$	180,512		$	150,406		$	116,830		$	45,503

Basic and diluted earnings per share	$	1.17		$	1.52		$	1.27		$	0.99		$	0.38
Dividends declared and paid per share	$	0.25		$	0.25		$	0.25		$	0.25		$	0.25

Page 17

PACWEST BANCORP AND SUBSIDIARIES
FIVE QUARTER SELECTED FINANCIAL DATA

	At or For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020

	(Dollars in thousands)
Performance Ratios:
Return on average assets (1)		1.55	%		2.11	%		1.94	%		1.58	%		0.65	%
Pre-provision, pre-goodwill impairment, pre-tax net revenue ("PPNR") return on average assets (1)(2)		1.86	%		1.81	%		2.01	%		2.22	%		2.22	%
Return on average equity (1)		14.18	%		19.36	%		16.86	%		13.14	%		5.18	%
Return on average tangible equity (1)(2)		21.03	%		29.25	%		25.67	%		19.63	%		8.20	%
Efficiency ratio		47.2	%		47.9	%		46.4	%		43.6	%		45.1	%
Noninterest expense as a percentage of average assets (1)		1.76	%		1.77	%		1.94	%		1.84	%		1.90	%

Average Yields/Costs (1):
Yield on:
Average loans and leases (3)		5.01	%		5.18	%		5.20	%		5.15	%		5.01	%
Average investment securities (3)		2.12	%		2.23	%		2.44	%		2.50	%		2.52	%
Average interest-earning assets (3)		3.50	%		3.57	%		3.86	%		4.02	%		4.13	%
Cost of:
Average interest-bearing deposits		0.14	%		0.16	%		0.18	%		0.22	%		0.27	%
Average total deposits		0.08	%		0.10	%		0.11	%		0.14	%		0.17	%
Average interest-bearing liabilities		0.29	%		0.30	%		0.29	%		0.33	%		0.38	%
Net interest spread (3)		3.21	%		3.27	%		3.57	%		3.69	%		3.75	%
Net interest margin (3)		3.33	%		3.40	%		3.69	%		3.83	%		3.90	%

Average Balances:
Assets:
Loans and leases, net of deferred fees	$	19,670,671		$	19,057,420		$	18,927,314		$	18,769,214		$	19,195,737
Investment securities		8,047,098			6,492,721			5,383,140			4,888,993			4,107,915
Deposits in financial institutions		5,657,768			6,347,764			4,790,231			3,576,335			2,554,349
Interest-earning assets		33,375,537			31,897,905			29,100,685			27,234,542			25,858,001
Total assets		35,871,664			34,326,112			31,415,882			29,334,789			27,935,193
Liabilities:
Noninterest-bearing deposits		12,198,313			11,304,757			10,173,459			9,589,789			8,812,391
Interest-bearing deposits		18,130,694			17,817,053			16,044,091			15,045,451			14,516,923
Total deposits		30,329,007			29,121,810			26,217,550			24,635,240			23,329,314
Borrowings		238,335			225,446			226,053			237,098			181,315
Subordinated debt		862,272			735,725			466,101			463,951			462,375
Interest-bearing liabilities		19,231,301			18,778,224			17,136,245			15,746,500			15,160,613
Stockholders' equity		3,916,621			3,739,042			3,617,248			3,536,425			3,497,869

(1) Annualized.

(2) Non-GAAP measure.

(3) Tax equivalent.

Page 18

PACWEST BANCORP AND SUBSIDIARIES
FIVE QUARTER SELECTED FINANCIAL DATA

	At or For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020

	(Dollars in thousands)
Credit Quality Ratios:
Nonaccrual loans and leases held for investment to loans and leases held for investment		0.31	%		0.29	%		0.36	%		0.48	%		0.45	%
Nonperforming assets to loans and leases held for investment and foreclosed assets		0.38	%		0.36	%		0.43	%		0.55	%		0.52	%
Classified loans and leases held for investment to loans and leases held for investment		0.69	%		0.75	%		0.86	%		1.39	%		1.44	%
Provision for credit losses (for the quarter) to average loans and leases held for investment (annualized)		(0.40	)%		(1.85	)%		(1.03	)%		0.21	%		2.01	%
Net charge-offs (for the quarter) to average loans and leases held for investment (annualized)		0.01	%		(0.11	)%		0.06	%		0.40	%		0.75	%
Trailing 12 months net charge-offs to average loans and leases held for investment		0.09	%		0.27	%		0.37	%		0.45	%		0.36	%
Allowance for loan and lease losses to loans and leases held for investment		0.99	%		1.16	%		1.54	%		1.82	%		1.82	%
Allowance for credit losses to loans and leases held for investment		1.36	%		1.54	%		2.02	%		2.27	%		2.33	%
Allowance for credit losses to nonaccrual loans and leases held for investment		433.8	%		528.4	%		566.2	%		475.8	%		516.9	%

PacWest Bancorp Consolidated:
Tier 1 leverage capital ratio (1)		8.05	%		7.67	%		7.95	%		8.55	%		8.66	%
Common equity tier 1 capital ratio (1)		10.15	%		10.41	%		10.39	%		10.53	%		10.45	%
Tier 1 capital ratio (1)		10.65	%		10.41	%		10.39	%		10.53	%		10.45	%
Total capital ratio (1)		14.36	%		14.99	%		13.60	%		13.76	%		13.74	%
Risk-weighted assets (1)	$	26,057,583		$	24,274,256		$	23,012,350		$	22,837,693		$	22,114,040

Equity to assets ratio		10.92	%		11.03	%		11.12	%		12.19	%		12.26	%
Tangible common equity ratio (2)		7.79	%		7.80	%		7.68	%		8.78	%		8.71	%
Book value per share	$	32.77		$	32.17		$	30.68		$	30.36		$	29.42
Tangible book value per share (2)	$	22.57		$	21.95		$	20.39		$	21.05		$	20.09

Pacific Western Bank:
Tier 1 leverage capital ratio (1)		8.40	%		8.47	%		8.83	%		9.53	%		9.70	%
Common equity tier 1 capital ratio (1)		11.12	%		11.51	%		11.54	%		11.73	%		11.70	%
Tier 1 capital ratio (1)		11.12	%		11.51	%		11.54	%		11.73	%		11.70	%
Total capital ratio (1)		13.59	%		14.22	%		12.80	%		12.99	%		12.95	%

(1) Capital information for September 30, 2021 is preliminary.

(2) Non-GAAP measure.

Page 19

GAAP TO NON-GAAP RECONCILIATIONS

This press release contains certain non-GAAP financial disclosures for: (1) Pre-provision, pre-goodwill impairment, pre-tax net revenue (“PPNR”), (2) PPNR return on average assets (3) return on average tangible equity, (4) tangible common equity ratio, and (5) tangible book value per share. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. In particular, the use of return on average tangible equity, tangible common equity ratio, tangible book value per share, and PPNR is prevalent among banking regulators, investors, and analysts. Accordingly, we disclose the non-GAAP measures in addition to the related GAAP measures of: (1) net earnings, (2) return on average assets, (3) return on average equity, (4) equity to assets ratio, and (5) book value per share.

The tables below present the reconciliations of these GAAP financial measures to the related non-GAAP financial measures:

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
PPNR and PPNR Return on Average Assets	2021			2021			2020			2021			2020

	(Dollars in thousands)
Net earnings (loss)	$	139,996		$	180,512		$	45,503		$	470,914		$	(1,354,404	)
Add: Provision for credit losses		(20,000	)		(88,000	)		97,000			(156,000	)		329,000
Add: Goodwill impairment		-			-			-			-			1,470,000
Add: Income tax expense		47,770			62,417			13,671			163,743			38,627
Pre-provision, pre-goodwill impairment, pre-tax net revenue ("PPNR")	$	167,766		$	154,929		$	156,174		$	478,657		$	483,223

Average assets	$	35,871,664		$	34,326,112		$	27,935,193		$	33,887,541		$	27,221,102

Return on average assets (1)		1.55	%		2.11	%		0.65	%		1.86	%		(6.65	)%
PPNR return on average assets (2)		1.86	%		1.81	%		2.22	%		1.89	%		2.37	%

(1) Annualized net earnings (loss) divided by average assets.

(2) Annualized PPNR divided by average assets.

	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
Add: Goodwill impairment		-			-			-			-			1,470,000
Adjusted net earnings	$	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 divided by average stockholders' equity.

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

Page 20

Tangible Common Equity Ratio/	September 30,			June 30,			March 31,			December 31,			September 30,
Tangible Book Value Per Share	2021			2021			2021			2020			2020

	(Dollars in thousands, except per share data)
Stockholders' equity	$	3,918,434		$	3,846,681		$	3,654,137		$	3,594,951		$	3,486,231
Less: Intangible assets		1,219,651			1,222,541			1,225,404			1,102,311			1,105,483
Tangible common equity	$	2,698,783		$	2,624,140		$	2,428,733		$	2,492,640		$	2,380,748

Total assets	$	35,885,676		$	34,867,987		$	32,856,533		$	29,498,442		$	28,426,716
Less: Intangible assets		1,219,651			1,222,541			1,225,404			1,102,311			1,105,483
Tangible assets	$	34,666,025		$	33,645,446		$	31,631,129		$	28,396,131		$	27,321,233

Equity to assets ratio		10.92	%		11.03	%		11.12	%		12.19	%		12.26	%
Tangible common equity ratio (1)		7.79	%		7.80	%		7.68	%		8.78	%		8.71	%

Book value per share	$	32.77		$	32.17		$	30.68		$	30.36		$	29.42
Tangible book value per share (2)	$	22.57		$	21.95		$	20.39		$	21.05		$	20.09
Shares outstanding		119,579,566			119,555,102			119,105,642			118,414,853			118,489,927

(1) Tangible common equity divided by tangible assets.

(2) Tangible common equity divided by shares outstanding.

CONTACTS

Matthew P. Wagner

President and CEO

303.802.8900

Bart R. Olson

EVP and CFO

714.989.4149

William J. Black

EVP Strategy and Corporate Development

919.597.7466

Page 21

Exhibit 99.2

2021 Third Quarter Results Earnings Release Presentation October 18, 2021

Third Quarter 2021 | PACW | p. 2 » Strong earnings – net earnings of $140.0 million; net interest income up $9.5 million or 3.6% compared to 2Q21; PPNR of $167.8 million, up 8.3% or $12.8 million compared to 2Q21 » Deposit growth continues – core deposits up 4.1% compared to 2Q21 or $1.1 billion » Strong loan growth – loans up $1.0 billion or 5.2% compared to 2Q21 » Civic continues to build – originated $481 million in 3Q up from $423 million in 2Q; total loan balance now $1.0 billion » HOA Acquisition – closed on October 8 th ; adding approximately $4.1 billion in low - cost, stable deposits » Operating expenses – up given production/performance; will increase in 4Q with addition of HOA business » Credit/Asset Quality – continued improvement; YTD net recoveries of $2.1 million; ACL ratio of 1.38% ex - PPP » Liquidity deployment – deployed approximately $3.0 billion in excess cash into the bond portfolio and loans; after HOA acquisition still have over $7.0 billion in excess liquidity » Capital Management – total risk - based capital at 14.36%; Tier 1 capital at 10.65% Key Third Quarter Takeaways

Third Quarter 2021 | PACW | p. 3 Third Quarter Highlights • CET1 ratio of 10.15% • Total capital ratio of 14.36% • ACL ratio of 1.36%; 1.38% excluding PPP loans • Classified loans to total loans of 0.69% • Net charge - offs of $0.4 million • Net charge - offs to average loans and leases of 1bp • Classified loans of $141.6mm, a decline of 52% from 2Q20 high • Special mention loans of $496.4mm, a decline of 45% from 1Q20 high • 92% of deposits are core deposits; 42% are noninterest - bearing • Loan to deposit ratio of 67% Strong Balance Sheet Profitability • Net earnings of $140.0mm, or $1.17 per diluted share • Pre - provision, pre - tax net revenues (“PPNR”) of $167.8mm (1) • ROAA of 1.55% • ROATE of 21.03% (1) • Net interest income increased $9.5mm or 14.2% annualized • Net interest margin of 3.33%; negative impact from excess liquidity of approximately 57bps • Loan and lease yield of 5.01% • Cost of deposits of 8 bps • Efficiency ratio of 47.2% • Provision for credit losses benefit of $20mm Growth • Loan production of $2.4bn at weighted average rate of 4.24% • Loan Growth of $1.3 billion or 7.1% compared to 2Q21 (excluding $337 million reduction in PPP loans) • Total assets increased $1.0bn or 3% compared to 2Q21 • Core deposits increased $1.1bn or 4.1% compared to 2Q21 • Total deposits increased $0.9bn or 3.1% compared to 2Q21 • Closed the purchase of the Homeowners Association Business from MUFG Union Bank, N.A. on October 8 th with approximately $4.1bn of low cost deposits (1) See “Non - GAAP Measurements” slides starting on page 27.

Third Quarter 2021 | PACW | p. 4 $19.0bn $19.1bn $19.0bn $19.5bn $20.5bn 1.94% 1.93% 1.63% 1.19% 1.01% 3Q20 4Q20 1Q21 2Q21 3Q21 Loans & Leases HFI, Net (4) $24.0bn $24.9bn $28.2bn $29.6bn $30.6bn 0.17% 0.14% 0.11% 0.10% 0.08% 3Q20 4Q20 1Q21 2Q21 3Q21 Core and Total Deposits (1)(2) $4.5bn $5.2bn $5.9bn $7.2bn $9.3bn 2.52% 2.50% 2.44% 2.23% 2.12% 3Q20 4Q20 1Q21 2Q21 3Q21 Total Investments and Yield (3) Balance Sheet Highlights $442.5mm $433.8mm $383.0mm $300.2mm $279.8mm 2.49% 2.41% 2.14% 1.59% 1.38% 3Q20 4Q20 1Q21 2Q21 3Q21 Allowance for Credit Losses (5) (1) ■ Core Deposits ■ Non - core Deposits (2) Line is quarterly cost of average total deposits (3) Line is quarterly yield on average investment securities (4) Line is ALLL as % of loans and leases, excluding PPP loans (5) Line is ACL as % of loans and leases, excluding PPP loans

Third Quarter 2021 | PACW | p. 5 $133.4mm $135.7mm $150.1mm $151.8mm $159.4mm 45.1% 43.6% 46.4% 47.9% 47.2% 3Q20 4Q20 1Q21 2Q21 3Q21 Operating Expenses & Efficiency Ratio Profitability Highlights $45.5mm $116.8mm $150.4mm $180.5mm $140.0mm $0.38 $0.99 $1.27 $1.52 $1.17 3Q20 4Q20 1Q21 2Q21 3Q21 Net Earnings & EPS 0.65% 1.58% 1.94% 2.11% 1.55% 8.20% 19.63% 25.67% 29.25% 21.03% 3Q20 4Q20 1Q21 2Q21 3Q21 3Q20 4Q20 1Q21 2Q21 3Q21 ROAA ROATE (1) $156.2mm $163.4mm $156.0mm $154.9mm $167.8mm 2.22% 2.22% 2.01% 1.81% 1.86% 3Q20 4Q20 1Q21 2Q21 3Q21 PPNR & PPNR ROAA (1) (1) See “Non - GAAP Measurements” slides starting on page 27.

Third Quarter 2021 | PACW | p. 6 0.17% 0.14% 0.11% 0.10% 0.08% 0.29% 0.23% 0.16% 0.13% 3Q20 4Q20 1Q21 2Q21 3Q21 Cost of Total Deposits PACW Avg. Total Deposits Cost KRX Median Deposits Cost 5.00% 5.15% 5.20% 5.18% 5.01% 4.04% 4.14% 4.03% 4.02% 3Q20 4Q20 1Q21 2Q21 3Q21 Loan Yield (TE) PACW TE Avg. KRX Median 3.90% 3.83% 3.69% 3.40% 3.33% 3.08% 3.14% 3.09% 3.06% 3Q20 4Q20 1Q21 2Q21 3Q21 Net Interest Margin (TE) PACW Reported TE NIM KRX Median NIM $251.3mm $259.2mm $261.3mm $266.3mm $275.8mm 3Q20 4Q20 1Q21 2Q21 3Q21 Net Interest Income Industry Leading Tax Equivalent Net Interest Margin Source: S&P Global Market Intelligence. Peer data is through 2Q21. Peer group is banks in the KBW Nasdaq Regional Bank Index – “KRX”.

Third Quarter 2021 | PACW | p. 7 8.00% 6.00% 4.50% 10.50% 8.50% 7.00% 14.36% 10.65% 10.15% Total Capital Tier 1 capital CET1 Capital Minimum Capital Conservation Buffer PACW Strong Capital Position Robust Capital Levels Highlights ▪ Raised $400 million of 3.25% sub - debt at the Bank level in April 2021 increasing total capital ▪ 3Q21 dividend of $0.25 per share, consistent with previous five quarters ▪ Approximately $131 million of trust preferred securities were reclassified from Tier 2 capital to Tier 1 capital in 3Q21 due to reassessment of Basel III implementation rule that permitted grandfathering of certain trust preferred securities as Tier 1 capital ▪ Capital ratio decreases in 1Q21 due primarily to the cash purchase of Civic and decreases in 3Q21 due to $3 billion of excess cash deployed into higher risk - weighted assets ▪ Capital levels remain sufficient in a severely adverse economic scenario $821mm $560mm $1,005mm Capital in Excess of Conservation Buffer $20.09 $21.06 $20.39 $21.95 $22.57 10.46% 10.53% 10.39% 10.41% 10.15% 13.74% 13.76% 13.60% 14.99% 14.36% 3Q20 4Q20 1Q21 2Q21 3Q21 Tangible BV and Capital Ratios Tangible BV per Share CET1 Capital Total Capital

Third Quarter 2021 | PACW | p. 8 » Emphasis on sustainable EPS growth » Current Key Initiatives • Maturation of Civic • Acquisition of HOA business • Liquidity deployment at measured pace • Digital innovation » Looking Ahead • Organic growth • M&A activity/criteria – adds products, talent and/or markets; striving for better not just bigger • Capital management – have optionality to take advantage of opportunities as they arise Strategic Lens

Third Quarter 2021 | PACW | p. 9 $ Digital Innovation CLIENT - CENTRIC DIGITAL EXPERIENCE Simplified Digital Account Opening • Reimagined Experience Leveraging Data - driven Insights • Electronic Signatures and Records • Digital Forms Stronger Client Relationships Increased Cross - Selling Opportunities Seamless and Contextual Client Experience Accelerated Innovation Streamlined API Connectivity provides Flexibility and Choice • Accounting and ERP Platform Connectivity • HOA Platform Connectivity Delivers Segment Depth • Enhanced Payment Capability via Connectivity Solutions Modernized and Intuitive Digital Experience Across the Client Journey • Online and Mobile Banking • Merchant Services • Virtual Cards • Foreign Exchange ONBOARD | CONNECT | TRANSACT Leverage FinTech Partnerships to Deliver Digital Solutions Across the Client Journey

Third Quarter 2021 | PACW | p. 10 Commercial mortgage 18% Income producing and other residential 29% Commercial construction 5% Residential construction 13% Asset - based 18% Venture capital 8% Other commercial 7% Consumer 2% As of September 30, 2021 ($ in millions) $ Mix $ Mix Real Estate Mortgage: Commercial 3,695$ 18% 4,192$ 22% Income producing and other residential 5,886 29% 3,685 19% Total Real Estate Mortgage 9,581 47% 7,877 41% RE Construction & Land: Commercial 992 5% 1,242 7% Residential 2,660 13% 2,182 11% Total RE Construction & Land 3,652 18% 3,424 18% Total Real Estate 13,233 65% 11,301 59% Commercial: Asset-based 3,662 18% 3,153 17% Venture capital 1,633 8% 1,637 9% Other commercial 1,577 7% 2,573 13% Total Commercial 6,872 33% 7,363 39% Consumer 406 2% 362 2% Total Loans HFI (1) 20,511$ 100% 19,026$ 100% Unfunded commitments 8,481$ 7,179$ 9/30/2021 9/30/2020 Diversified Loan and Lease Portfolio (1) Net of deferred fees and costs

Third Quarter 2021 | PACW | p. 11 ($ in millions) $ Mix $ Mix Asset-Based: Lender Finance 2,374$ 65% 1,819$ 58% Equipment Finance 575 16% 692 22% Premium Finance 522 14% 422 13% Other 191 5% 220 7% Total Asset-Based 3,662$ 100% 3,153$ 100% 9/30/2021 9/30/2020 ($ in millions) $ Mix $ Mix Real Estate: Income Producing Residential 4,562$ 34% 3,593$ 32% Construction & Land (1) 3,652 28% 3,424 30% Other Commercial (2) 2,438 18% 2,741 24% Other Residential 1,325 10% 92 1% SBA 628 5% 600 5% Hotel 506 4% 648 6% Healthcare 122 1% 203 2% Total Real Estate 13,233$ 100% 11,301$ 100% 9/30/2021 9/30/2020 Other Commercial, $2,438mm, 18% SBA , $628mm , 5% Hotel , $506mm , 4% Income Producing Residential, $4,562mm, 34% Healthcare , $122mm , 1% Other Residential , $1,325mm , 10% Construction & Land , $3,652mm , 28% Real Estate ($13.2B) Lender Finance $2,374mm , 65% Equipment Finance $575mm , 16% Premium Finance $522mm , 14% Other $191mm , 5% Asset - Based ($3.7B) Diversified Loan and Lease Portfolio (1) Of which land represents $145 million and $154 million at 9/30/21 and 9/30/20. (2) Comprised of 43% office, 19% industrial, 17% retail and 21% other at 9/30/21.

Third Quarter 2021 | PACW | p. 12 ($ in millions) $ Mix $ Mix Venture Capital: Equity Fund Loans 1,114$ 68% 746$ 46% Venture Capital 519 32% 891 54% Total Venture Capital 1,633$ 100% 1,637$ 100% 9/30/2021 9/30/2020 ($ in millions) $ Mix $ Mix Other Commercial: Secured Business Loans 472$ 30% 412$ 16% Paycheck Protection Program 272 17% 1,212 47% Unsecured Business Loans 261 17% 228 9% Municipal 254 16% 129 5% Security Monitoring 160 10% 411 16% Other 158 10% 181 7% Total Other Commercial 1,577$ 100% 2,573$ 100% 9/30/2021 9/30/2020 Paycheck Protection Program , $272mm , 17% Secured Business Loans , $472mm , 30% Security Monitoring , $160mm , 10% Unsecured Business Loans , $261mm , 17% Municipal , $254mm , 16% Other , $158mm , 10% Other Commercial ($1.6B) Equity Fund Loans , $1,114mm , 68% Venture Capital , $519mm , 32% Venture Capital ($1.6B) Diversified Loan and Lease Portfolio

Third Quarter 2021 | PACW | p. 13 $520 $1,131 $1,232 $1,662 $2,406 $1,008 $1,354 $1,023 $1,664 $1,349 $0 $0 $381 $0 $0 $983 $1,330 $1,635 $1,969 $1,733 $1,161 $957 $1,067 $802 $1,014 $1,528 $2,485 $2,636 $3,326 $3,755 $2,144 $2,287 $2,702 $2,771 $2,747 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 3Q20 4Q20 1Q21 2Q21 3Q21 Avg. Rate on Production Millions Production Disbursements PPP Loans Payoffs Paydowns Rate on Production ($ in millions) Production/ Disbursements Payoffs/ Paydowns Net Difference Rate on Production (1) ($ in millions) Loans Beginning Balance (2) Loans Ending Balance (2) Quarterly Change (3) 3Q21 3,755$ 2,747$ 1,008$ 4.24% 3Q21 19,506$ 20,511$ 1,005$ 2Q21 3,326 2,771 555 4.55% 2Q21 18,979 19,506 527 1Q21 2,636 2,702 (66) 4.36% 1Q21 19,083 18,979 (104) 4Q20 2,485 2,287 198 4.41% 4Q20 19,026 19,083 57 3Q20 1,528 2,144 (616) 4.95% 3Q20 19,695 19,026 (669) Loan and Lease Production of $2.4 Billion in 3Q21 (1) The weighted average TE rate on production presents contractual rates and does not include amortized fees. Amortized fees add ed approximately 41 basis points to loan yields in 2021 and 25 basis points in 2020. (2) Net of deferred fees and costs (3) “Quarterly Change” equals “Net Difference” plus transfers to loans held for sale, transfers to OREO, charge - offs and loan sales.

Third Quarter 2021 | PACW | p. 14 Multi - Family Apts, 60% Condominiums , 2% Hotel , 9% Office, 5% Industrial , 2% Retail , 1% Mixed - Use, 4% Land & Other, 6% SFR , 11% Commitments by Property Type Construction & Land Loans Nevada , 3% Other, 11% Florida, 7% Wash DC, 3% New York, 13% Colorado 7% Washington, 3% California , 47% Virginia, 3% Arizona, 3% Commitments by State Commitment Amount Count 9/30/21 Commitment 9/30/21 Outstanding 9/30/21 % of Tota l Civic 1,519 804mm 759mm 21% $0 ~ $10mm 101 $ 395mm $ 250mm 7% $10mm ~ $25mm 56 889mm 528mm 14% $25mm ~ $50mm 43 1,622mm 822mm 23% $50mm ~ $100mm 33 2,205mm 797mm 22% $100mm ~ $150mm 11 1,330mm 496mm 13% Total 1,763 $ 7,245mm $ 3,652mm LTC < 40 %, 4% LTC 40% - 50%, 8% LTC 50% - 60%, 47% LTC 60% - 70%, 27% LTC > 70%, 14% (2) Commitments By Loan - To - Cost Range (1) Risk Rating Count 9/30/21 Tota l Pass/Watch 1,724 $ 3,557mm Special Mention 14 75mm Classified 25 20mm Total 1,763 $ 3,652mm (1) Excludes land and Civic commitments. (2) 62% of loans with LTC > 70% are for low income housing projects.

Third Quarter 2021 | PACW | p. 15 California, 45% Colorado , 10% Florida , 7% Virginia , 4% Arizona , 4% New York , 10% Wash. DC , 3% Others , 17% $4.4bn (1) MF Construction Commitments Multi - Family Loans Principal Balance Amount Count 9/30/21 Tota l 9/30/21 % of Tota l $0 ~ $5mm 2,952 2,223mm 48% $5mm ~ $10mm 151 999mm 22% $10mm ~ $30mm 51 756mm 17% $30mm ~ $157mm 6 584mm 13% Total 3,160 $ 4,562mm California, 67% Washington , 6% Florida , 6% Oregon , 3% Virginia , 3% Colorado , 2% Others , 13% $4.6bn (2) Income Producing Residential Portfolio By State Income Producing Residential (1) MF construction commitments have an average loan - to - cost ratio of 62% as of September 30, 2021. (2) $1.8bn, or approximately 41%, of MF portfolio is 50% risk - weighted. (3) Included in MF construction commitments are $948mm of commitments to build low income housing MF projects with a weighted average LTC of 70%. LTC > 70% , 16% LTC 20% - 50% , 4% LTC 50% - 60% , 50% LTC 60% - 70% , 30% MF Construction Commitments By Loan - To - Cost Range (3) Risk Rating Count 9/30/21 Tota l Pass/Watch 3,119 $ 4,477mm Special Mention 13 74mm Classified 28 11mm Total 3,160 $ 4,562mm

Third Quarter 2021 | PACW | p. 16 Security Monitoring Loans ▪ Discontinued new originations in October 2019 due to new technology disrupting the security alarm business. ▪ 74% of loans are to residential security providers and 26% are to commercial security providers. ▪ Portfolio declined by $169mm (7 loans) or 51% in first nine months of 2021. ▪ No charge - offs in first nine months of 2021. ▪ $86mm or 53% of the portfolio are SNCs. ▪ 4.07% WAC; 100% variable rate; WAM 13 months. ▪ $36mm of unfunded commitments; subject to an availability formula based upon eligible recurring monthly revenue (net available credit is $26mm). Risk Rating Count 9/30/21 Tota l Pass/Watch 11 $ 138mm Special Mention - - Classified 3 22mm Total 14 $ 160mm Principal Balance Amount Count 9/30/21 Tota l < $5mm 7 $ 14mm $5mm ~ $10mm 2 17mm $10mm ~ $20mm 2 23mm $20mm ~ $30mm 1 23mm $30mm ~ $40mm 1 32mm $40mm ~ $55mm 1 51mm Total 14 $ 160mm $24mm $71mm $54mm $ 11mm 2021 2022 2023 2024 Contractual Maturity Table $619 $539 $499 $411 $329 $206 $207 $160 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Security Monitoring Loans 74% decrease

Third Quarter 2021 | PACW | p. 17 COVID - Sensitive Portfolios Amounts in 000s Portfolio Classified Special Mention Pass Total % of Total Loans and Leases Hotel (1) $ 16,141 $ 199,346 $ 841,934 $ 1,057,421 5.2% Retail Commercial RE 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% 1.2% 16.4% 82.4% Office Portfolio ▪ Monitoring this portfolio closely given the potential future implications of changes in the demand for office space due to remote/hybrid working arrangements; no impacts to date. ▪ Total office portfolio at September 30, 2021 is $1.2 billion (CRE, Construction, SBA) or 6.1% of total loans and leases. 65% of office portfolio is located in California. ▪ 99.9% of the portfolio is pass rated; $0.7 million of classified loans and $1.0 million of special mention loans at September 30, 2021. ▪ Weighted average loan - to - cost for office construction loans is 54.7%. ▪ Despite sensitivity to the COVID pandemic, these portfolios have performed better than expected; continue to monitor closely. ▪ Total net charge - offs on these portfolios since 1Q20 have amounted to $1.2 million. (1) Includes Hotel CRE of $ 506 million, Hotel Construction of $522 million and Hotel SBA of $29 million .

Third Quarter 2021 | PACW | p. 18 ($ in millions) Variable Loans by Rate IndexS Amount % of Total Variable 1 - month LIBOR $5,384 3 - month LIBOR 153 6 - month LIBOR 239 12 - month LIBOR 3 Total LIBOR - based Loans $5,779 54% Prime Rate 3,609 34% Other Index 993 9% SOFR 374 3% Total Variable Loans $10,755 100% Interest Rate Components of the Loan and Lease Portfolio Fixed - Rate , 34% Variable - Rate, 52% Hybrid , 14%, Loan Portfolio by Repricing Type 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% - 2.00 4.00 6.00 8.00 10.00 Floor is "In the Money" Now Increase 50 bps Increase 100 bps Increase 150 bps Increase 200 bps Increase 250 bps Increase 300 bps % of Variable Rate Loans Cumulative Balance ($ bn’s ) Billions Amount of Rate Increase Floor Analysis - Variable Rate Loans as of September 30, 2021 Loan Book % of Total Variable $776mm $868mm $1,668mm $6,521mm 1 Year 2 Years 3 Years > 3 Years Fixed/Hybrid Years to Maturity/Repricing

Third Quarter 2021 | PACW | p. 19 $36.1mm $18.8mm $2.7mm ($5.2mm) $0.4mm 0.36% 0.45% 0.37% 0.27% 0.09% 0.75% 0.40% 0.06% - 0.11% 0.01% 3Q20 4Q20 1Q21 2Q21 3Q21 Net Charge - offs/(Recoveries) (4) Key Credit Quality Trends $85.6mm $91.2mm $67.7mm $56.8mm $64.5mm 0.45% 0.48% 0.36% 0.29% 0.31% 3Q20 4Q20 1Q21 2Q21 3Q21 Nonaccrual Loans and Leases (1) (1) Line is as a percentage of total loans and leases (2) Line is as a percentage of total loans and leases (3) Line is as a percentage of total loans and leases (4) ■ Net charge - offs/(recoveries) for quarter ■ Trailing 12 months net C/O % ■ Net C/O as a % of average loans land leases (annualized) $99.4mm $105.2mm $82.0mm $70.0mm $77.9mm 0.52% 0.55% 0.43% 0.36% 0.38% 3Q20 4Q20 1Q21 2Q21 3Q21 Nonperforming Assets (2) $274.6mm $265.3mm $163.1mm $147.3mm $141.6mm 1.44% 1.39% 0.86% 0.75% 0.69% 3Q20 4Q20 1Q21 2Q21 3Q21 Classified Loans and Leases (3)

Third Quarter 2021 | PACW | p. 20 $182 $434 $280 $166 $84 $84 $(87) $5 $(130) $(3) $12 $2 $(35) 1/1/2020 Economic Forecast Individually Evaluated Loan Downgrades Net Charge- offs Other, net 12/31/2020 Economic Forecast Individually Evaluated Loan Downgrades Net Recoveries Other, net 9/30/2021 Changes in the Allowance for Credit Losses (ACL) (in millions) Current Expected Credit Losses (CECL) ▪ Provision benefit driven by improved economic forecast and improving credit quality metrics. ▪ Used the Moody’s Consensus Scenario Forecast dated September 2021 for 3Q21. ▪ No significant changes to CECL model or process. ▪ Decline in ACL ratio trending with continuing improvement in credit quality metrics. ▪ Trending back to pre - pandemic levels ▪ ACL and ALLL ratios were 0.97% and 0.70% at adoption of CECL on 1/1/20. Twelve Months of 2020 First Nine Months of 2021 (1) Line is ACL as a % of loans and leases, excluding PPP loans (2) Other, net includes loan upgrades, loan balance changes and qualitative adjustments. (2) (2) $112.0mm $120.0mm $97.0mm $10.0mm - $48.0mm - $88.0mm - $20.0mm 1.63% 2.06% 2.49% 2.41% 2.14% 1.59% 1.38% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Provision for Credit Losses (1)

Third Quarter 2021 | PACW | p. 21 Noninterest - bearing demand Interest checking Money market Savings deposits Non - core non - maturity deposits Time deposits $250,000 and under Time deposits over $250,000 September 30, 2021 Noninterest - bearing demand Interest checking Money market Savings deposits Non - core non - maturity deposits Time deposits $250,000 and under Time deposits over $250,000 September 30, 2020 ($ in millions) Deposit Category Average $ Quarter-End $ Mix Average $ Quarter-End $ Mix Noninterest-bearing demand 12,198$ 12,882$ 42% 8,812$ 9,347$ 39% Interest checking 7,313 7,169 24% 4,799 4,658 20% Money market 7,681 7,463 24% 6,108 6,539 27% Savings 620 627 2% 565 574 2% Total core deposits 27,812 28,141 92% 20,284 21,118 88% Non-core non-maturity deposits 1,042 960 3% 1,169 1,124 5% Total non-maturity deposits 28,854 29,101 95% 21,453 22,242 93% Time deposits $250,000 and under 898 883 3% 1,208 1,048 4% Time deposits over $250,000 577 576 2% 668 676 3% Total time deposits 1,475 1,459 5% 1,876 1,724 7% Total deposits (1) 30,329$ 30,560$ 100% 23,329$ 23,966$ 100% At or For the Quarter Ended September 30, 2021 At or For the Quarter Ended September 30, 2020 Deposit Detail (1) Does not include $1.4 billion and $1.2 billion of client investment funds held at September 30, 2021 and September 30, 2020, respectively. Core: 92% Core: 88%

Third Quarter 2021 | PACW | p. 22 $4.5bn $5.2bn $5.9bn $7.2bn $9.3bn 3.8 4.5 4.8 5.1 4.8 2.52% 2.50% 2.44% 2.23% 2.12% 6.6 6.7 6.9 7.0 6.2 3Q20 4Q20 1Q21 2Q21 3Q21 TE Yield, Avg. Life & Effective Duration Investments Effective Duration (Yrs) TE Yield Average Life (Yrs) Diversified Investment Portfolio (1) Fair value at 9/30/21 (2) Yield is for 3Q21 Asset - backed Securities , $133mm , 1% Agency Residential MBS , $2,181mm , 24% Agency Residential CMOs , $1,089mm , 12% Agency Commercial MBS , $1,314mm , 14% Private Residential CMOs , $304mm , 3% Corporate Securities , $517mm , 6% Municipal Securities , $1,990mm , 21% Collateralized Loan Obligations , $358mm , 4% Other, $32mm , 2% Private Commercial MBS , $388mm , 4% U.S. Treasuries , $971mm , 11% $9.3 Billion Total Investment Portfolio (1) 2.12% overall portfolio tax equivalent yield (2) Third Quarter Activity ▪ Purchased $2.4 billion in 3Q21 - highlights ▪ Average tax - equivalent yield of 1.80% ▪ Weighted average life of 6.4 years ▪ Effective duration of 5.7 years

Third Quarter 2021 | PACW | p. 23 $12.5bn $15.9bn $16.3bn $16.2bn $22.3bn $28.1bn $15.9bn $18.9bn $18.9bn $19.2bn $24.9bn $30.6bn 2016 2017 2018 2019 2020 3Q21 Core and Total Deposits (2) Historical Financial Trends $21.9bn $25.0bn $25.7bn $26.8bn $29.5bn $35.9bn 2016 2017 2018 2019 2020 3Q21 Total Assets 12.31% 10.91% 10.01% 9.78% 10.53% 10.41% 15.56% 13.75% 12.72% 12.41% 13.76% 14.99% 2016 2017 2018 2019 2020 2Q21 Tier 1 & Total Risk Based Capital Ratios (1) $365.0mm $358.0mm $465.0mm $469.0mm $232.0mm $471.0mm 2016 2017 2018 2019 2020 YTD21 Net Earnings (3) (1) ■ Tier 1 capital ratio (2) ■ Core deposits (3) 2020 amount excludes goodwill impairment of $1.47 billion in 1Q20

Third Quarter 2021 | PACW | p. 24 Product Offerings Community Banking Products National Lending Products Venture Banking Products • Attractive branch network with 69 full service branches in California and one in Denver, Colorado • Offers a full suite of deposit products and services, including on - line banking • Business lending products: includes secured business, asset - based and tax - exempt loans • Real estate lending products: includes multifamily, commercial real estate and construction loans • Limited consumer loan offerings • Borrower relationships generally include a deposit relationship • Specialized suite of products for HOA industry • Diversified by loan and lease type, geography and industry o Asset - Based Lending (ABL) ▪ Lender Finance, Equipment Financing and Premium Finance o Commercial Real Estate ▪ Multifamily, Hotel, Office, Retail, Industrial, SBA and Construction • Focus on small to middle - market businesses • Expertise in niche segments (aviation lending and corporate finance) limits new competitors • Borrower relationships may include deposit accounts and treasury services • Four product offerings: Technology, Life Sciences, Fund Finance, Structured Finance • Offices located in key innovative hubs across the United States • Offers a comprehensive suite of financial services for venture - backed companies and their venture capital and private equity investors • Provides comprehensive treasury management solutions, including credit cards, international - related products and asset management services to clients • Borrower relationships almost always include a deposit relationship • Branch office in Durham, North Carolina Civic Products • Four product offerings: Construction – Renovation, Construction – Bridge, SFR For - Rent, Multi - family • Lends to investors who want to renovate and “flip” property or rent property • Offices located across the United States • Headquartered in Redondo Beach, CA • Subsidiary of Pacific Western Bank

Third Quarter 2021 | PACW | p. 25 Durham, NC Los Angeles, CA Nationwide Lender Combined with California Branch Network Chevy Chase, MD Chicago, IL Denver, CO New York, NY Boston, MA Minneapolis, MN Austin, TX Campbell, CA Menlo Park, CA San Francisco, CA National Lending office Venture Banking office Community Banking branch Primary offices in 14 states San Diego, CA

Third Quarter 2021 | PACW | p. 26 Balancing Quality Growth with Our Credit De - Risking Strategy 2014 2015 2016 2017 2018 2019 Sold PWEF Leasing Growth Initiatives De - Risking Initiatives New National Construction Lending Team New Multi - Family Lending Team Square 1 Acquisition CapitalSource Acquisition New Tax - Exempt Lending Team CUB Acquisition Colorado Market Expansion Strengthened construction lending criteria - lower loan - to - cost ratio Began to reduce exposure to Healthcare Real Estate Sold $1.5bn of Cash Flow Loans Began to emphasize Equity Fund Loans in Venture Banking Sold Celtic Capital Discontinued originating Security Monitoring and NL Healthcare RE loans 2020 2021 Civic Acquisition 2/01/21 Pandemic – intensely managed loan portfolio HOA Business Acquisition (10/08/21)

Third Quarter 2021 | PACW | p. 27 ($ in thousands, except per share amounts) September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 Tangible Common Equity Ratio & Tangible Book Value Per Share Stockholders' equity 3,918,434$ 3,846,681$ 3,654,137$ 3,594,951$ 3,486,231$ Less: Intangible assets 1,219,651 1,222,541 1,225,404 1,102,311 1,105,483 Tangible common equity 2,698,783$ 2,624,140$ 2,428,733$ 2,492,640$ 2,380,748$ Total assets 35,885,676$ 34,867,987$ 32,856,533$ 29,498,442$ 28,426,716$ Less: Intangible assets 1,219,651 1,222,541 1,225,404 1,102,311 1,105,483 Tangible assets 34,666,025$ 33,645,446$ 31,631,129$ 28,396,131$ 27,321,233$ Equity to assets ratio 10.92% 11.03% 11.12% 12.19% 12.26% Tangible common equity ratio (1) 7.79% 7.80% 7.68% 8.78% 8.71% Book value per share 32.77$ 32.17$ 30.68$ 30.36$ 29.42$ Tangible book value per share (2) 22.57$ 21.95$ 20.39$ 21.05$ 20.09$ Shares outstanding 119,579,566 119,555,102 119,105,642 118,414,853 118,489,927 Return on Average Tangible Equity Net earnings 139,996$ 180,512$ 150,406$ 116,830$ 45,503$ Add: intangible amortization 2,890 2,889 3,079 3,172 3,751 Adjusted net earnings 142,886$ 183,401$ 153,485$ 120,002$ 49,254$ Average stockholders' equity 3,916,621$ 3,739,042$ 3,617,248$ 3,536,425$ 3,497,869$ Less: Average intangible assets 1,221,253 1,224,208 1,192,780 1,103,945 1,107,548 Average tangible common equity 2,695,368$ 2,514,834$ 2,424,468$ 2,432,480$ 2,390,321$ Return on average equity 14.18% 19.36% 16.86% 13.14% 5.18% Return on average tangible equity (3) 21.03% 29.25% 25.67% 19.63% 8.20% (1) Tangible common equity divided by tangible assets (2) Tangible common equity divided by shares outstanding (3) Annualized adjusted net earnings divided by average tangible common equity Non - GAAP Measurements The Company uses 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. These non - GAAP financial measures should not be considered a substitute for financial measures presented in accordance with GAAP and may be different from non - GAAP financial measures used by other companies. The table below presents reconciliations of certain GAAP to non - GAAP financial measures:

Third Quarter 2021 | PACW | p. 28 ($ in thousands) September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 PPNR and PPNR Return on Average Assets Net earnings 139,996$ 180,512$ 150,406$ 116,830$ 45,503$ Add: Provision for credit losses (20,000) (88,000) (48,000) 10,000 97,000 Add: Income tax expense 47,770 62,417 53,556 36,546 13,671 Pre-provision, pre-goodwill impairment, pre-tax revenue ("PPNR") 167,766$ 154,929$ 155,962$ 163,376$ 156,174$ Average assets 35,871,664$ 34,326,112$ 31,415,882$ 29,334,789$ 27,935,193$ Return on average assets (1) 1.55% 2.11% 1.94% 1.58% 0.65% PPNR return on average assets (2) 1.86% 1.81% 2.01% 2.22% 2.22% (1) Annualized net earnings (loss) divided by average assets (2) Annualized PPNR divided by average asets Three Months Ended Non - GAAP Measurements The table below presents reconciliations of certain GAAP to non - GAAP financial measures. PPNR represents pre - provision, pre - tax net revenues and excludes goodwill impairment.

Third Quarter 2021 | PACW | p. 29 Bank Holding Companies and Banks in the KRX Index Total Assets ( in billions ) Source: S&P Global Market Intelligence. Total assets as of June 30, 2021. Banks in the KRX Index as of September 30, 2021. 1 Popular, Inc. BPOP $ 72.657 26 First Hawaiian, Inc. FHB $ 24.246 2 East West Bancorp Inc. EWBC $ 59.855 27 Old National Bancorp ONB $ 23.676 3 Synovus Financial Corp. SNV $ 54.939 28 Simmons First National Corporation SFNC $ 23.423 4 Western Alliance Bancorporation WAL $ 49.069 29 Bank of Hawaii Corporation BOH $ 22.672 5 Wintrust Financial Corporation WTFC $ 46.738 30 Ameris Bancorp ABCB $ 21.887 6 Cullen/Frost Bankers, Inc. CFR $ 46.698 31 First Bancorp FBP $ 21.370 7 Valley National Bancorp VLY $ 41.274 32 Pacific Premier Bancorp, Inc. PPBI $ 20.529 8 South State Corporation SSB $ 40.376 33 Glacier Bancorp, Inc. GBCI $ 20.488 9 F.N.B. Corporation FNB $ 38.406 34 Washington Federal, Inc. WAFD $ 19.650 10 UMB Financial Corporation UMBF $ 36.619 35 Cathay General Bancorp CATY $ 19.348 11 Prosperity Bancshares, Inc. PB $ 36.100 36 United Community Banks, Inc. UCBI $ 18.896 12 BankUnited , Inc. BKU $ 35.700 37 Columbia Banking Systems, Inc. COLB $ 18.013 13 Pinnacle Financial Partners, Inc. PNFP $ 35.412 38 Home Bancshares, Inc. HOMB $ 17.627 14 Texas Capital Bankshares , Inc. TCBI $ 35.229 39 Hope Bancorp, Inc. HOPE $ 17.470 15 Hancock Whitney Corporation HWC $ 35.099 40 Trustmark Corporation TRMK $ 17.098 16 PacWest Bancorp PACW $ 34.868 41 Eastern Bankshares , Inc. EBC $ 17.047 17 Associated Banc - Corp ASB $ 34.153 42 First Financial Bancorp FFBC $ 16.038 18 Commerce Bankshares , Inc. CBSH $ 33.856 43 CVB Financial Corp. CVBF $ 15.539 19 Webster Financial Corporation WBS $ 33.754 44 WSFS Financial Corporation WSFS $ 15.149 20 Umpqua Holdings Corporation UMPQ $ 30.285 45 Community Bank Systems, Inc. CBU $ 14.801 21 BancorpSouth Bank BXS $ 27.612 46 Independent Bank Corp. INDB $ 14.194 22 United Bankshares , Inc. UBSI $ 27.191 47 Provident Financial Services, Inc. PFS $ 13.217 23 Investors Bancorp ISBC $ 26.802 48 First Financial Bankshares , Inc. FFIN $ 12.329 24 Bank OZK OZK $ 26.606 49 First Commonwealth Financial Corporation FCF $ 9.402 25 Fulton Financial Corporation FULT $ 26.080 50 Brookline Bancorp, Inc. BRKL $ 8.462

Third Quarter 2021 | PACW | p. 30 This communication contains certain forward - looking information about PacWest Bancorp that is intended to be covered by the safe harbor for “forward - looking statements” provided by the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about future financial and operational results, expectations, or intentions are forward - looking statements. Such statements are based on information available at the time of the communication and are based on current beliefs and expectations of the Company’s management and are subject to significant risks, uncertainties and contingencies, many of which are beyond our control. The ongoing COVID - 19 pandemic has adversely affected PacWest Bancorp, its employees, customers and third - party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity and prospects is uncertain. The 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 Bancorp’s revenues and the values of its assets and liabilities, including goodwill, lead to a tightening of credit and increase stock price volatility. In addition, PacWest Bancorp’s results could be adversely affected by changes in interest rates, sustained high unemployment rates, deterioration in the credit quality of its loan portfolio or in the value of the collateral securing those loans, deterioration in the value of its investment securities 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 the Company with the U.S. Securities and Exchange Commission. We are under no obligation (and expressly disclaim any such obligation) to update or alter our forward - looking statements, whether as a result of new information, future events or otherwise, except as required by law . Forward - Looking Statements

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pacw-20211018_lab.xml
Attachment: XBRL TAXONOMY EXTENSION LABEL LINKBASE

pacw-20211018_pre.xml
Attachment: XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE