Exhibit 99.1

PRESS RELEASE

PacWest Bancorp

(NASDAQ: PACW)

PACWEST BANCORP ANNOUNCES RESULTS

FOR THE FIRST QUARTER OF 2013

Highlights

·                  Net Earnings of $13.5 Million or $0.37 Per Diluted Share

·                  Net Interest Margin at 5.40%

·                  Credit Loss Reserve at 2.43% of Net Non-Covered Loans and Leases and 172% of Non-Covered Nonaccrual Loans and Leases

·                  Noninterest-Bearing Deposits at 43% and Core Deposits at 83% of Total Deposits

Los Angeles, California . . . PacWest Bancorp (Nasdaq: PACW) today announced net earnings for the first quarter of 2013 of $13.5 million, or $0.37 per diluted share, compared to net earnings for the fourth quarter of 2012 of $19.9 million, or $0.54 per diluted share.

This press release contains certain non-GAAP financial disclosures for tangible common equity, return on average tangible equity, adjusted earnings before income taxes, and adjusted efficiency ratio.  The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.  Given that the use of tangible common equity amounts and ratios and return on average tangible equity is prevalent among banking regulators, investors and analysts, we disclose our tangible common equity ratio in addition to equity-to-assets ratio, and our return on average tangible equity in addition to return on average equity.  Also, as analysts and investors view adjusted earnings before income taxes as an indicator of the Company’s ability to absorb credit losses, we disclose this amount in addition to pre-tax earnings.  We disclose the adjusted efficiency ratio as it shows the trend in recurring overhead-related noninterest expense relative to recurring net revenues. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

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FIRST QUARTER RESULTS

(1)         Represents pre-tax earnings excluding net credit costs, securities gains, and acquisition and integration costs. See GAAP to Non-GAAP Reconciliation table.

(2)         Calculation reduces average equity by average intangible assets. See GAAP to Non-GAAP Reconciliation table.

(3)         Excludes FDIC loss sharing income, securities gains, OREO expenses, and acquisition and integration costs. See GAAP to Non-GAAP Reconciliation table.

(4)         Non-covered loans exclude loans covered by loss sharing agreements with the FDIC.

Quarter-over-quarter net earnings declined $6.4 million due mostly to four items: (a) the $2.6 million after tax decline in interest income on loans and leases; (b) the $2.5 million after tax increase in net credit costs; (c) the $1.1 million after tax decline in gain on asset sales; and (d) the $1.2 million after tax increase in compensation expense.

Adjusted earnings before income taxes declined $6.6 million to $27.3 million for the first quarter from $33.9 million for the fourth quarter.  Two items caused the decline: $4.4 million in lower interest income on loans and leases and $2.1 million in higher compensation.  The lower interest income was a function of (a) a lower portfolio yield ($1.9 million in interest) as new loans and refinancings are being closed in this low rate environment; (b) two fewer days in the first quarter ($1.3 million in interest); and (c) a lower portfolio average balance ($1.2 million interest) as we

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are not competing for loans that are unprofitable or that generate undue interest rate risk.  The increase in compensation expense quarter-over-quarter was due to (a) $1.2 million in higher payroll taxes attributable to the start of a new year, (b) $794,000 in base salary increases effective March 1 and higher incentive compensation also due to the start of a new year, and (c) $232,000 in lower cost deferrals due to lower new loan originations.

Net credit costs on a pre-tax basis are shown in the following table:

The $2.5 million after tax increase in net credit costs is due principally to a positive credit loss provision on covered loans in the first quarter compared to a negative provision in the fourth quarter, which lowered net earnings quarter-over-quarter by $4.3 million after tax.  This was offset, however, by lower FDIC loss sharing expense of $1.7 million after tax.  The covered credit loss provision in the first quarter was due largely to updated appraisals on two collateral-dependent covered loan relationships while the negative provision in the fourth quarter was due to increases in expected cash flows on covered loans generally.  Cash flows on covered loans are estimated quarterly and are subject to change based on varying conditions with the underlying borrowers and collateral.

Matt Wagner, Chief Executive Officer, commented, “Our first quarter results continue to demonstrate sustained profits and a strong balance sheet, with adjusted net earnings of $17.0 million and stockholders’ equity at 11.1% of assets.  Our net interest margin remains at a superior level compared to peers and credit quality continues to be stable.  Loan growth is challenging, as we continue to resist competing for term real estate loans having rates substantially below our net interest margin and durations that give rise to unacceptable interest rate risk.  Nevertheless, we grew the C&I portfolio by $6.8 million, with our asset financing segment leading the way with a net $49.2 million in new loans and leases.  Our loan pipeline for the next three quarters has built-up nicely due to slowly improving economic conditions in our markets, our focus on existing customers for referrals, and service levels that enable us to attract and retain business from the larger banks.”

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Mr. Wagner continued, “Our main second quarter goal is the completion of the FCAL merger and its integration into our business lines and systems.  The FCAL transaction is expected to expand our market presence and enhance our efficiency and profits.  We will continue, however, to focus on improving profitability, making and renewing quality and profitable loans with customers and new relationships, and explore growth opportunities as they arise.”

Vic Santoro, Chief Financial Officer, stated, “Our first quarter net interest margin remained strong at 5.40%, and, when adjusted for volatility items, stood at 5.28%, which is in line with expectations.  The asset financing segment loan and lease portfolio carries double-digit rates and continues to augment our NIM, with a portfolio yield at 11.66% for the first quarter.  Our deposit cost declined as expected to 0.23% in the first quarter, with future maturities of higher rate time deposits bringing that rate down further.  While our liquidity level continues to be high, it stands ready to absorb new lending as loans pass through the pipelines onto our balance sheet.”

BALANCE SHEET CHANGES

Total assets declined $163.8 million during the first quarter of 2013 due to repayments on non-covered and covered loans, and lower balances of interest-earning deposits in financial institutions.  At March 31, 2013, gross non-covered loans and leases totaled $3.0 billion and the covered loan portfolio was $483.1 million.  The gross non-covered loan and lease portfolio decreased $91.2 million for the first quarter of 2013, including loan pay-offs of approximately $170 million. Our regional presidents reported that loans having balances of $1.0 million or more and refinanced by other lenders totaled approximately $75 million; we purposely have not competed on these refinancings because of the low rates and long durations offered by other lenders.  We experienced net increases in leases and commercial loans of $30.4 million and $6.8 million, respectively.  The covered loan portfolio declined $34.2 million due to repayments and resolution activities.  Interest-earning deposits in financial institutions declined $34.4 million during the first quarter of 2013 to $41.0 million at March 31, 2013.

Total liabilities declined $164.4 million during the first quarter of 2013 due to lower total deposits.  Total deposits decreased $155.9 million during the first quarter to $4.6 billion at March 31, 2013.  Core deposits declined $92.4 million during the first quarter due mostly to a decrease of $97.5 million in money market deposits, approximately $80 million of which was expected to occur.  Time deposits declined $63.5 million during the first quarter to $756.8 million at March 31, 2013.  At March 31, 2013, core deposits totaled $3.8 billion, or 83% of total deposits, and noninterest-bearing demand deposits, which held steady at $1.9 billion, were 43% of total deposits at that date.

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SECURITIES AVAILABLE-FOR-SALE

The following table presents the components, yields, and durations of our securities available-for-sale as of the date indicated:

(1) Represents the yield for the month of March 2013.

(2) The tax equivalent yield was 4.10% and 2.70% for municipal securities and total securities available-for-sale, respectively.

The following table shows the geographic composition of the majority of our municipal securities portfolio as of the date indicated:

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COVERED ASSETS

As part of the Los Padres and Affinity acquisitions we entered into loss sharing agreements with the FDIC that cover a substantial portion of losses incurred after the acquisition dates on covered loans and other real estate owned, and in the case of the Affinity acquisition, certain investment securities. A summary of covered assets is shown in the following table as of the dates indicated:

NET INTEREST INCOME

Net interest income declined by $3.9 million to $65.7 million for the first quarter of 2013 compared to $69.6 million for the fourth quarter of 2012 due primarily to lower interest income on loans and leases.  The $4.4 million decline in interest income on loans and leases was due to the combination of three factors: (a) a lower portfolio yield ($1.9 million) as we continue to operate in a low interest rate environment where new loans and refinancings are being completed at rates below the current portfolio yield; (b) two fewer days in the current quarter ($1.3 million); and (c) the lower average portfolio balance ($1.2 million) as we have avoided lending at rates substantially below our net interest margin and/or at longer durations that would increase our interest rate risk profile.  Interest expense declined by $523,000 due mostly to lower rates and average balances of time and money market deposits.

NET INTEREST MARGIN

Our net interest margin (“NIM”) for the first quarter of 2013 was 5.40%, compared to 5.49% reported for the fourth quarter of 2012.  The NIM is impacted by several items that cause volatility from period to period.  The effects of such items on the NIM are shown in the following table for the periods indicated:

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The following table presents the loan yields and related average balances for our non-covered loans, covered loans, and total loan portfolio for the periods indicated:

The loan yield is impacted by the same items which cause volatility in the NIM.  The following table presents the effects of these items on the total loan yield for the periods indicated:

The yield on average loans and leases decreased 23 basis points to 7.07% for the first quarter of 2013 from 7.30% for the fourth quarter of 2012.  This was due mainly to lower accelerated accretion of acquisition discounts from covered loan payoffs.  Accelerated accretion of acquisition discounts from covered loan payoffs totaled approximately $677,000 for the first quarter of 2013 and $1.5 million for the fourth quarter of 2012, increasing the loan yields by 8 basis points and 16 basis points, respectively. Such accelerated accretion of acquisition discounts increased the covered loan portfolio yields by 55 basis points for the first quarter of 2013 and 110 basis points for the fourth quarter of 2012.  Total income from early lease payoffs was $857,000 in the first quarter of 2013 and $466,000 in the fourth quarter of 2012.

The cost of total interest-bearing liabilities declined four basis points to 0.52% for the first quarter of 2013 from 0.56% for the fourth quarter of 2012.  All-in deposit cost declined two basis points to 0.23% during the first quarter of 2013 from 0.25% for the fourth quarter of 2012.  Such declines are due to lower rates on money market and time deposits.  Time deposits maturing over the next 12 months total $607.0 million and bear a weighted-average rate of 1.01%.

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NONINTEREST INCOME

Noninterest income increased by $783,000 to $2.8 million for the first quarter of 2013 compared to $2.1 million for the fourth quarter of 2012.  The change was due to lower net FDIC loss sharing expense, offset by lower gains on sales of leases and securities.

The first quarter of 2013 included net FDIC loss sharing expense of $3.1 million compared to the fourth quarter of 2012 net FDIC loss sharing expense of $6.0 million; such change was due mostly to a higher provision for credit losses on covered loans and lower covered loan recoveries, offset by higher amortization of the FDIC loss sharing asset.  The increase in quarterly amortization relates to lower estimated losses expected to be collected from the FDIC over the life of the loss sharing contracts.

Gain on sale of leases decreased by $1.0 million to a more sustainable $225,000, and gain on sale of securities decreased by $830,000 to $409,000.  While we do not rely on asset sales to generate net earnings, our leasing operation periodically sells leases to manage credit risk and portfolio size.  In addition, we sold $12.4 million in corporate debt securities in the first quarter of 2013 and $43.9 million in government agency and government-sponsored enterprise pass through securities in the fourth quarter of 2012 to reduce overall portfolio price volatility and extension risk.

The following table presents the details of FDIC loss sharing income (expense), net for the periods indicated:

(1) Includes increases related to covered loan loss provisions and decreases for write-offs for covered loans expected to be resolved at amounts higher than their carrying value.

(2) Represents amounts to be reimbursed to the FDIC for covered loans resolved at amounts higher than their carrying values.

(3) Represents amounts to be reimbursed to the FDIC for gains on covered OREO sales and due from the FDIC for covered OREO write-downs.

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NONINTEREST EXPENSE

Noninterest expense increased by $658,000 to $44.2 million during the first quarter of 2013 compared to $43.5 million for the fourth quarter of 2012.  With the exception of compensation costs and business development expense, overhead expense categories decreased quarter-over-quarter, as management continues to focus on controlling noninterest expenses.  Compensation costs increased $2.1 million due mainly to the timing of payroll taxes, higher base salaries and incentive compensation, and lower cost deferral on new loan originations.  Payroll taxes are always higher in the first quarter of a calendar year, and this item accounted for $1.2 million of the increase.  Base salary increases, effective March 1, and higher incentive compensation costs, also attributable to the start of a new year, accounted for $794,000 of the increase.  Lastly, lower new loan volume resulted in lower deferral of direct loan origination compensation costs of $232,000.  Acquisition and integration costs, which declined $400,000, will vary from period-to-period due to the timing of such activities.  Covered OREO expense decreased $352,000 due mainly to higher gains on sales of $982,000 offset by higher write-downs of $727,000.

Noninterest expense includes (a) amortization of time-based restricted stock, which is included in compensation, and (b) intangible asset amortization.  Amortization of restricted stock totaled $1.8 million for the first quarter of 2013 and $1.4 million for the fourth quarter of 2012. Intangible asset amortization totaled $1.2 million for each of the first quarter of 2013 and the fourth quarter of 2012.

CREDIT QUALITY

Credit quality metrics remain stable quarter over quarter, with coverage ratios remaining strong.  Economic trends in our markets will cause periodic movements in nonaccrual and classified loan and lease balances.  However, losses on such nonaccrual and classified loans and leases are not expected to be material.

(1) Classified loans and leases are those with a credit risk rating of substandard or doubtful.

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Our non-covered loans and leases at March 31, 2013, include $279.6 million in loans and leases acquired in our 2012 acquisitions that were initially recorded at their estimated fair values.    The fair value amounts at which these loans were initially recorded included an estimate of their credit losses.  The allowance calculation takes into consideration those loans and leases whose credit quality has deteriorated since the acquisition.  At March 31, 2013, $1.5 million of our allowance for credit losses applies to such loans and leases. When these loans and leases are excluded from the total of non-covered loans and leases, the coverage ratio of our allowance for credit losses increases to 2.63% at March 31, 2013; the comparable ratio at December 31, 2012, was 2.58%.

Credit Loss Provisions

The Company recorded a provision for credit losses of $3.1 million in the first quarter of 2013 compared to a negative provision for credit losses of $4.3 million in the fourth quarter of 2012 as follows:

The provision level on the non-covered portfolio is generated by our allowance methodology, which reflects the level and trends of net charge-offs, the levels of nonaccrual and classified loans and leases, the migration of loans and leases into various risk classifications, and the level of outstanding loans and leases.  Based on such methodology, there was no provision for credit losses on non-covered loans and leases for the first quarter of 2013 and the fourth quarter of 2012.

The provision, or negative provision, for credit losses on covered loans results from decreases, or increases, in expected cash flows on such loans compared to those previously estimated.  Cash flows on covered loans are estimated quarterly and are subject to change based on varying conditions with the underlying borrowers and collateral.  The covered loan credit loss provision in the first quarter of 2013 was due largely to updated appraisals on two collateral-dependent covered loan relationships, while the negative provision in the fourth quarter was due to increases in expected cash flows on covered loans generally.

Non-covered Nonperforming Assets

Non-covered nonperforming assets include non-covered nonaccrual loans and leases and non-covered OREO and totaled $77.9 million at March 31, 2013 compared to $72.9 million at December 31, 2012.  The ratio of non-covered nonperforming assets to non-covered loans and leases and non-covered OREO increased to 2.60% at March 31, 2013 from 2.37% at December 31, 2012.

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The following table presents our non-covered nonaccrual loans and leases and accruing loans and leases past due between 30 and 89 days by portfolio segment and class as of the dates indicated:

(1) Excludes covered loans.

(2) Included in the 30-89 days past due amount at March 31, 2013, are two loans to the same borrower totaling $32.3 million. These loans, which were 32 days past due at quarter-end, are now current.

The $2.6 million increase in non-covered nonaccrual loans and leases during the first quarter of 2013 was attributable to (a) additions of $6.4 million, (b) charge-offs of $1.1 million and (c) other reductions, payoffs and returns to accrual status of $2.7 million.

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Below is a summary of the ten largest lending relationships on nonaccrual status, excluding SBA-related loans, as of the date indicated:

(1) On nonaccrual status at December 31, 2012.

(2) New nonaccrual in first quarter of 2013.

The following table presents the details of non-covered and covered OREO as of the dates indicated:

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The following table presents non-covered and covered OREO activity for the period indicated:

REGULATORY CAPITAL MEASURES ARE ABOVE THE WELL-CAPITALIZED MINIMUMS

PacWest and its wholly-owned banking subsidiary, Pacific Western Bank, each remained well capitalized as of the date indicated as shown in the following table:

FIRST CALIFORNIA FINANCIAL GROUP ACQUISITION

PacWest Bancorp expects to close the acquisition of First California Financial Group, Inc. (“FCAL”) in the second quarter of 2013, subject to receipt of remaining regulatory approvals.  Under the terms of the merger, PacWest will acquire FCAL for $8.00 per FCAL common share, or an estimated $231 million in aggregate consideration, payable in PacWest Bancorp common stock.

FCAL is the holding company for First California Bank (“FCB”), a full-service commercial bank headquartered in Westlake Village, California.  FCB provides a full range of banking services, including revolving lines of credit, term loans, commercial real estate loans, construction loans, consumer loans and home equity loans to individuals, professionals, and small to mid-sized businesses.  FCB operates throughout Southern California in the Los Angeles, Orange, Riverside, San Bernardino, San Diego, Ventura, and San Luis Obispo Counties.

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ABOUT PACWEST BANCORP

PacWest Bancorp (“PacWest”) is a bank holding company with $5.3 billion in assets as of March 31, 2013, with one wholly-owned banking subsidiary, Pacific Western Bank (“Pacific Western”). Through 67 full-service community banking branches, Pacific Western provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western’s branches are located throughout California in Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego, San Francisco, San Luis Obispo, San Mateo and Ventura Counties.  Through its subsidiaries, BFI Business Finance and Celtic Capital Corporation, and its divisions First Community Financial and Pacific Western Equipment Finance, Pacific Western also provides working capital financing and equipment leasing to growing companies located throughout the United States, with a focus on the Southwestern U.S., primarily in Arizona, California, Utah and Texas. Additional information regarding PacWest Bancorp is available on the Internet at www.pacwestbancorp.com. Information regarding Pacific Western Bank is also available on the Internet at www.pacificwesternbank.com.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking information about PacWest that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to: failure to obtain regulatory or other required approvals; an inability to achieve expected cost savings in the amounts or timeframes discussed if at all, or the costs associated with transactions or the time needed to complete transactions being greater than expected;  lower than expected revenues; credit quality deterioration or a reduction in real estate values could cause an increase in the allowance for credit losses and a reduction in net earnings; increased competitive pressure among depository institutions; the Company’s ability to complete future acquisitions, successfully integrate such acquired entities, or achieve expected beneficial synergies and/or operating efficiencies within expected time-frames or at all; settlements with the FDIC related to our loss-sharing arrangements from the Los Padres Bank and Affinity Bank acquisitions; the possibility that personnel changes will not proceed as planned; the cost of additional capital is more than expected; a change in the interest rate environment reduces net interest margins; asset/liability repricing risks and liquidity risks; pending legal matters may take longer or cost more to resolve or may be resolved adversely to the Company; general economic conditions, either nationally or in the market areas in which the Company does or anticipates doing business, are less favorable than expected; environmental conditions, including natural disasters, may disrupt our business, impede our operations, negatively impact the values of collateral securing the Company’s loans and leases or impair the ability of our borrowers to support their debt obligations; the economic and regulatory effects of the continuing war on terrorism and other events of war, including the conflicts in the Middle East; legislative or regulatory requirements or changes adversely affecting the Company’s

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business; changes in the securities markets; regulatory approvals for any capital activities cannot be obtained on the terms expected or on the anticipated schedule; and, other risks that are described in PacWest’s public filings with the U.S. Securities and Exchange Commission (the “SEC”). If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, PacWest’s results could differ materially from those expressed in, implied or projected by such forward-looking statements. PacWest assumes no obligation to update such forward-looking statements.

For a more complete discussion of risks and uncertainties, investors and security holders are urged to read PacWest Bancorp’s annual report on Form 10-K, quarterly reports on Form 10-Q and other reports filed by PacWest with the SEC.  The documents filed by PacWest with the SEC may be obtained at PacWest Bancorp’s website at www.pacwestbancorp.com or at the SEC’s website at www.sec.gov.  These documents may also be obtained free of charge from PacWest by directing a request to: PacWest Bancorp c/o Pacific Western Bank, 275 North Brea Boulevard, Brea, CA 92821.  Attention: Investor Relations. Telephone 714-671-6800.

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