Earnings of PacWest Bancorp (PACW) will likely plunge this year on the back of a jump in provisions expenses due to the company’s significant exposure to the hotel industry. A decline in net interest margin following the federal funds rate cuts will also hurt earnings. On the other hand, continued loan growth will offer some respite to the bottom-line. Overall, I’m expecting earnings to plunge by 23% year-over-year in 2020. The December 2020 target price implies that PACW is offering a good capital appreciation opportunity for a holding period of at least nine