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First Pacific Bancorp Reports Third Quarter 2024 Results

WHITTIER, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) — First Pacific Bancorp (the “Company”) (OTC Pink: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the third quarter ending September 30, 2024, underscored by the sixth consecutive quarter of profitability.

Highlights for the third quarter of 2024 include:

  • Total assets ended Q3 2024 at $434 million, up $14 million from $420 million at year end 2023.
  • Total deposits ended the third quarter of 2024 at $342 million, up $9 million since year end 2023.
  • Total loans ended the third quarter of 2024 at $268 million, down $7 million from year end 2023.
  • Asset quality remains excellent with minimal levels of classified or non-performing assets.
  • The Bank ended the third quarter with a strong capital position, with a leverage capital ratio of 8.8% and a total risk-based capital ratio of 12.8%.
  • As of September 30, 2024, cash and cash equivalents totaled $49 million, including funds invested overnight, up $27 million since year end 2023.
  • Unused borrowing capacity from credit facilities in place on September 30, 2024, totaled $143 million.

For the third quarter ending September 30, 2024, the Company realized a pre-tax, pre-provision profit of $345 thousand, compared to a pre-tax, pre-provision profit of $272 thousand in Q2 2024. Net income for the third quarter of 2024 was $249 thousand, up from $198 thousand in Q2 2024. For the nine months ending September 30, 2024, the Company reported $608 thousand in net income, up from a net loss of $219 thousand reported for the nine months ending September 30, 2023.     

Asset quality remains excellent with minimal non-performing assets and the allowance for credit losses is 1.16% of total loans.  

“We are encouraged by our results, as evidenced by six consecutive quarters of profitability,” said Joe Matranga, Chairman of the Board of Directors. “We continue to maintain a solid capital, liquidity, and financial standing and are well-positioned to execute our strategy and deliver sustainable, long-term value for our stakeholders.”

“Our third-quarter results reflect a strong and consistent period of profitability, driven by increased core deposit growth, stable credit quality, and a disciplined approach to expense management,” said Nathan Rogge, President and Chief Executive Officer. “We are pleased with our performance and continue to look for opportunities to expand our customer base through strategic investments in technology and innovation that aim to enhance the customer experience.”

ABOUT FIRST PACIFIC BANK

First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. Since opening in 2006, the Bank has offered a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

FORWARD-LOOKING STATEMENTS

This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and First Pacific Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements relate to, among other things, our business plan, and strategies, and can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and similar expressions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause such differences include, but are not limited to: successfully realizing the benefits of our business strategy and plans,; changes in general economic and financial market conditions, either nationally or locally, in areas in which First Pacific Bank conducts its operations; effects of inflation and changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; impact of any natural disasters, including earthquakes; effect of governmental supervision and regulation, including any regulatory or other enforcement actions; legislation or regulatory changes which adversely affect First Pacific Bank’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events, or circumstances after the date of such statements except as required by law.  

Contacts

Investor Relations ContactMedia Relations Contact
Jim BurgessAmanda Conover
858.461.7302562.501.9062
jburgess@firstpacbank.comaconover@firstpacbank.com

— Summary Financial Tables Follow —

First Pacific Bancorp     
Consolidated Balance Sheets     
(Unaudited)     
 Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023
ASSETS     
Cash and due from banks$23,584,084 $4,671,483 $7,317,500 $4,308,149 $4,240,871 
Fed funds sold & int-bearing balances 25,520,000  37,860,000  37,575,000  18,060,000  20,410,000 
Total cash and cash equivalents 49,104,084  42,531,483  44,892,500  22,368,149  24,650,871 
      
Debt securities (AFS) 3,041,852  3,077,666  5,138,340  5,257,049  5,266,653 
Debt securities (HTM) 101,260,391  102,202,926  103,474,749  104,343,133  105,447,814 
Total debt securities 104,302,243  105,280,592  108,613,089  109,600,182  110,714,467 
      
Construction & land development  23,067,204    24,651,513    25,480,398    27,070,749    24,721,763  
1-4 Family residential  58,082,570    68,588,393    68,521,663    66,567,165    64,925,441  
Multifamily residential  28,966,811    26,800,829    26,947,419    27,128,177    28,484,194  
Nonfarm, nonresidential real estate   99,715,860    94,643,169    97,893,840    99,627,812    99,859,450  
Commercial & industrial  57,342,017    53,504,969    54,785,564    53,938,659    55,374,111  
Consumer & Other  780,639    1,831,036    1,123,918    865,849    569,736  
Total loans 267,955,101  270,019,909  274,752,802  275,198,411  273,934,695 
Allowance for loan losses (3,109,975) (3,109,975) (3,109,975) (3,109,975) (2,974,427)
Total loans, net 264,845,126  266,909,934  271,642,827  272,088,436  270,960,268 
      
Premises, equipment, and ROU net 1,452,886  1,714,833  1,992,588  2,268,671  1,850,187 
Goodwill, core deposit & other intangibles 1,287,129  1,298,084  1,313,367  1,328,651  1,343,934 
Bank owned life insurance 5,257,550  5,227,763  5,198,654  5,170,521  5,142,322 
Accrued interest and other assets 7,505,380  7,476,554  7,415,609  7,392,301  7,616,948 
      
Total Assets$ 433,754,398  $ 430,439,243  $ 441,068,634  $ 420,216,911  $ 422,278,997  
      
LIABILITIES AND SHAREHOLDERS’ EQUITY     
Deposits:     
Noninterest-bearing demand$129,473,091 $144,240,187 $133,945,262 $121,348,095 $130,982,957 
Interest-bearing transaction accounts 24,660,000  24,797,108  28,166,207  34,716,150  47,304,776 
Money market and savings 143,270,628  143,497,864  148,732,230  139,011,862  131,505,430 
Time deposits 44,388,137  41,060,590  38,662,227  38,235,413  22,504,646 
Total deposits 341,791,856  353,595,749  349,505,926  333,311,520  332,297,809 
      
Borrowings 50,000,000  35,000,000  50,000,000  45,000,000  50,000,000 
Accrued interest and other liabilities 3,430,132  3,781,444  3,936,909  4,530,208  2,934,831 
Total liabilities 395,221,988  392,377,193  403,442,835  382,841,728  385,232,640 
      
Shareholders’ Equity:     
Capital stock and APIC 37,117,627  36,970,386  36,788,606  36,699,786  36,508,987 
Retained earnings 2,151,305  1,902,788  1,705,174  1,543,264  1,487,800 
Accum other comprehensive income (736,522) (811,124) (867,981) (867,867) (950,430)
Total shareholders’ equity 38,532,410  38,062,050  37,625,799  37,375,183  37,046,357 
      
Total Liabilities and Shareholders’ Equity$ 433,754,398  $ 430,439,243  $ 441,068,634  $ 420,216,911  $ 422,278,997  
      

First Pacific Bancorp     
Consolidated Income Statements – Quarterly     
(Unaudited)     
      
 Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023
INTEREST INCOME     
Loans, including fees$4,817,174$4,655,844$4,700,535$4,653,303 $4,458,616 
Debt securities499,268514,613543,857544,330 585,047 
Fed funds & int-bearing balances450,166573,022410,685258,178 271,266 
Total interest income5,766,6085,743,4795,655,0775,455,811 5,314,929 
      
INTEREST EXPENSE     
Deposits1,790,5781,687,1211,746,0321,542,541 1,408,092 
Borrowings444,250524,599507,390705,324 567,115 
Total interest expense2,234,8282,211,7202,253,4222,247,865 1,975,207 
      
Net interest income3,531,7803,531,7593,401,6553,207,946 3,339,722 
      
Provision for credit losses101,538 191,428 
      
Net interest income after provision3,531,7803,531,7593,401,6553,106,408 3,148,294 
      
NONINTEREST INCOME     
Service charges, fees and other income106,62896,460108,365108,769 122,367 
Sublease income53,97552,97053,87253,872 53,384 
Gains (losses) on sale of assets15,335(12,982)101,844 
Gains on early payoff of debt144,325 123,077 
Total noninterest income175,938293,755162,237149,659 400,672 
      
NONINTEREST EXPENSE     
Salaries and benefits2,154,2902,182,6742,178,4861,954,029 2,311,113 
Occupancy and equipment374,069363,695368,816384,088 377,795 
Other expense834,2811,007,247794,158894,440 823,677 
Total noninterest expense3,362,6403,553,6163,341,4603,232,557 3,512,585 
      
Income before income tax expense345,078271,898222,43223,510 36,381 
      
Income tax expense (benefit)96,56374,28160,524(31,955)(15,550)
      
Net Income (Loss)$248,515 $197,617 $161,908 $55,465  $51,931  
      
Earnings per share basic (QTR)$0.06$0.05$0.04$0.01 $0.01 
Weighted average shares outstanding (QTR)4,288,8514,283,3514,281,6534,231,841 4,174,529 
      

First Pacific Bancorp  
Consolidated Income Statements – Year-to-Date  
(Unaudited)  
   
 Sep 30, 2024Sep 30, 2023
INTEREST INCOME  
Loans, including fees$14,173,553$12,051,909 
Investment securities1,557,7381,735,019 
Fed funds & int-bearing balances1,433,873742,649 
Total interest income17,165,16414,529,577 
   
INTEREST EXPENSE  
Deposits5,223,7313,201,945 
Borrowings1,476,2391,735,403 
Total interest expense6,699,9704,937,348 
   
Net interest income10,465,1949,592,229 
   
Provision for credit losses804,428 
   
Net interest income after provision10,465,1948,787,801 
   
NONINTEREST INCOME  
Service charges, fees and other income311,453347,054 
Sublease income160,817158,202 
Gains (losses) on sale of assets15,335142,075 
Gains on early payoff of debt144,325123,077 
Total noninterest income631,930770,408 
   
NON INTEREST EXPENSE  
Salaries and benefits6,515,4506,604,574 
Occupancy and equipment1,106,5801,086,189 
Other expense2,635,6862,230,137 
Total noninterest expense10,257,7169,920,900 
   
Income before income tax expense839,408(362,691)
   
Income tax expense (benefit)231,368(143,307)
   
Net Income (loss)$608,040 ($219,384)
   
Earnings (loss) per share basic (YTD)$0.14($0.06)
Weighted average shares outstanding (YTD)4,284,6343,912,161 

First Pacific Bancorp      
Quarterly Financial Highlights      
(Unaudited)      
  Quarterly
  2024 2024 2024 2023 2023
($$ in thousands except per share data) 3rd Qtr2nd Qtr1st Qtr4th Qtr3rd Qtr
EARNINGS      
Net interest income$3,532 3,532 3,402 3,208 3,340 
Provision for loan losses$0 0 0 102 191 
Noninterest income$176 294 162 150 401 
Noninterest expense$3,363 3,554 3,341 3,233 3,513 
Income tax expense$97 74 61 (32)(16)
Net income$249 198 162 55 52 
       
Basic earnings per share$0.06 0.05 0.04 0.01 0.01 
Weighted average shares outstanding 4,288,851 4,283,351 4,281,653 4,231,841 4,174,529 
Ending shares outstanding 4,291,927 4,283,351 4,283,351 4,231,841 4,231,841 
       
PERFORMANCE RATIOS      
Return on average assets 0.23%0.18%0.15%0.05%0.05%
Return on average common equity 2.58%2.10%1.73%0.59%0.56%
Yield on loans 6.98%6.97%6.84%6.69%6.60%
Yield on earning assets 5.58%5.52%5.49%5.35%5.26%
Cost of deposits 2.05%1.96%2.05%1.89%1.70%
Cost of funding 2.32%2.28%2.35%2.37%2.09%
Net interest margin 3.42%3.40%3.31%3.15%3.30%
Efficiency ratio 90.7%92.9%93.8%96.3%93.9%
       
CAPITAL      
Tangible equity to tangible assets 8.61%8.57%8.26%8.61%8.48%
Book value (BV) per common share$8.98 8.89 8.78 8.83 8.75 
Tangible BV per common share$8.68 8.58 8.48 8.52 8.44 
       
ASSET QUALITY      
Net loan charge-offs (recoveries)$0 0 0 0 0 
Allowance for loan losses (ALLL)$3,110 3,110 3,110 3,110 2,974 
ALLL to total loans 1.16%1.15%1.13%1.13%1.09%
Nonperforming loans$991 77 160 61 0 
       
END OF PERIOD BALANCES      
Total loans$267,955 270,020 274,753 275,198 273,935 
Total assets$433,754 430,439 441,069 420,217 422,279 
Deposits$341,792 353,596 349,506 333,312 332,298 
Loans to deposits 78.4%76.4%78.6%82.6%82.4%
Shareholders’ equity$38,532 38,062 37,626 37,375 37,046 
Full-time equivalent employees 44 44 46 45 44 
       
AVERAGE BALANCES (QTRLY)      
Total loans$273,960 267,766 275,578 276,016 268,186 
Earning assets$410,298 416,965 412,791 404,210 400,993 
Total assets$424,199 430,830 426,592 417,595 414,457 
Deposits$346,142 346,032 341,226 323,300 329,121 
Shareholders’ equity$38,267 37,788 37,443 37,179 36,469 

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