First Pacific Bancorp Reports Third Quarter 2024 Results
WHITTIER, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) -- First Pacific Bancorp (the "Company") (OTC: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: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 Contact
Media Relations Contact
Jim Burgess
Amanda Conover
858.461.7302
562.501.9062
--- Summary Financial Tables Follow ---
First Pacific Bancorp
Consolidated Balance Sheets
(Unaudited)
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Dec 31, 2023
Sep 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
