LOS ANGELES (AP) — PacWest Bancorp said Wednesday that its fourth-quarter net income climbed 43 percent, helped by lower costs and a gain on the sale of leases and securities.
The bank said net income allocated to common shares amounted to $19.2 million, or 54 cents per share, for the period ended Dec. 31. That's up from $13.4 million, or 38 cents per share, a year earlier.
The performance beat the 49 cents per share that analysts polled by FactSet forecast.
Net interest income increased 9 percent to $69.6 million from $63.8 million.
Net interest income combines interest on loans that the bank collects and interest on deposits and debt that the bank pays out. It is a measure of the bank's ability to profit from its lending.
Non-interest income, which includes revenue from fees and other sources, declined 75 percent to $2.1 million from $8.3 million.
For the full year, PacWest earned $55 million, or $1.54 per share, up from $48.6 million, or $1.37 per share.
Net interest income rose 5 percent to $276.5 million from $262.6 million. Non-interest income dropped 51 percent to $15.9 million from $32.4 million.
Shares of PacWest Bancorp, based in Los Angeles, rose 23 cents to $26.34 in midday trading. They have traded in a range of $20.12 to $26.90.