First Pacific Bancorp Reports First Quarter 2025 Results

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: 

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