WHITTIER, Calif., Feb. 06, 2025 (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 fourth quarter and year ending December 31, 2024, marking its seventh consecutive quarter of profitability. The Company remains well-capitalized, with a robust liquidity position supported by a stable core deposit base and access to substantial sources of liquidity.
Highlights for the fourth quarter and full year 2024 include:
- Total assets ended 2024 at $433 million, up $13 million from $420 million at year end 2023.
- Total deposits ended 2024 at $351 million, up $18 million since year end 2023.
- Total loans ended 2024 at $277 million, up $2 million from year end 2023.
- Asset quality remains excellent with minimal levels of classified or non-performing assets.
- The Bank ended the fourth quarter with a strong capital position, with a leverage capital ratio of 9.0% and a total risk-based capital ratio of 13.4%.
- As of December 31, 2024, cash and cash equivalents totaled $41 million, including funds invested overnight, up $19 million since year end 2023.
- Unused borrowing capacity from credit facilities in place on December 31, 2024, totaled $167 million.
For the fourth quarter ending December 31, 2024, the Company realized a pre-tax, pre-provision profit of $702 thousand, compared to a pre-tax, pre-provision profit of $345 thousand in Q3 2024. Net income for the fourth quarter of 2024 was $500 thousand, up from $249 thousand in Q3 2024. For the twelve months ending December 31, 2024, the Company reported $1.1 million in net income, up from a net loss of $164 thousand reported for the twelve months ending December 31, 2023.
Asset quality remains excellent with minimal non-performing assets and the allowance for credit losses is 1.15% of total loans. There was no provision for credit losses recognized for the year ending 2024, compared to $906 thousand for the year ending December 31, 2023.
"We are pleased to close out 2024 on a strong note, achieving seven consecutive quarters of profitability and demonstrating the success of our strategic approach," said Joe Matranga, Chairman of the Board of Directors. "With a solid capital position, strong liquidity, and sound financial standing, we are well-positioned to continue to execute our strategy and drive sustainable, long-term value for our stakeholders."
"We delivered another strong quarter of financial results highlighted by loan and deposit growth, excellent asset quality, and a solid capital and liquidity position," said Nathan Rogge, President and Chief Executive Officer. "We enter 2025 with strong momentum and a clear growth strategy, driven by strategic investments in technology and innovation designed to enhance the banking experience and reinforce our competitive advantage."
"As a Southern California-based company, we are deeply saddened by the devastation caused by the recent wildfires. Our thoughts and prayers are with everyone impacted by this disaster and we are committed to helping Los Angeles move forward."
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.
--- Summary Financial Tables Follow ---
| First PacificBancorp | |||||||||||||||
| Consolidated Balance Sheets | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 4,708,926 | $ | 23,584,084 | $ | 4,671,483 | $ | 7,317,500 | $ | 4,308,149 | |||||
| Fed funds sold & int-bearing balances | 36,290,000 | 25,520,000 | 37,860,000 | 37,575,000 | 18,060,000 | ||||||||||
| Total cash and cash equivalents | 40,998,926 | 49,104,084 | 42,531,483 | 44,892,500 | 22,368,149 | ||||||||||
| Debt securities (AFS) | 1,866,022 | 3,041,852 | 3,077,666 | 5,138,340 | 5,257,049 | ||||||||||
| Debt securities (HTM) | 100,257,560 | 101,260,391 | 102,202,926 | 103,474,749 | 104,343,133 | ||||||||||
| Total debt securities | 102,123,582 | 104,302,243 | 105,280,592 | 108,613,089 | 109,600,182 | ||||||||||
| Construction & land development | 23,320,351 | 23,067,204 | 24,651,513 | 25,480,398 | 27,070,749 | ||||||||||
| 1-4 Family residential | 58,588,090 | 58,082,570 | 68,588,393 | 68,521,663 | 66,567,165 | ||||||||||
| Multifamily residential | 28,561,276 | 28,966,811 | 26,800,829 | 26,947,419 | 27,128,177 | ||||||||||
| Nonfarm, nonresidential real estate | 100,066,570 | 99,715,860 | 94,643,169 | 97,893,840 | 99,627,812 | ||||||||||
| Commercial & industrial | 62,322,690 | 57,342,017 | 53,504,969 | 54,785,564 | 53,938,659 | ||||||||||
| Consumer & Other | 4,525,108 | 780,639 | 1,831,036 | 1,123,918 | 865,849 | ||||||||||
| Total loans | 277,384,085 | 267,955,101 | 270,019,909 | 274,752,802 | 275,198,411 | ||||||||||
| Allowance for credit losses (loans) | (3,179,637 | ) | (3,109,975 | ) | (3,109,975 | ) | (3,109,975 | ) | (3,109,975 | ) | |||||
| Total loans, net | 274,204,448 | 264,845,126 | 266,909,934 | 271,642,827 | 272,088,436 | ||||||||||
| Premises, equipment, and ROU net | 1,328,964 | 1,452,886 | 1,714,833 | 1,992,588 | 2,268,671 | ||||||||||
| Goodwill, core deposit & other intangibles | 1,273,134 | 1,287,129 | 1,298,084 | 1,313,367 | 1,328,651 | ||||||||||
| Bank owned life insurance | 5,287,738 | 5,257,550 | 5,227,763 | 5,198,654 | 5,170,521 | ||||||||||
| Accrued interest and other assets | 7,755,355 | 7,505,380 | 7,476,554 | 7,415,609 | 7,392,301 | ||||||||||
| Total Assets | $ | 432,972,147 | $ | 433,754,398 | $ | 430,439,243 | $ | 441,068,634 | $ | 420,216,911 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing demand | $ | 131,515,568 | $ | 129,473,091 | $ | 144,240,187 | $ | 133,945,262 | $ | 121,348,095 | |||||
| Interest-bearing transaction accounts | 28,454,639 | 24,660,000 | 24,797,108 | 28,166,207 | 34,716,150 | ||||||||||
| Money market and savings | 146,423,126 | 143,270,628 | 143,497,864 | 148,732,230 | 139,011,862 | ||||||||||
| Time deposits | 44,302,867 | 44,388,137 | 41,060,590 | 38,662,227 | 38,235,413 | ||||||||||
| Total deposits | 350,696,200 | 341,791,856 | 353,595,749 | 349,505,926 | 333,311,520 | ||||||||||
| Borrowings | 40,000,000 | 50,000,000 | 35,000,000 | 50,000,000 | 45,000,000 | ||||||||||
| Accrued interest and other liabilities | 3,122,902 | 3,430,132 | 3,781,444 | 3,936,909 | 4,530,208 | ||||||||||
| Total liabilities | 393,819,102 | 395,221,988 | 392,377,193 | 403,442,835 | 382,841,728 | ||||||||||
| Shareholders' Equity: | |||||||||||||||
| Capital stock and APIC | 37,272,567 | 37,117,627 | 36,970,386 | 36,788,606 | 36,699,786 | ||||||||||
| Retained earnings | 2,650,877 | 2,151,305 | 1,902,788 | 1,705,174 | 1,543,264 | ||||||||||
| Accum other comprehensive income | (770,399 | ) | (736,522 | ) | (811,124 | ) | (867,981 | ) | (867,867 | ) | |||||
| Total shareholders' equity | 39,153,045 | 38,532,410 | 38,062,050 | 37,625,799 | 37,375,183 | ||||||||||
| Total Liabilities and Shareholders' Equity | $ | 432,972,147 | $ | 433,754,398 | $ | 430,439,243 | $ | 441,068,634 | $ | 420,216,911 | |||||
| First PacificBancorp | |||||||||||
| Consolidated Income Statements - Quarterly | |||||||||||
| (Unaudited) | |||||||||||
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | |||||||
| INTEREST INCOME | |||||||||||
| Loans, including fees | $ | 4,814,128 | $ | 4,817,174 | $ | 4,655,844 | $ | 4,700,535 | $ | 4,653,303 | |
| Debt securities | 484,508 | 499,268 | 514,613 | 543,857 | 544,330 | ||||||
| Fed funds & int-bearing balances | 419,597 | 450,166 | 573,022 | 410,685 | 258,178 | ||||||
| Total interest income | 5,718,233 | 5,766,608 | 5,743,479 | 5,655,077 | 5,455,811 | ||||||
| INTEREST EXPENSE | |||||||||||
| Deposits | 1,777,351 | 1,790,578 | 1,687,121 | 1,746,032 | 1,542,541 | ||||||
| Borrowings | 332,375 | 444,250 | 524,599 | 507,390 | 705,324 | ||||||
| Total interest expense | 2,109,726 | 2,234,828 | 2,211,720 | 2,253,422 | 2,247,865 | ||||||
| Net interest income | 3,608,507 | 3,531,780 | 3,531,759 | 3,401,655 | 3,207,946 | ||||||
| Provision for credit losses | - | - | - | - | 101,538 | ||||||
| Net interest income after provision | 3,608,507 | 3,531,780 | 3,531,759 | 3,401,655 | 3,106,408 | ||||||
| NONINTEREST INCOME | |||||||||||
| Service charges, fees and other income | 119,173 | 106,628 | 96,460 | 108,365 | 108,769 | ||||||
| Sublease income | - | 53,975 | 52,970 | 53,872 | 53,872 | ||||||
| Gains (losses) on sale of assets | - | 15,335 | - | - | (12,982 | ) | |||||
| Gains on early payoff of debt | 54,125 | - | 144,325 | - | - | ||||||
| Total noninterest income | 173,298 | 175,938 | 293,755 | 162,237 | 149,659 | ||||||
| NONINTEREST EXPENSE | |||||||||||
| Salaries and benefits | 1,984,774 | 2,154,290 | 2,182,674 | 2,178,486 | 1,954,029 | ||||||
| Occupancy and equipment | 258,180 | 374,069 | 363,695 | 368,816 | 384,088 | ||||||
| Other expense | 836,692 | 834,281 | 1,007,247 | 794,158 | 894,440 | ||||||
| Total noninterest expense | 3,079,646 | 3,362,640 | 3,553,616 | 3,341,460 | 3,232,557 | ||||||
| Income before income tax expense | 702,159 | 345,078 | 271,898 | 222,432 | 23,510 | ||||||
| Income tax expense (benefit) | 202,586 | 96,563 | 74,281 | 60,524 | (31,955 | ) | |||||
| Net Income | $ | 499,573 | $ | 248,515 | $ | 197,617 | $ | 161,908 | $ | 55,465 | |
| Earnings per share basic (QTR) | $ | 0.12 | $ | 0.06 | $ | 0.05 | $ | 0.04 | $ | 0.01 | |
| Weighted average shares outstanding (QTR) | 4,293,829 | 4,288,851 | 4,283,351 | 4,281,653 | 4,231,841 | ||||||
| First PacificBancorp | |||||
| Consolidated Income Statements - Year-to-Date | |||||
| (Unaudited) | |||||
| Dec 31, 2024 | Dec 31, 2023 | ||||
| INTEREST INCOME | |||||
| Loans, including fees | $ | 18,987,681 | $ | 16,705,212 | |
| Investment securities | 2,042,246 | 2,279,349 | |||
| Fed funds & int-bearing balances | 1,853,470 | 1,000,827 | |||
| Total interest income | 22,883,397 | 19,985,388 | |||
| INTEREST EXPENSE | |||||
| Deposits | 7,001,082 | 4,744,486 | |||
| Borrowings | 1,808,614 | 2,440,727 | |||
| Total interest expense | 8,809,696 | 7,185,213 | |||
| Net interest income | 14,073,701 | 12,800,175 | |||
| Provision for credit losses | - | 905,966 | |||
| Net interest income after provision | 14,073,701 | 11,894,209 | |||
| NONINTEREST INCOME | |||||
| Service charges, fees and other income | 430,626 | 455,823 | |||
| Sublease income | 160,817 | 212,074 | |||
| Gains (losses) on sale of assets | 15,335 | 129,093 | |||
| Gains on early payoff of debt | 198,450 | 123,077 | |||
| Total noninterest income | 805,228 | 920,067 | |||
| NON INTEREST EXPENSE | |||||
| Salaries and benefits | 8,500,224 | 8,558,603 | |||
| Occupancy and equipment | 1,364,760 | 1,470,277 | |||
| Other expense | 3,472,378 | 3,124,577 | |||
| Total noninterest expense | 13,337,362 | 13,153,457 | |||
| Income before income tax expense | 1,541,567 | (339,181 | ) | ||
| Income tax expense (benefit) | 433,954 | (175,262 | ) | ||
| Net Income (loss) | $ | 1,107,613 | $ | (163,919 | ) |
| Earnings (loss) per share basic (YTD) | $ | 0.26 | $ | (0.04 | ) |
| Weighted average shares outstanding (YTD) | 4,286,945 | 3,992,738 | |||
| First PacificBancorp | |||||||||||
| Quarterly Financial Highlights | |||||||||||
| (Unaudited) | |||||||||||
| Quarterly | |||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | |||||||
| ($ in thousands except per share data) | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | ||||||
| EARNINGS | |||||||||||
| Net interest income | $ | 3,609 | 3,532 | 3,532 | 3,402 | 3,208 | |||||
| Provision for loan losses | $ | 0 | 0 | 0 | 0 | 102 | |||||
| Noninterest income | $ | 173 | 176 | 294 | 162 | 150 | |||||
| Noninterest expense | $ | 3,080 | 3,363 | 3,554 | 3,341 | 3,233 | |||||
| Income tax expense | $ | 203 | 97 | 74 | 61 | (32 | ) | ||||
| Net income | $ | 500 | 249 | 198 | 162 | 55 | |||||
| Earnings per share basic | $ | 0.12 | 0.06 | 0.05 | 0.04 | 0.01 | |||||
| Weighted average shares outstanding | 4,293,829 | 4,288,851 | 4,283,351 | 4,281,653 | 4,231,841 | ||||||
| Ending shares outstanding | 4,294,500 | 4,291,927 | 4,283,351 | 4,283,351 | 4,231,841 | ||||||
| PERFORMANCE RATIOS | |||||||||||
| Return on average assets | 0.47 | % | 0.23 | % | 0.18 | % | 0.15 | % | 0.05 | % | |
| Return on average common equity | 5.12 | % | 2.58 | % | 2.10 | % | 1.73 | % | 0.59 | % | |
| Yield on loans | 6.91 | % | 6.98 | % | 6.97 | % | 6.84 | % | 6.69 | % | |
| Yield on earning assets | 5.50 | % | 5.58 | % | 5.52 | % | 5.49 | % | 5.35 | % | |
| Cost of deposits | 1.98 | % | 2.05 | % | 1.96 | % | 2.05 | % | 1.89 | % | |
| Cost of funding | 2.18 | % | 2.32 | % | 2.28 | % | 2.35 | % | 2.37 | % | |
| Net interest margin | 3.47 | % | 3.42 | % | 3.40 | % | 3.31 | % | 3.15 | % | |
| Efficiency ratio | 81.4 | % | 90.7 | % | 92.9 | % | 93.8 | % | 96.3 | % | |
| CAPITAL | |||||||||||
| Tangible equity to tangible assets | 8.77 | % | 8.61 | % | 8.57 | % | 8.26 | % | 8.61 | % | |
| Book value (BV) per common share | $ | 9.12 | 8.98 | 8.89 | 8.78 | 8.83 | |||||
| Tangible BV per common share | $ | 8.82 | 8.68 | 8.58 | 8.48 | 8.52 | |||||
| ASSET QUALITY | |||||||||||
| Net loan charge-offs (recoveries) | $ | 0 | 0 | 0 | 0 | 0 | |||||
| Allowance for credit losses (loans) | $ | 3,180 | 3,110 | 3,110 | 3,110 | 3,110 | |||||
| Allowance to total loans | 1.15 | % | 1.16 | % | 1.15 | % | 1.13 | % | 1.13 | % | |
| Nonperforming loans | $ | 672 | 991 | 77 | 160 | 61 | |||||
| END OF PERIOD BALANCES | |||||||||||
| Total loans | $ | 277,384 | 267,955 | 270,020 | 274,753 | 275,198 | |||||
| Total assets | $ | 432,972 | 433,754 | 430,439 | 441,069 | 420,217 | |||||
| Deposits | $ | 350,696 | 341,792 | 353,596 | 349,506 | 333,312 | |||||
| Loans to deposits | 79.1 | % | 78.4 | % | 76.4 | % | 78.6 | % | 82.6 | % | |
| Shareholders' equity | $ | 39,153 | 38,532 | 38,062 | 37,626 | 37,375 | |||||
| Full-time equivalent employees | 49 | 44 | 44 | 46 | 45 | ||||||
| AVERAGE BALANCES (QTRLY) | |||||||||||
| Total loans | $ | 276,294 | 273,960 | 267,766 | 275,578 | 276,016 | |||||
| Earning assets | $ | 412,417 | 410,298 | 416,965 | 412,791 | 404,210 | |||||
| Total assets | $ | 425,750 | 424,199 | 430,830 | 426,592 | 417,595 | |||||
| Deposits | $ | 355,369 | 346,142 | 346,032 | 341,226 | 323,300 | |||||
| Shareholders' equity | $ | 38,746 | 38,267 | 37,788 | 37,443 | 37,179 | |||||
