PacWest misses Street 1Q forecasts

BEVERLY HILLS, Calif. (AP) _ PacWest Bancorp (PACW) on Monday reported first-quarter net income of $77.7 million.

The Beverly Hills, California-based bank said it had earnings of 65 cents per share.

The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

The holding company for Pacific Western Bank posted revenue of $282.5 million in the period. Its adjusted revenue was $267.6 million, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $272.3 million.

PacWest shares have fallen 8 percent since the beginning of the year. The stock has climbed 30 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PACW at https://www.zacks.com/ap/PACW

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