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First Pacific Bank, a $430 million community bank serving Southern California, has selected Q2 Holdings (NYSE: QTWO) to enhance its commercial banking capabilities. The partnership will enable First Pacific Bank to deliver enhanced digital banking services through Q2's platform, including high-volume wire origination, Zelle® and FedNow® integrations, and improved fraud protection. The bank aims to strengthen its competitive position while boosting operational efficiency through Q2's solutions.
First Pacific Bancorp (FPBC) reported its Q3 2024 results, marking its sixth consecutive profitable quarter. Total assets reached $434 million, up $14 million from year-end 2023. Deposits increased to $342 million, while loans decreased to $268 million. The bank maintained strong capital ratios with leverage at 8.8% and total risk-based at 12.8%. Q3 2024 net income was $249 thousand, up from $198 thousand in Q2. Year-to-date net income reached $608 thousand, compared to a $219 thousand loss in the same period of 2023. Asset quality remained excellent with minimal non-performing assets.
First Pacific Bank, a Southern California-based community bank, has chosen Finastra Payments To Go to modernize its payments infrastructure. This cloud-based, SaaS payments hub solution will enable the bank to:
- Deliver FedNow send and receive services 24/7
- Support ISO 20022 compliance
- Enable projected growth
Deployed on Microsoft Azure cloud, Payments To Go offers seamless connectivity to other software providers, fintechs, and financial institutions. This selection will allow First Pacific Bank to expand its commercial business and offer customers additional payment options for better cash flow and financial management. Finastra, as one of the first software providers certified for the FedNow Service and ISO 20022 compliance, is well-positioned to support over 200 US customers in launching FedNow Service.
First Pacific Bank, a subsidiary of First Pacific Bancorp (OTC Pink: FPBC), has been awarded the 2024 Great Company Culture Award by CultureID. This recognition is based on employee feedback from the 2024 Employee Engagement Survey, placing First Pacific Bank in the top third of participating organizations.
The award highlights the bank's commitment to fostering a positive, inclusive, and dynamic workplace. Employees reported strong relationships, high accountability, clear alignment, consistent communication, and full capability to perform at their best. Nathan Rogge, President and CEO, emphasized that this recognition reflects the team's dedication to building a supportive and inspiring workplace aligned with the bank's core values.
First Pacific Bank, a subsidiary of First Pacific Bancorp (OTC Pink: FPBC), has announced the promotion of Tony DiVita to Executive Vice President, Chief Operating Officer, effective immediately. Previously serving as Executive Vice President, Chief Banking Officer, DiVita will now focus on driving operational efficiency and aligning strategic goals to enhance customer value.
DiVita, who joined First Pacific Bank in May 2023, brings over 30 years of community and regional banking experience to his new role. Nathan Rogge, President and CEO of First Pacific Bank, expressed confidence in DiVita's ability to drive growth, innovation, and operational transformation. The promotion is expected to strengthen the bank's leadership and contribute to its continued success.
First Pacific Bancorp (OTC Pink: FPBC) reported its second quarter 2024 results, marking the fifth consecutive quarter of profitability. Key highlights include:
- Total assets reached $430 million, up $10 million from year-end 2023
- Total deposits increased to $354 million, up $21 million since year-end 2023
- Total loans stood at $270 million, down $5 million from year-end 2023
- Strong capital position with a leverage capital ratio of 8.6% and total risk-based capital ratio of 12.8%
- Cash and cash equivalents totaled $43 million, up $21 million since year-end 2023
- Q2 2024 pre-tax, pre-provision profit of $272 thousand, up from $222 thousand in Q1 2024
- Q2 2024 net income of $198 thousand, up from $162 thousand in Q1 2024
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