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PACW » Topics » Operating noninterest expense (defined as reported noninterest expense excluding goodwill write-offs, the legal settlement and reorganization costs)This excerpt taken from the PACW 8-K filed Jan 26, 2009. Operating noninterest expense
(defined as reported noninterest expense excluding goodwill write-offs, the
legal settlement and reorganization costs) for the year ended December 31, 2008 totaled
$143.6 million compared to $140.5 million for the same period in 2007. When the
performance-based restricted stock amortization adjustment is excluded, 2008
operating noninterest expense totaled $148.1 million, an increase $7.6 million
compared to 2007. The increase is due
largely to the BFI acquisition completed in June 2007, higher
compensation, higher costs to workout nonperforming assets and other problem
credits, and the impact of the November 2008 SPB deposit acquisition.
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