First Pacific Bancorp Reports Third Quarter 2024 Results
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 Bancorp (FPBC) ha riportato i risultati del Q3 2024, segnando il sesto trimestre consecutivo in utile. Gli attivi totali hanno raggiunto $434 milioni, in aumento di $14 milioni rispetto alla fine del 2023. I depositi sono aumentati a $342 milioni, mentre i prestiti sono diminuiti a $268 milioni. La banca ha mantenuto forti rapporti di capitale con un leverage dell'8,8% e un rischio totale basato del 12,8%. L'utile netto del Q3 2024 è stato di $249 mila, in aumento rispetto ai $198 mila del Q2. L'utile netto da inizio anno ha raggiunto $608 mila, rispetto a una perdita di $219 mila nello stesso periodo del 2023. La qualità degli attivi è rimasta eccellente con minimi attivi non performanti.
First Pacific Bancorp (FPBC) informó sus resultados del Q3 2024, marcando su sexto trimestre consecutivo con ganancias. Los activos totales alcanzaron $434 millones, un aumento de $14 millones desde finales de 2023. Los depósitos aumentaron a $342 millones, mientras que los préstamos disminuyeron a $268 millones. El banco mantuvo fuertes ratios de capital, con un apalancamiento del 8.8% y un riesgo total basado en el 12.8%. La utilidad neta del Q3 2024 fue de $249 mil, en comparación con $198 mil en el Q2. La utilidad neta acumulada del año alcanzó $608 mil, en comparación con una pérdida de $219 mil en el mismo periodo de 2023. La calidad de los activos se mantuvo excelente con mínimos activos no productivos.
퍼스트 퍼시픽 뱅콥(FPBC)은 2024년 3분기 실적을 발표하며 여섯 번째 연속 이익 분기를 기록했습니다. 총 자산은 $434 백만에 도달했으며, 2023년 연말 대비 $14 백만 증가했습니다. 예금은 $342 백만으로 증가했으며, 대출은 $268 백만으로 감소했습니다. 은행은 8.8%의 레버리지와 12.8%의 총 위험 기반 비율로 강력한 자본 비율을 유지했습니다. 2024년 3분기 순이익은 $249 천으로, 2분기 $198 천에서 증가했습니다. 연초부터 현재까지 누적 순이익은 $608 천에 이르렀으며, 2023년 동일 기간 동안의 $219 천 손실에 비해 개선되었습니다. 자산 품질은 최소한의 부실 자산으로 훌륭한 상태를 유지했습니다.
First Pacific Bancorp (FPBC) a annoncé ses résultats pour le T3 2024, marquant son sixième trimestre consécutif de bénéfices. Les actifs totaux ont atteint $434 millions, soit une augmentation de $14 millions par rapport à la fin de 2023. Les dépôts ont augmenté à $342 millions, tandis que les prêts ont diminué à $268 millions. La banque a maintenu de solides ratios de capital, avec un effet de levier de 8,8 % et un total des risques basé à 12,8 %. Le revenu net du T3 2024 était de $249 mille, en hausse par rapport à $198 mille au T2. Le revenu net depuis le début de l'année a atteint $608 mille, contre une perte de $219 mille au cours de la même période en 2023. La qualité des actifs est restée excellente avec des actifs non performants minimes.
First Pacific Bancorp (FPBC) hat seine Ergebnisse für das 3. Quartal 2024 veröffentlicht und damit das sechste aufeinanderfolgende profitable Quartal verzeichnet. Die Gesamtaktiva erreichten $434 Millionen, was einem Anstieg von $14 Millionen im Vergleich zum Jahresende 2023 entspricht. Die Einlagen stiegen auf $342 Millionen, während die Kredite auf $268 Millionen sanken. Die Bank wies eine starke Kapitalquote auf, mit einer Leverage von 8,8% und einer Gesamtrisikobasierung von 12,8%. Der Nettogewinn im 3. Quartal 2024 betrug $249 Tausend, ein Anstieg von $198 Tausend im 2. Quartal. Der Nettogewinn seit Jahresbeginn erreichte $608 Tausend, verglichen mit einem Verlust von $219 Tausend im gleichen Zeitraum 2023. Die Asset-Qualität blieb hervorragend, mit minimalen notleidenden Vermögenswerten.
- Sixth consecutive quarter of profitability
- Total assets increased by $14 million to $434 million
- Deposits grew by $9 million to $342 million
- Strong liquidity with $49 million in cash and equivalents
- Net income improved to $608 thousand YTD from previous year's loss
- Excellent asset quality with 1.16% allowance for credit losses
- Total loans decreased by $7 million from year-end 2023
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 of12.8% . - 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
Asset quality remains excellent with minimal non-performing assets and the allowance for credit losses is
“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 Contact | Media Relations Contact |
| Jim Burgess | Amanda Conover |
| 858.461.7302 | 562.501.9062 |
| jburgess@firstpacbank.com | aconover@firstpacbank.com |
--- 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 | $ | 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 | ||||||||||
| Borrowings | 50,000,000 | 35,000,000 | 50,000,000 | 45,000,000 | 50,000,000 | ||||||||||
| Accrued interest and other liabilities | 3,430,132 | 3,781,444 | 3,936,909 | 4,530,208 | 2,934,831 | ||||||||||
| Total liabilities | 395,221,988 | 392,377,193 | 403,442,835 | 382,841,728 | 385,232,640 | ||||||||||
| Shareholders' Equity: | |||||||||||||||
| Capital stock and APIC | 37,117,627 | 36,970,386 | 36,788,606 | 36,699,786 | 36,508,987 | ||||||||||
| Retained earnings | 2,151,305 | 1,902,788 | 1,705,174 | 1,543,264 | 1,487,800 | ||||||||||
| Accum other comprehensive income | (736,522 | ) | (811,124 | ) | (867,981 | ) | (867,867 | ) | (950,430 | ) | |||||
| Total shareholders' equity | 38,532,410 | 38,062,050 | 37,625,799 | 37,375,183 | 37,046,357 | ||||||||||
| Total Liabilities and Shareholders' Equity | $ | 433,754,398 | $ | 430,439,243 | $ | 441,068,634 | $ | 420,216,911 | $ | 422,278,997 | |||||
| First Pacific Bancorp | |||||||
| Consolidated Income Statements - Quarterly | |||||||
| (Unaudited) | |||||||
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | |||
| INTEREST INCOME | |||||||
| Loans, including fees | |||||||
| Debt securities | 499,268 | 514,613 | 543,857 | 544,330 | 585,047 | ||
| Fed funds & int-bearing balances | 450,166 | 573,022 | 410,685 | 258,178 | 271,266 | ||
| Total interest income | 5,766,608 | 5,743,479 | 5,655,077 | 5,455,811 | 5,314,929 | ||
| INTEREST EXPENSE | |||||||
| Deposits | 1,790,578 | 1,687,121 | 1,746,032 | 1,542,541 | 1,408,092 | ||
| Borrowings | 444,250 | 524,599 | 507,390 | 705,324 | 567,115 | ||
| Total interest expense | 2,234,828 | 2,211,720 | 2,253,422 | 2,247,865 | 1,975,207 | ||
| Net interest income | 3,531,780 | 3,531,759 | 3,401,655 | 3,207,946 | 3,339,722 | ||
| Provision for credit losses | - | - | - | 101,538 | 191,428 | ||
| Net interest income after provision | 3,531,780 | 3,531,759 | 3,401,655 | 3,106,408 | 3,148,294 | ||
| NONINTEREST INCOME | |||||||
| Service charges, fees and other income | 106,628 | 96,460 | 108,365 | 108,769 | 122,367 | ||
| Sublease income | 53,975 | 52,970 | 53,872 | 53,872 | 53,384 | ||
| Gains (losses) on sale of assets | 15,335 | - | - | (12,982 | ) | 101,844 | |
| Gains on early payoff of debt | - | 144,325 | - | - | 123,077 | ||
| Total noninterest income | 175,938 | 293,755 | 162,237 | 149,659 | 400,672 | ||
| NONINTEREST EXPENSE | |||||||
| Salaries and benefits | 2,154,290 | 2,182,674 | 2,178,486 | 1,954,029 | 2,311,113 | ||
| Occupancy and equipment | 374,069 | 363,695 | 368,816 | 384,088 | 377,795 | ||
| Other expense | 834,281 | 1,007,247 | 794,158 | 894,440 | 823,677 | ||
| Total noninterest expense | 3,362,640 | 3,553,616 | 3,341,460 | 3,232,557 | 3,512,585 | ||
| Income before income tax expense | 345,078 | 271,898 | 222,432 | 23,510 | 36,381 | ||
| Income tax expense (benefit) | 96,563 | 74,281 | 60,524 | (31,955 | ) | (15,550 | ) |
| Net Income (Loss) | $248,515 | $197,617 | $161,908 | $55,465 | $51,931 | ||
| Earnings per share basic (QTR) | |||||||
| Weighted average shares outstanding (QTR) | 4,288,851 | 4,283,351 | 4,281,653 | 4,231,841 | 4,174,529 | ||
| First Pacific Bancorp | |||
| Consolidated Income Statements - Year-to-Date | |||
| (Unaudited) | |||
| Sep 30, 2024 | Sep 30, 2023 | ||
| INTEREST INCOME | |||
| Loans, including fees | |||
| Investment securities | 1,557,738 | 1,735,019 | |
| Fed funds & int-bearing balances | 1,433,873 | 742,649 | |
| Total interest income | 17,165,164 | 14,529,577 | |
| INTEREST EXPENSE | |||
| Deposits | 5,223,731 | 3,201,945 | |
| Borrowings | 1,476,239 | 1,735,403 | |
| Total interest expense | 6,699,970 | 4,937,348 | |
| Net interest income | 10,465,194 | 9,592,229 | |
| Provision for credit losses | - | 804,428 | |
| Net interest income after provision | 10,465,194 | 8,787,801 | |
| NONINTEREST INCOME | |||
| Service charges, fees and other income | 311,453 | 347,054 | |
| Sublease income | 160,817 | 158,202 | |
| Gains (losses) on sale of assets | 15,335 | 142,075 | |
| Gains on early payoff of debt | 144,325 | 123,077 | |
| Total noninterest income | 631,930 | 770,408 | |
| NON INTEREST EXPENSE | |||
| Salaries and benefits | 6,515,450 | 6,604,574 | |
| Occupancy and equipment | 1,106,580 | 1,086,189 | |
| Other expense | 2,635,686 | 2,230,137 | |
| Total noninterest expense | 10,257,716 | 9,920,900 | |
| Income before income tax expense | 839,408 | (362,691 | ) |
| Income tax expense (benefit) | 231,368 | (143,307 | ) |
| Net Income (loss) | $608,040 | ($219,384 | ) |
| Earnings (loss) per share basic (YTD) | ( | ) | |
| Weighted average shares outstanding (YTD) | 4,284,634 | 3,912,161 | |
| First Pacific Bancorp | |||||||||||
| Quarterly Financial Highlights | |||||||||||
| (Unaudited) | |||||||||||
| Quarterly | |||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | |||||||
| ($$ in thousands except per share data) | 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | ||||||
| EARNINGS | |||||||||||
| Net interest income | $ | 3,532 | 3,532 | 3,402 | 3,208 | 3,340 | |||||
| Provision for loan losses | $ | 0 | 0 | 0 | 102 | 191 | |||||
| Noninterest income | $ | 176 | 294 | 162 | 150 | 401 | |||||
| Noninterest expense | $ | 3,363 | 3,554 | 3,341 | 3,233 | 3,513 | |||||
| Income tax expense | $ | 97 | 74 | 61 | (32 | ) | (16 | ) | |||
| Net income | $ | 249 | 198 | 162 | 55 | 52 | |||||
| Basic earnings per share | $ | 0.06 | 0.05 | 0.04 | 0.01 | 0.01 | |||||
| Weighted average shares outstanding | 4,288,851 | 4,283,351 | 4,281,653 | 4,231,841 | 4,174,529 | ||||||
| Ending shares outstanding | 4,291,927 | 4,283,351 | 4,283,351 | 4,231,841 | 4,231,841 | ||||||
| PERFORMANCE RATIOS | |||||||||||
| Return on average assets | 0.23 | % | 0.18 | % | 0.15 | % | 0.05 | % | 0.05 | % | |
| Return on average common equity | 2.58 | % | 2.10 | % | 1.73 | % | 0.59 | % | 0.56 | % | |
| Yield on loans | 6.98 | % | 6.97 | % | 6.84 | % | 6.69 | % | 6.60 | % | |
| Yield on earning assets | 5.58 | % | 5.52 | % | 5.49 | % | 5.35 | % | 5.26 | % | |
| Cost of deposits | 2.05 | % | 1.96 | % | 2.05 | % | 1.89 | % | 1.70 | % | |
| Cost of funding | 2.32 | % | 2.28 | % | 2.35 | % | 2.37 | % | 2.09 | % | |
| Net interest margin | 3.42 | % | 3.40 | % | 3.31 | % | 3.15 | % | 3.30 | % | |
| Efficiency ratio | 90.7 | % | 92.9 | % | 93.8 | % | 96.3 | % | 93.9 | % | |
| CAPITAL | |||||||||||
| Tangible equity to tangible assets | 8.61 | % | 8.57 | % | 8.26 | % | 8.61 | % | 8.48 | % | |
| Book value (BV) per common share | $ | 8.98 | 8.89 | 8.78 | 8.83 | 8.75 | |||||
| Tangible BV per common share | $ | 8.68 | 8.58 | 8.48 | 8.52 | 8.44 | |||||
| ASSET QUALITY | |||||||||||
| Net loan charge-offs (recoveries) | $ | 0 | 0 | 0 | 0 | 0 | |||||
| Allowance for loan losses (ALLL) | $ | 3,110 | 3,110 | 3,110 | 3,110 | 2,974 | |||||
| ALLL to total loans | 1.16 | % | 1.15 | % | 1.13 | % | 1.13 | % | 1.09 | % | |
| Nonperforming loans | $ | 991 | 77 | 160 | 61 | 0 | |||||
| END OF PERIOD BALANCES | |||||||||||
| Total loans | $ | 267,955 | 270,020 | 274,753 | 275,198 | 273,935 | |||||
| Total assets | $ | 433,754 | 430,439 | 441,069 | 420,217 | 422,279 | |||||
| Deposits | $ | 341,792 | 353,596 | 349,506 | 333,312 | 332,298 | |||||
| Loans to deposits | 78.4 | % | 76.4 | % | 78.6 | % | 82.6 | % | 82.4 | % | |
| Shareholders' equity | $ | 38,532 | 38,062 | 37,626 | 37,375 | 37,046 | |||||
| Full-time equivalent employees | 44 | 44 | 46 | 45 | 44 | ||||||
| AVERAGE BALANCES (QTRLY) | |||||||||||
| Total loans | $ | 273,960 | 267,766 | 275,578 | 276,016 | 268,186 | |||||
| Earning assets | $ | 410,298 | 416,965 | 412,791 | 404,210 | 400,993 | |||||
| Total assets | $ | 424,199 | 430,830 | 426,592 | 417,595 | 414,457 | |||||
| Deposits | $ | 346,142 | 346,032 | 341,226 | 323,300 | 329,121 | |||||
| Shareholders' equity | $ | 38,267 | 37,788 | 37,443 | 37,179 | 36,469 | |||||
FAQ
What was First Pacific Bancorp's (FPBC) net income in Q3 2024?
How much did FPBC's total assets grow in 2024?
What are FPBC's capital ratios as of Q3 2024?
How has FPBC's loan portfolio changed in 2024?
