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 ContactJim BurgessAmanda Conover858.461.7302562.501.9062jburgess@firstpacbank.comaconover@firstpacbank.com
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First Pacific Bancorp Consolidated Balance Sheets (Unaudited) Sep 30, 2024Jun 30, 2024Mar 31, 2024Dec 31, 2023Sep 30, 2023ASSETS 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 Read The Rest at :
