SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
x |
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31,
2022
¨ |
TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from
to
..
Commission File No. 001-36408
A. |
FULL
TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF THE ISSUER NAMED BELOW: |
PacWest Bancorp 401(k) Plan
PacWest Bancorp
130 S. State College Blvd, Brea, CA 92821
B. |
NAME
OF THE ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE: |
PacWest Bancorp
9701 Wilshire Blvd., Suite 700
Beverly Hills, California 90212
PacWest Bancorp 401(k) Plan
Form 11-K
December 31, 2022
Index
All other schedules are omitted because they are
not required or applicable pursuant to the Employee Retirement Income Security Act of 1974 and Department of Labor regulations.
Report of Independent Registered Public Accounting
Firm
To the Plan Administrator and Plan Participants of
PacWest Bancorp 401(k) Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available
for benefits of PacWest Bancorp 401(k) Plan (the Plan) as of December 31, 2022 and 2021, and the related statement of changes
in net assets available for benefits for the year ended December 31, 2022, and the related notes to the financial statements (collectively,
the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available
for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the year ended
December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan's management.
Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information included in the accompanying Schedule
H, line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2022, has been subjected to audit procedures performed
in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s
management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or
the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information
presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental
information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information
is fairly stated, in all material respects, in relation to the Plan’s financial statements as a whole.
/s/
Baker Tilly US, LLP |
|
|
|
We have served as the Plan’s auditor since 2008. |
|
|
|
Irvine, California |
|
June 30, 2023 |
|
PacWest Bancorp 401(k) Plan
Statements of Net Assets Available for Benefits
| |
December 31, | |
| |
2022 | | |
2021 | |
Assets: | |
| | | |
| | |
Investments at fair value: | |
| | | |
| | |
Federal money market fund | |
$ | 12,199,093 | | |
$ | 10,568,506 | |
Mutual funds | |
| 113,166,882 | | |
| 133,256,337 | |
PacWest Bancorp common stock | |
| 5,378,258 | | |
| 9,660,057 | |
Common collective trusts | |
| 96,799,992 | | |
| 107,125,867 | |
Total investments at fair value | |
| 227,544,225 | | |
| 260,610,767 | |
Receivables: | |
| | | |
| | |
Notes receivable from participants | |
| 3,713,339 | | |
| 2,884,844 | |
Participant
contributions receivable | |
| 46,293 | | |
| -- | |
Employer contribution receivable | |
| 18,393 | | |
| -- | |
Total receivables | |
| 3,778,025 | | |
| 2,884,844 | |
Total assets | |
| 231,322,250 | | |
| 263,495,611 | |
| |
| | | |
| | |
Liabilities: | |
| | | |
| | |
Payable for excess contribution | |
| -- | | |
| 31,898 | |
Net assets available for benefits | |
$ | 231,322,250 | | |
$ | 263,463,713 | |
See Accompanying Notes to these Financial Statements.
PacWest Bancorp 401(k) Plan
Statement of Changes in Net Assets Available
for Benefits
Year Ended December 31, 2022
Additions: | |
| | |
Investment (loss) income: | |
| | |
Net depreciation in fair value of investments | |
$ | (54,576,175 | ) |
Interest and dividends | |
| 3,970,824 | |
Total investment
loss, net | |
| (50,605,351 | ) |
| |
| | |
Interest on notes receivable from participants | |
| 181,806 | |
| |
| | |
Contributions: | |
| | |
Participants | |
| 21,650,835 | |
Rollovers | |
| 4,195,375 | |
Employer | |
| 7,796,515 | |
Total contributions | |
| 33,642,725 | |
Total additions, net | |
| (16,780,820 | ) |
Deductions: | |
| | |
Benefits paid to participants | |
| 15,073,207 | |
Deemed distributions | |
| 17,156 | |
Corrective distributions | |
| 23,984 | |
Administrative expenses | |
| 248,737 | |
Total deductions | |
| 15,363,084 | |
Net decrease in net assets available for benefits before transfers | |
| (32,143,904 | ) |
Transfers from mergers (Note 1) | |
| 2,441 | |
Net decrease in net assets available for benefits | |
| (32,141,463 | ) |
Net assets available for benefits: | |
| | |
Beginning of the year | |
| 263,463,713 | |
End of the year | |
$ | 231,322,250 | |
See Accompanying Notes to these Financial Statements.
PacWest Bancorp 401(k) Plan
Notes to Financial Statements
December 31, 2022 and 2021
(1) Description of the Plan
The following description of the PacWest Bancorp
401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a complete
description of the Plan’s provisions.
(a) General
The Plan is a defined contribution plan which
provides retirement benefits for eligible employees of PacWest Bancorp and its subsidiaries (the “Company”) that have
agreed to participate in the Plan. The Plan is administered by PacWest Bancorp (the “Sponsoring Employer” or “Plan
Administrator”) who acts by and through its administrative committee (the “401(k) Plan Committee”). The
401(k) Plan Committee is presently comprised of six officers of Pacific Western Bank, a subsidiary of the Sponsoring Employer.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). The trustee for
the Plan is Fidelity Management Trust Company (“Trustee”). In February 2022, the Company acquired 100% of the
membership in Civic Ventures LLC (CIVIC). The 401(k) plan in which the Civic employees participated included other entities all
of which shared common ownership. That plan was not terminated. Instead, the Civic employee balances were merged into the
Company’s plan in 2021 and 2022.
(b) Contributions and
Eligibility
Employees of the Company who are at least 18 years
of age are eligible to participate in the Plan beginning the first day of the month following their hire date. Participants may contribute,
under a salary reduction agreement, up to 60% of their eligible compensation, as defined, but not to exceed the dollar amount allowed
by law, which was $20,500 for 2022. The Company funds matching contributions based on the calculation of annual compensation and deferrals.
For the 2022 plan year, the matching contribution was determined to be a maximum amount of 50% of the first 8% of covered compensation.
In addition, participants may contribute amounts representing distributions (rollovers) from other tax-favored plans, and participants
age 50 and over may also make “catch-up” contributions up to $6,500 in accordance with Internal Revenue Code (“IRC”)
regulations and limitations. The Plan was amended in 2022 to permit additional annual contributions
up to maximum of $25,000 to be made on a non-deductible post-tax basis.
Participants direct the investment of their contributions
into various investment options offered by the Plan. Company matching contributions are invested at the participant’s discretion
in the same manner as their salary reduction contributions.
(c) Participant Accounts
Each participant account is credited with the
participant’s contributions, allocations of the Company’s matching contribution, and earnings or losses. Earnings (losses)
of the various funds are allocated to the participant balances according to the ratio that a participant’s account balance or
shares held in a given fund bears to the total of all account balances or shares held in the fund.
(d) Vesting
Participant contributions are immediately fully vested. In June 2021,
the Plan was amended and the Company fully vested all employed participants in 100% of the Company match.
Nonvested amounts in a terminated
participant’s account prior to June 1, 2021 were forfeited in accordance with Plan provisions, which allows for forfeited
amounts to be utilized to pay Plan expenses or to offset employer contributions. At December 31, 2022 and 2021, the remaining
forfeited balances within the Plan totaled $112,642 and $189,967, respectively, and during the year ended December 31, 2022,
$217,384 of forfeited amounts were used to offset employer contributions and $6,152 was used to offset plan expenses.
(e) Benefit Payments
A participant may receive a distribution of his
or her entire vested accrued benefit only upon the participant’s termination of employment. While employed, a participant may receive
a distribution of his or her rollover account and employee contribution deferrals for reason of financial hardship, in accordance with
Plan provisions.
For distributions other than due to financial hardship, the method
of payment shall be based on the participant’s election and may be made in one or a combination of the following methods: a single
lump sum; installments (if eligible as defined by the Plan); or direct transfer to an Individual Retirement Account (“IRA”)
or other tax favored plan that accepts the transfer. Distributions shall be made in cash or in-kind, in accordance with the participant’s
election and Plan provisions.
(f) Notes Receivable
from Participants
Participants may borrow from their account a minimum
of $1,000 up to the lesser of 50% of the participant’s vested account balance or $50,000, reduced by the highest outstanding loan
balance in the participant’s account during the prior 12-month period. Participants may only have one loan outstanding at a time.
Such loans are collateralized by the participant’s vested balance in the Plan and bear the prevailing interest rate used by lending
institutions for loans made under similar circumstances. Interest rates at December 31, 2022 and 2021 ranged from 3.25% to 9.00%,
respectively, and the loans mature through May 2048. The term of loans made by the Plan cannot exceed five years, except if the
loan is used to purchase the principal residence of the participant, in which case the loan term may be extended for up to a period of
10 years. Principal and interest are paid ratably through participant payroll deductions. If a participant defaults on the loan,
it is generally treated as a taxable distribution from the Plan (a “Deemed Distribution”).
(g) Plan Termination
Although it has not expressed any intent to do
so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions
of ERISA.
(h) Investment Options
All accounts are invested in accordance with terms
of the Plan document and investment options elected by participants. Participants direct the investment of their contributions and Company’s
matching contributions into various investment options offered by the Plan. If a participant does not choose an investment fund,
the contributions are invested in the age appropriate target date fund. Participants may change their deferral percentage
or investment direction at any time. Investment options offered by the Plan include a money market fund, mutual funds, PacWest Bancorp
common stock and common collective trust funds. Contributions or transfers into PacWest Bancorp common stock are limited to no more
than 25% of either future contributions or participant account balance.
(2) Significant Accounting Policies
(a) Basis of Accounting
The accompanying financial statements of the Plan
have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States
of America (“GAAP”).
(b) Use of Estimates
The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the statements
of net assets available for benefits along with the additions and deductions presented in the statement of changes in net assets available
for benefits, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenue and expenses during the reporting period. Actual results could differ from those estimates.
(c) Investment Valuation
and Income Recognition
The Plan’s investments are reported at fair value. Fair value
is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. See
Note (3) Fair Value Measurements for further discussion of the fair value of Plan investments. Purchases and sales of investments
are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.
Net appreciation/depreciation includes the Plan’s gains and losses on investments purchased, sold and held during the year.
(d) Notes Receivable
from Participants
The notes receivable from participants are valued at cost plus any
accrued but unapplied interest, which approximates fair value. Interest income is recorded when earned. If a participant ceases to make
note repayments and the Plan administrator deems the note to be in default, the participant note balance is reduced and a Deemed Distribution
is recorded.
(e) Payment of Participant
Benefits
Participant benefits are recorded when paid.
(f) Administrative Expenses
Administrative expenses of the Plan are paid from
forfeited amounts or by the Company, except for loan fees and maintenance fees for ex-employees which are charged to the applicable participant
accounts. The Company is also a party-in-interest and the Trustee charges fees to the participant for processing loan application transactions.
See Note (4), Party-in-Interest Transactions, for additional party-in-interest information. The administrative expenses paid
by the Plan in 2022 totaled $248,737.
(g) Risks and Uncertainties
Investment securities are exposed to various risks
such as interest rate, market, and credit. Due to the level of uncertainty related to changes in the value of the Plan’s investment
securities, it is at least reasonably possible that changes in the various risk factors, in the near term, could materially affect participants’
account balances and the amounts reported in the financial statements.
(h) Concentration of
Credit Risk
Investment in PacWest Bancorp’s common stock
comprised approximately 2.3% and 3.7% of the Plan’s net assets available for benefits as of December 31, 2022 and 2021,
respectively. Generally, participants may not allocate more than 25% of their contributions into PacWest Bancorp’s common stock.
(i) Subsequent Events
Plan management has evaluated
events subsequent to December 31, 2022 and through the date that the accompanying financial statements were filed with the Securities
and Exchange Commission, and has concluded there are no subsequent events that would require recognition or disclosure in the accompanying
financial statements.
(j) Corrective Distributions
Corrective distributions occur
when participants exceed the maximum contribution limit and the excess contribution is not return to the participant in the same
calendar year. During 2022, $23,984 was returned to participants.
(3) Fair Value Measurements
The Plan utilizes a valuation hierarchy for disclosure
of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted
prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly
or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable
inputs based on the Plan’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s
classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.
The following tables set forth by level, within the fair value hierarchy,
the Plan’s assets at fair value:
Assets at Fair Value as of December 31,
2022
| |
Level 1 | | |
Total | |
Mutual Funds | |
$ | 113,166,882 | | |
$ | 113,166,882 | |
Federal Money Market Fund | |
| 12,199,093 | | |
| 12,199,093 | |
PacWest Bancorp Common Stock | |
| 5,378,258 | | |
| 5,378,258 | |
Total Investments at Fair Value | |
| 130,744,233 | | |
| 130,744,233 | |
Common Collective Trusts measured at NAV* | |
| — | | |
| 96,799,992 | |
| |
$ | 130,744,233 | | |
$ | 227,544,225 | |
Assets at Fair Value as of December 31,
2021
| |
Level 1 | | |
Total | |
Mutual Funds | |
$ | 133,256,337 | | |
$ | 133,256,337 | |
Federal Money Market Fund | |
| 10,568,506 | | |
| 10,568,506 | |
PacWest Bancorp Common Stock | |
| 9,660,057 | | |
| 9,660,057 | |
Total Investments at Fair Value | |
| 153,484,900 | | |
| 153,484,900 | |
Common Collective Trust Fund measured at NAV* | |
| — | | |
| 107,125,867 | |
| |
$ | 153,484,900 | | |
$ | 260,610,767 | |
* |
Certain investments are measured at fair value using
the net asset value (“NAV”) per share (or its equivalent) as a practical expedient and have not been categorized in the
fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy
to the amounts presented in the Statements of Net Assets Available for Benefits. |
The following is a description of the valuation
methodologies used for the investments measured at fair value.
Mutual Funds
Valued at the daily closing price as reported
by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission.
These funds are required to publish their daily net asset value and to transact at that price. The mutual funds held by the Plan are
deemed to be actively traded.
Federal Money Market Fund
The Federal Money Market fund is valued at quoted
market prices in an exchange and active market.
PacWest Bancorp Common Stock
PacWest Bancorp common stock is stated at the
fair value as quoted on a recognized securities exchange and is valued at the last reported sales price on the last business day of the
Plan year which was $22.95 per share at year-end
2022. In conjunction with the March 2023 regional bank failures, the price of PacWest Bancorp common stock declined significantly and
closed at $8.16 per share on June 28, 2023.
Common Collective Trusts
The Galliard stable value fund is composed primarily
of fully benefit-responsive investment contracts that are valued at the NAV, an estimate of fair value. The unit value is calculated
by dividing the fund’s value on the valuation date by the number of units outstanding. The NAV is used as a practical expedient
to estimate fair value. This practical expedient would not be used if it is determined to be probable that the fund will sell the investment
for an amount different from the reported net asset value. Participant transactions (purchases and sales) may occur daily. If the Plan
initiates a full redemption of the collective trust, the issuer reserves the right to require 12 months notification in order to ensure
that securities liquidations will be carried out in an orderly business manner. There are no participant redemption restrictions for
these investments; the redemption notice period is applicable only to the Plan.
The T. Rowe Price blue chip and retirement trust’s
financial instruments are valued at the close of business on the last day of the Plan year and are reported at fair value. Investments
in the underlying trusts are valued at their closing NAV per unit on the day of valuations. The fair value of the common collective trusts
has been established using the NAV as a practical expedient and they are not assigned to a level in the fair value hierarchy.
The following table summarizes investments for
which fair value is measured using the NAV per share (or its equivalent) practical expedient as of December 31, 2022, and 2021,
respectively.
December 31, 2022 |
|
Fair Value |
|
|
Unfunded
Commitments |
|
Redemption
Frequency (If
Currently Eligible) |
|
Redemption
Notice Period |
T. Rowe Price Retire 2040 |
|
|
12,204,473 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2030 |
|
|
11,507,773 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2025 |
|
|
10,832,982 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2045 |
|
|
10,818,993 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2035 |
|
|
10,288,129 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2050 |
|
|
8,925,609 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2055 |
|
|
7,573,026 |
|
|
n/a |
|
Daily |
|
n/a |
Galliard stable value fund |
|
|
7,529,475 |
|
|
n/a |
|
Daily |
|
12 months |
T. Rowe Price Retire 2020 |
|
|
5,719,420 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Blue Chip Growth |
|
|
5,414,360 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2060 |
|
|
2,073,234 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2015 |
|
|
1,731,719 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2005 |
|
|
1,197,285 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2010 |
|
|
771,384 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2065 |
|
|
212,130 |
|
|
n/a |
|
Daily |
|
n/a |
December 31, 2021 |
|
Fair Value |
|
|
Unfunded
Commitments |
|
Redemption
Frequency (If
Currently Eligible) |
|
Redemption
Notice Period |
T. Rowe Price Retire 2040 |
|
|
13,276,857 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2025 |
|
|
12,896,897 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2030 |
|
|
12,110,059 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2045 |
|
|
11,869,826 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2035 |
|
|
11,532,809 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2050 |
|
|
9,342,042 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Blue Chip Growth |
|
|
9,054,855 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2055 |
|
|
7,729,264 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2020 |
|
|
7,190,426 |
|
|
n/a |
|
Daily |
|
n/a |
Wells Fargo stable return fund |
|
|
5,538,566 |
|
|
n/a |
|
Daily |
|
12 months |
T. Rowe Price Retire 2015 |
|
|
2,511,378 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2060 |
|
|
1,459,673 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2005 |
|
|
1,298,347 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2010 |
|
|
1,280,144 |
|
|
n/a |
|
Daily |
|
n/a |
T. Rowe Price Retire 2065 |
|
|
34,724 |
|
|
n/a |
|
Daily |
|
n/a |
(4) Party-in-Interest Transactions
Parties-in-interest (as defined by ERISA) may
perform services or have fiduciary responsibilities to the Plan. The party-in-interest transactions discussed below qualify for an exemption
from the party-in-interest transaction prohibitions of ERISA.
Certain Plan investments are shares of mutual
funds managed by Fidelity Management Trust Company, and therefore, these transactions qualify as party-in-interest transactions. Certain
Plan investments are shares of common stock of PacWest Bancorp company stock, and thus, these are party-in-interest transactions.
The following table notes the purchases and sales
of PacWest Bancorp common stock during the years indicated:
| |
2022 | | |
2021 | |
Shares purchased | |
| 46,650 | | |
| 30,308 | |
Shares sold | |
| 26,187 | | |
| 27,184 | |
Shares held as of December 31, | |
| 234,276 | | |
| 213,813 | |
In May 2023 the Plan was amended to prohibit any future contributions into PacWest Bancorp common stock. Participants are allowed to dispose
of current holdings but are no longer allowed to contribute any amount into PacWest Bancorp common stock.
The Company paid certain administrative expenses
of the Plan for the year ended December 31, 2022 totaling $19,162 to Fidelity Management Trust Company (Note 2).
(5) Income Taxes
The prototype plan adopted by the Company received
a favorable tax determination letter on June 30, 2020, as part of a volume submitter plan from the Internal Revenue Service (“IRS”)
stating that the Plan is qualified under IRC Section 401(a) and that the Plan is exempt from federal income taxes under provisions
of Section 501(a). Although the Plan has been amended and restated, the Plan administrator believes that the Plan is designed and
currently being operated in compliance with the applicable requirements of the IRC.
GAAP requires plan management to evaluate tax
positions taken by the Plan and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely
than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan,
and has concluded that as of December 31, 2022, there are no uncertain positions taken or expected to be taken that would require
recognition of the liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions
and the Plan could be subject to income tax if certain issues were found by the IRS that could result in the disqualification of the
Plan’s tax-exempt status; however, there are currently no audits for any tax periods in progress.
PacWest Bancorp 401(k) Plan
Form 5500 Schedule H, Line 4i—Schedule
of Assets (Held at End of Year)
Employer Number 33-0885320
Plan Number: 001
December 31, 2022
Identity
of issuer, borrower, or similar
party | |
Description of investment, including maturity date, rate of interest, collateral, par, or maturity value | |
Number of shares | | |
Current value | |
Money market fund: | |
| |
| | | |
| | |
Vanguard | |
Federal Money Market Fund | |
| | | |
$ | 12,199,093 | |
| |
| |
| | | |
| | |
Mutual funds: | |
| |
| | | |
| | |
Fidelity (a) | |
500 Index Fund | |
| 278,377 | | |
| 37,057,566 | |
Fidelity (a) | |
Contrafund | |
| 919,118 | | |
| 15,468,764 | |
Fidelity (a) | |
Diversified International Fund | |
| 1,013,277 | | |
| 11,885,735 | |
Vanguard | |
Total Bond Market Index Fund | |
| 957,772 | | |
| 9,079,678 | |
Artisan | |
Small Cap Fund | |
| 253,563 | | |
| 7,477,586 | |
Vanguard | |
Equity Income Fund | |
| 88,130 | | |
| 7,458,437 | |
Mass Mutual | |
Select Mid Cap Growth Fund | |
| 396,201 | | |
| 6,775,039 | |
John Hancock | |
Disciplined Value Mid Cap Fund | |
| 223,138 | | |
| 5,444,564 | |
Dodge & Cox | |
Income Fund | |
| 425,813 | | |
| 5,190,663 | |
Fidelity (a) | |
Extended Market Index Fund | |
| 68,598 | | |
| 4,323,039 | |
American Beacon | |
Small Cap Value Fund | |
| 134,008 | | |
| 3,005,811 | |
| |
Total mutual funds | |
| | | |
| 113,166,882 | |
| |
| |
| | | |
| | |
Common collective trusts: | |
| |
| | | |
| | |
T. Rowe Price | |
Retirement 2040 | |
| 458,987 | | |
| 12,204,473 | |
T. Rowe Price | |
Retirement 2030 | |
| 471,437 | | |
| 11,507,773 | |
T. Rowe Price | |
Retirement 2025 | |
| 472,025 | | |
| 10,832,982 | |
T. Rowe Price | |
Retirement 2045 | |
| 400,407 | | |
| 10,818,993 | |
T. Rowe Price | |
Retirement 2035 | |
| 401,097 | | |
| 10,288,129 | |
T. Rowe Price | |
Retirement 2050 | |
| 330,578 | | |
| 8,925,609 | |
T. Rowe Price | |
Retirement 2055 | |
| 280,899 | | |
| 7,573,026 | |
Galliard | |
Stable Return Fund | |
| 138,054 | | |
| 7,529,475 | |
T. Rowe Price | |
Retirement 2020 | |
| 268,140 | | |
| 5,719,420 | |
T. Rowe Price | |
Blue Chip Growth | |
| 114,251 | | |
| 5,414,360 | |
T. Rowe Price | |
Retirement 2060 | |
| 119,771 | | |
| 2,073,234 | |
T. Rowe Price | |
Retirement 2015 | |
| 87,638 | | |
| 1,731,719 | |
T. Rowe Price | |
Retirement 2005 | |
| 69,488 | | |
| 1,197,285 | |
T. Rowe Price | |
Retirement 2010 | |
| 42,314 | | |
| 771,384 | |
T. Rowe Price | |
Retirement 2065 | |
| 19,551 | | |
| 212,130 | |
| |
Total common collective trusts | |
| | | |
| 96,799,992 | |
| |
| |
| | | |
| | |
Common stock: | |
| |
| | | |
| | |
PacWest Bancorp (a) | |
Common stock | |
| 234,276 | | |
| 5,378,258 | |
| |
Total investments held at end of year | |
| | | |
| 227,544,225 | |
| |
| |
| | | |
| | |
Notes receivable from participants: | |
| |
| | | |
| | |
The Plan (a) | |
373 Notes receivable from participants, interest rates ranging from 3.25% to 9.00%, maturing through May 2048 | |
| | | |
| 3,713,339 | |
| |
Total investments and notes receivable from participants at end of year | |
| | | |
$ | 231,257,564 | |
(a) Party-in-interest for which
statutory exception exists.
See Accompanying Report of Independent Registered
Public Accounting Firm.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
|
PACWEST BANCORP 401(k) PLAN |
|
|
Date: June 30, 2023 |
/s/
JEFFREY T. KRUMPOCH |
|
Jeffrey T. Krumpoch |
|
Authorized Signer |
|
401(k) Plan Committee |
PacWest Bancorp (NASDAQ:PACW)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
PacWest Bancorp (NASDAQ:PACW)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024