First Pacific Bancorp Reports First Quarter 2025 Results

/EIN News/ -- WHITTIER, Calif., May 07, 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 first quarter ending March 31, 2025, marking its eighth consecutive quarter of profitability. The Company remains well-capitalized, with a healthy liquidity position supported by a stable core deposit base and access to substantial sources of liquidity.

Highlights for the first quarter of 2025 include:

• Total assets ended the first quarter 2025 at $456 million, up $23 million from $433 million at year end 2024.
• Total deposits ended the first quarter 2025 at $390 million, up $39 million since year end 2024.
• Total loans ended the first quarter 2025 at $294 million, up $17 million from year end 2024.
• Asset quality remains excellent with minimal levels of classified or non-performing assets.
• The Bank ended the first quarter with a strong capital position, with a leverage capital ratio of 9.0% and a total risk-based capital ratio of 12.7%.
• As of March 31, 2025, cash and cash equivalents totaled $47 million, including funds invested overnight, up $6 million since year end 2024.
• Unused borrowing capacity from credit facilities on March 31, 2025, totaled $187 million.
  

For the first quarter ending March 31, 2025, the Company realized a pre-tax, pre-provision profit of $550 thousand, compared to a pre-tax, pre-provision profit of $702 thousand in Q4 2024 and $222 thousand in Q1 2024. Net income for the first quarter of 2025 was $393 thousand, up from $162 thousand in Q1 2024.    

Asset quality remains excellent with minimal non-performing assets, an allowance for credit losses of 1.08% of total loans, and zero loan losses.

“We are pleased with the momentum we’ve carried into 2025. Our diversified business model, prudent risk management, and focus on operational discipline continue to position us for sustained performance in a dynamic environment,” said Joe Matranga, Chairman of the Board.

“We delivered strong first quarter results, driven by consistent performance across our markets and continued growth in both loans and deposits,” said Nathan Rogge, President and Chief Executive Officer. “As we execute our client-focused strategy and invest in infrastructure and technology, we are well positioned for long-term success. Our recent move to a larger San Diego regional office reflects our confidence in future growth and our ongoing commitment to serving our clients."

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 Contact	Media Relations Contact
Jim Burgess	Amanda Conover
858.461.7302	858.461.7308
jburgess@firstpacbank.com	aconover@firstpacbank.com

--- Summary Financial Tables Follow ---

First Pacific Bancorp
Consolidated Balance Sheets
(Unaudited)
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
ASSETS
Cash and due from banks	$	8,042,164		$	4,708,926		$	23,584,084		$	4,671,483		$	7,317,500
Fed funds sold & int-bearing balances		39,250,000			36,290,000			25,520,000			37,860,000			37,575,000
Total cash and cash equivalents		47,292,164			40,998,926			49,104,084			42,531,483			44,892,500
Debt securities (AFS)		1,859,740			1,866,022			3,041,852			3,077,666			5,138,340
Debt securities (HTM)		99,099,346			100,257,560			101,260,391			102,202,926			103,474,749
Total debt securities		100,959,086			102,123,582			104,302,243			105,280,592			108,613,089
Construction & land development		25,245,823			23,320,351			23,067,204			24,651,513			25,480,398
1-4 Family residential		63,536,698			58,588,090			58,082,570			68,588,393			68,521,663
Multifamily residential		30,452,183			28,561,276			28,966,811			26,800,829			26,947,419
Nonfarm, nonresidential real estate		105,299,777			100,066,570			99,715,860			94,643,169			97,893,840
Commercial & industrial		64,956,570			62,322,690			57,342,017			53,504,969			54,785,564
Consumer & Other		4,572,607			4,525,108			780,639			1,831,036			1,123,918
Total loans		294,063,658			277,384,085			267,955,101			270,019,909			274,752,802
Allowance for credit losses (loans)		(3,179,637	)		(3,179,637	)		(3,109,975	)		(3,109,975	)		(3,109,975	)
Total loans, net		290,884,021			274,204,448			264,845,126			266,909,934			271,642,827
Premises, equipment, and ROU net		2,822,403			1,328,964			1,452,886			1,714,833			1,992,588
Goodwill, core deposit & other intangibles		1,259,139			1,273,134			1,287,129			1,298,084			1,313,367
Bank owned life insurance		5,317,491			5,287,738			5,257,550			5,227,763			5,198,654
Accrued interest and other assets		7,703,693			7,755,355			7,505,380			7,476,554			7,415,609
Total Assets	$	456,237,997		$	432,972,147		$	433,754,398		$	430,439,243		$	441,068,634
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand	$	143,205,484		$	131,515,568		$	129,473,091		$	144,240,187		$	133,945,262
Interest-bearing transaction accounts		39,203,360			28,454,639			24,660,000			24,797,108			28,166,207
Money market and savings		162,563,677			146,423,126			143,270,628			143,497,864			148,732,230
Time deposits		44,568,676			44,302,867			44,388,137			41,060,590			38,662,227
Total deposits		389,541,197			350,696,200			341,791,856			353,595,749			349,505,926
Borrowings		23,000,000			40,000,000			50,000,000			35,000,000			50,000,000
Accrued interest and other liabilities		3,952,095			3,122,902			3,430,132			3,781,444			3,936,909
Total liabilities		416,493,292			393,819,102			395,221,988			392,377,193			403,442,835
Shareholders' Equity:
Capital stock and APIC		37,389,068			37,272,567			37,117,627			36,970,386			36,788,606
Retained earnings		3,043,502			2,650,877			2,151,305			1,902,788			1,705,174
Accum other comprehensive income		(687,865	)		(770,399	)		(736,522	)		(811,124	)		(867,981	)
Total shareholders' equity		39,744,705			39,153,045			38,532,410			38,062,050			37,625,799
Total Liabilities and Shareholders' Equity	$	456,237,997		$	432,972,147		$	433,754,398		$	430,439,243		$	441,068,634

First Pacific Bancorp
Consolidated Income Statements - Quarterly
(Unaudited)
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
INTEREST INCOME
Loans, including fees	$	4,788,107		$	4,814,128		$	4,817,174		$	4,655,844		$	4,700,535
Debt securities		462,472			484,508			499,268			514,613			543,857
Fed funds & int-bearing balances		339,864			419,597			450,166			573,022			410,685
Total interest income		5,590,443			5,718,233			5,766,608			5,743,479			5,655,077
INTEREST EXPENSE
Deposits		1,812,760			1,777,351			1,790,578			1,687,121			1,746,032
Borrowings		219,832			332,375			444,250			524,599			507,390
Total interest expense		2,032,592			2,109,726			2,234,828			2,211,720			2,253,422
Net interest income		3,557,851			3,608,507			3,531,780			3,531,759			3,401,655
Provision for credit losses		-			-			-			-			-
Net interest income after provision		3,557,851			3,608,507			3,531,780			3,531,759			3,401,655
NONINTEREST INCOME
Service charges, fees and other income		122,610			119,173			106,628			96,460			108,365
Sublease income		45,222			-			53,975			52,970			53,872
Gains (losses) on sale of assets		-			-			15,335			-			-
Gains on early payoff of debt		-			54,125			-			144,325			-
Total noninterest income		167,832			173,298			175,938			293,755			162,237
NONINTEREST EXPENSE
Salaries and benefits		2,119,302			1,984,774			2,154,290			2,182,674			2,178,486
Occupancy and equipment		259,480			258,180			374,069			363,695			368,816
Other expense		797,261			836,692			834,281			1,007,247			794,158
Total noninterest expense		3,176,043			3,079,646			3,362,640			3,553,616			3,341,460
Income before income tax expense		549,640			702,159			345,078			271,898			222,432
Income tax expense (benefit)		157,015			202,586			96,563			74,281			60,524
Net Income	$	392,625		$	499,573		$	248,515		$	197,617		$	161,908
Earnings per share basic (QTR)	$	0.09		$	0.12		$	0.06		$	0.05		$	0.04
Weighted average shares outstanding (QTR)		4,333,735			4,293,829			4,288,851			4,283,351			4,281,653

First Pacific Bancorp
Quarterly Financial Highlights
(Unaudited)
		Quarterly
		2025		2024		2024		2024		2024
($$ in thousands except per share data)		1st Qtr		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
EARNINGS
Net interest income	$	3,558		3,609		3,532		3,532		3,402
Provision for loan losses	$	0		0		0		0		0
Noninterest income	$	168		173		176		294		162
Noninterest expense	$	3,176		3,080		3,363		3,554		3,341
Income tax expense	$	157		203		97		74		61
Net income	$	393		500		249		198		162
Earnings per share basic	$	0.09		0.12		0.06		0.05		0.04
Weighted average shares outstanding		4,333,735		4,293,829		4,288,851		4,283,351		4,281,653
Ending shares outstanding		4,335,088		4,294,500		4,291,927		4,283,351		4,283,351
PERFORMANCE RATIOS
Return on average assets		0.37	%	0.47	%	0.23	%	0.18	%	0.15	%
Return on average common equity		4.05	%	5.12	%	2.58	%	2.10	%	1.73	%
Yield on loans		6.79	%	6.91	%	6.98	%	6.97	%	6.84	%
Yield on earning assets		5.44	%	5.50	%	5.58	%	5.52	%	5.49	%
Cost of deposits		2.00	%	1.98	%	2.05	%	1.96	%	2.05	%
Cost of funding		2.12	%	2.18	%	2.32	%	2.28	%	2.35	%
Net interest margin		3.46	%	3.47	%	3.42	%	3.40	%	3.31	%
Efficiency ratio		85.2	%	81.4	%	90.7	%	92.9	%	93.8	%
CAPITAL
Tangible equity to tangible assets		8.46	%	8.77	%	8.61	%	8.57	%	8.26	%
Book value (BV) per common share	$	9.17		9.12		8.98		8.89		8.78
Tangible BV per common share	$	8.88		8.82		8.68		8.58		8.48
ASSET QUALITY
Net loan charge-offs (recoveries)	$	0		0		0		0		0
Allowance for credit losses (loans)	$	3,180		3,180		3,110		3,110		3,110
Allowance to total loans		1.08	%	1.15	%	1.16	%	1.15	%	1.13	%
Nonperforming loans	$	849		672		991		77		160
END OF PERIOD BALANCES
Total loans	$	294,064		277,384		267,955		270,020		274,753
Total assets	$	456,238		432,972		433,754		430,439		441,069
Deposits	$	389,541		350,696		341,792		353,596		349,506
Loans to deposits		75.5	%	79.1	%	78.4	%	76.4	%	78.6	%
Shareholders' equity	$	39,745		39,153		38,532		38,062		37,626
Full-time equivalent employees		46		49		44		44		46
AVERAGE BALANCES (QTRLY)
Total loans	$	286,119		276,301		273,960		267,766		275,578
Earning assets	$	416,486		412,424		410,298		416,965		412,791
Total assets	$	430,891		425,750		424,199		430,830		426,592
Deposits	$	368,363		355,369		346,142		346,032		341,226
Shareholders' equity	$	39,326		38,746		38,267		37,788		37,443