PacWest Bancorp releases 4th-quarter earnings report

   PacWest Bancorp, which operates Pacific Western Bank branches in Chino, Ontario, Rancho Cucamonga, Upland, Yucca Valley and Twentynine Palms, has announced net earnings for the fourth quarter of 2008 were $9.6 million, compared to net earnings of $9.6 million for the third quarter of 2008.  According to a news release, the “net earnings for the fourth quarter of 2008 included adjustments related to restricted stock amortization and income taxes, which increased net earnings by $3.1 million, or $0.11 per diluted share.” The decrease in net earnings, excluding these items, resulted mostly from lower net interest income and higher provision for credit losses.

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