As of October 7, 2015, Square 1 Financial, Inc. was acquired by PacWest Bancorp. Square 1 Financial, Inc. operates as the holding company for Square 1 Bank that provides a range of banking and financial products and services to the entrepreneurial community, and venture capital and private equity firms in the United States. The company’s deposit products include checking, money market and certificates of deposit. It also offers commercial lending products, including commercial loans, revolving lines of credit, equipment loans, asset-based loans, credit cards, and capital call loans; and real estate secured, government-guaranteed, and construction loans. In addition, the company provides inve...
406 Blackwell Street
Durham, NC 27701
Founded in 2004
PacWest Bancorp Appoints Douglas H. Bowers as President of the Square 1 Bank Division
Oct 7 15
PacWest Bancorp announced the completion of its merger with Square 1 Financial, Inc. effective on October 6, 2015. In conjunction with this merger, Square 1 Bank, subsidiary of Square 1, is being merged with and into PacWest’s banking subsidiary, Pacific Western Bank. Douglas H. Bowers, former President and CEO of Square 1, will be President of the Square 1 Bank Division upon completion of the merger.
Square 1 Financial, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment Charges for the Second Quarter Ended June 30, 2015; Provides Tax Rate Guidance for the Fiscal Year 2015
Jul 15 15
Square 1 Financial, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, total interest income $31,593,000 against $25,075,000 a year ago. Net interest income was $31,399,000 against $24,876,000 a year ago. Income before income tax expense was $14,966,000 against $11,498,000 a year ago. Net income available to common shareholders was $9,919,000 against $8,050,000 a year ago. Earnings per diluted share were $0.33 against $0.27 a year ago. Return on average common equity was 12.24% compared to 11.74% a year ago. Return on average assets was 1.14% compared to 1.22% a year ago. Adjusted operating revenue was $39,561,000 against $32,368,000 a year ago. Non-Gaap earnings per diluted share excluding merger costs were $0.36 against $0.27 a year ago. Non-Gaap net interest income (fully tax equivalent basis) was $32,725,000 against $25,863,000 a year ago. Non-Gaap net operating income before taxes was $15,496,000 against $12,617,000 a year ago.
For the six months, total interest income $60,994,000 against $47,875,000 a year ago. Net interest income was $60,544,000 against $47,383,000 a year ago. Income before income tax expense was $26,539,000 against $22,597,000 a year ago. Net income available to common shareholders was $18,072,000 against $15,836,000 a year ago. Earnings per diluted share were $0.59 against $0.58 a year ago. Return on average assets was 1.09% against 1.27% a year ago. Return on average common equity was 11.47% against 13.63% a year ago. Tangible book value per share was $10.92 as of June 30, 2015. Non-GAAP earnings per diluted share excluding merger costs were $0.62 against $0.58 a year ago. Non-Gaap net interest income (fully tax equivalent basis) was $63,124,000 against $49,321,000 a year ago. Non-GAAP net operating income before taxes was $28,761,000 against $24,859,000 a year ago.
For the quarter, net loan charge-offs were $3,460,000 against $688,000 a year ago or 0.92%, of average loans (annualized) for the second quarter of 2015.
Projected annual effective tax rate for 2015 increased to 31.9% from an annual effective tax rate of 31.4% for 2014 due to an increase in the portion of taxable income to nontaxable income.