WHITTIER, Calif., Feb. 07, 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 fourth quarter and year ending December 31, 2023. The Company continues to maintain a strong capital and liquidity position, centered on a solid, stable core deposit base, and access to significant sources of liquidity.

Key highlights for the fourth quarter and full year 2023 include:

• Total assets ended Q4 2023 at $420 million, up $53 million from $367 million at year end 2022.
• Total deposits ended the fourth quarter at $333 million, up $68 million since year end 2022.
• Total loans ended the fourth quarter at $275 million, up $70 million since year end 2022.
• Asset quality remains excellent, and we have experienced no significant changes in classified assets or non-performing assets.
• The Bank ended the fourth quarter with a leverage capital ratio of 8.72% and total risk-based capital ratio was 11.98%, considered “well-capitalized” - the highest regulatory capital category.
• As of December 31, 2023, cash and cash equivalents totaled $22 million, including funds invested overnight.
• Unused borrowing capacity from credit facilities in place on December 31, 2023, totaled over $140 million.
  

For the fourth quarter ended December 31, 2023, the Company realized a pre-tax pre-provision profit of $125 thousand, compared to a pre-tax pre-provision profit of $228 thousand in Q3 2023. Net income for the fourth quarter of 2023 was $55 thousand.

Asset quality remains excellent with minimal non-performing assets and the allowance for credit losses is 1.13% of total loans. The provision for credit losses of $102 thousand in Q4 2023, and $906 thousand for the year ending December 31, 2023, is in addition to $236 thousand added at the beginning of the year from implementing new accounting pronouncements for allowances for credit losses.

“In 2023, despite an environment of uncertainty, we are pleased with the growth we achieved during the year and remain committed to executing our strategic priorities,” said Joe Matranga, Chairman of the Board of Directors. “We continue to report solid financial results and our capital, liquidity, and financial position remain strong.”

“Our business model, centered around building true relationships with our clients, remains a cornerstone of our success. By targeting small and medium sized businesses in Southern California and providing access to decision-makers, we've been able to expand our client base and deepen existing relationships, further demonstrating the exceptional value First Pacific Bank offers," remarked Nathan Rogge, President and Chief Executive Officer. "As we look ahead, our focus is clear, and we remain well-positioned to drive responsible growth in 2024. As we enter 2024, we remain committed to delivering exceptional value for both our customers and shareholders.”

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. With a history that spans 17 years, the Bank offers 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 Table Follows ---

First Pacific Bancorp and Subsidiary Consolidated Balance Sheets (Unaudited)
		Dec 2023				Sep 2023				Dec 2023
ASSETS Total Cash & Due From	$	4,308,149			$	4,240,871			$	4,203,430
Total FFS & EBA		18,060,000				20,410,000				27,870,000
Total cash, due from banks and cash equivalents		22,368,149				24,650,871				32,073,430
Debt securities		109,600,182				110,714,467				116,822,614
Loans		275,198,411				273,934,695				205,001,925
Allowance for credit losses		(3,109,975	)			(2,974,427	)			(2,000,021	)
Loans, net		272,088,436				270,960,268				203,001,904
Restricted stock and equity securities		4,128,350				4,093,000				3,747,300
Premises, equipment, and right of use asset, net		2,268,671				1,850,187				1,893,249
Bank owned life insurance		5,170,521				5,142,322				5,059,435
Goodwill and core deposit intangible		1,328,651				1,343,934				1,336,960
Accrued interest receivable and other assets		3,263,951				3,523,948				2,771,800
Total Assets	$	420,216,911			$	422,278,997			$	366,706,692

LIABILITIES AND SHAREHOLDERS' EQUITY

Deposits

Noninterest-bearing deposits	$	121,348,095		$	130,982,957		$	118,827,117
Interest-bearing deposits		211,963,425			201,314,852			146,025,005
Total deposits		333,311,520			332,297,809			264,852,122
FHLB advances		45,000,000			50,000,000			65,000,000
Accrued interest payable and other liabilities		4,530,208			2,934,831			3,703,516
Total Liabilities		382,841,728			385,232,640			333,555,638
Total Shareholders' Equity		37,375,183			37,046,357			33,151,054
Total Liabilities and Shareholders' Equity	$	420,216,911		$	422,278,997		$	366,706,692
Common Shares Outstanding		4,231,841			4,231,841			3,776,622
Book Value Per Share	$	8.83		$	8.75		$	8.78

First Pacific Bancorp and Subsidiary Consolidated Statements of Operations (Unaudited)
	For the three months ended					For the three months ended				For the twelve months ended
	Dec 2023					Sep 2023				Dec 2023
Interest Income	$	5,455,811				$	5,314,929			$	19,985,388
Interest Expense		2,247,865					1,975,207				7,185,213
Net Interest Income		3,207,946					3,339,722				12,800,175
Provision for credit losses		101,538					191,428				905,965
Net Interest Income After Provision for Credit Losses		3,106,408					3,148,294				11,894,210
Noninterest income		149,658					400,672				920,067
Noninterest expense		3,232,556					3,512,585				13,153,457
Income (Loss) before Provision for Income Taxes		23,510					36,381				(339,180	)
Provision for (benefit from) income taxes		(31,955	)				(15,550	)			(175,261	)
Net Income (Loss)	$	55,465				$	51,931			($	163,919	)
Earnings Per Basic Share	$	0.01				$	0.01			($	0.04	)

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.