PacWest Bancorp announced consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's net interest income was $248.3 million compared with $229.2 million a year ago. Earnings before income taxes were $135.4 million compared with $121.2 million a year ago. Net earnings were $85.6 million compared with $71.8 million a year ago. Net earnings allocated to common shares was $84.6 million or $0.71 per basic and diluted share compared with $71.2 million or $0.60 per basic and diluted share a year ago. Return on average assets was 1.59% compared with 1.37% a year ago. Return on average equity was 7.57% compared with 6.56% a year ago. Return on average tangible equity was 14.88% compared with 13.14% a year ago.

For the year, the company's net interest income was $961.3 million compared with $823.3 million a year ago. Earnings before income taxes were $557.94 million compared with $480.1 million a year ago. Net earnings were $352.2 million compared with $299.6 million a year ago. Net earnings allocated to common shares was $348.2 million or $2.90 per basic and diluted share compared with $296.7 million or $2.79 per basic and diluted share a year ago. The 18% increase in annual net earnings was due mostly to including the operations of Square 1 Financial Inc. for all of 2016 compared to including its operations in 2015 from the October 6, 2015 acquisition date. As on December 31, 2016, the company's book value per share was $36.93 and tangible book value per share was $18.71. Return on average equity was 7.85% compared with 7.99% a year ago. Return on average tangible equity was 15.52% compared with 15.76% a year ago. Return on average assets was 1.66% compared with 1.70% a year ago.

The company announced net charge-offs of $13.8 million for the fourth quarter ended December 31, 2016.