WHITTIER, Calif., Oct. 30, 2025 (GLOBE NEWSWIRE) -- First Pacific Bancorp (the "Company") (OTCID: FPBC), the holding company for First Pacific Bank (the "Bank"), today reported consolidated results for the third quarter ending September 30, 2025. 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 third quarter of 2025 include:
-- Total assets ended the third quarter of 2025 at $486 million, up $53
million since year end 2024.
-- Total deposits ended the third quarter of 2025 at $390 million, up $39
million since year end 2024.
-- Total loans ended the third quarter of 2025 at $320 million, up $43
million from year end 2024.
-- Asset quality remains excellent with minimal levels of classified or
non-performing assets.
-- The Bank ended the third quarter with a healthy capital position, with a
leverage capital ratio of 8.74% and a total risk-based capital ratio of
12.16%.
-- As of September 30, 2025, cash and cash equivalents totaled $52 million,
including funds invested overnight, up $11 million since year end 2024.
-- Unused borrowing capacity from credit facilities on September 30, 2025,
totaled $163 million.
For the third quarter ending September 30, 2025, the Company realized a pre-tax, pre-provision profit of $853 thousand, compared to a pre-tax, pre-provision profit of $634 thousand in Q2 2025 and $345 thousand in Q3 2024. Net income for the third quarter of 2025 was $607 thousand, up from $249 thousand in Q3 2024. For the nine months ended September 30, 2025, the Company reported pre-tax, pre-provision profit of $2.04 million and net income of $1.45 million.
Asset quality remains excellent with minimal non-performing assets, an allowance for credit losses of 0.98% of total loans, and zero loan losses.
"We are pleased with our third-quarter performance, marked by continued organic growth, stable credit quality, and ongoing improvement in profitability," said Joe Matranga, Chairman of the Board. "We remain confident in our ability to deliver sustainable results, uphold disciplined risk management, and create long-term value for our shareholders."
"First Pacific Bank delivered another solid quarter, marked by strong loan and deposit growth, excellent asset quality, and strengthening profitability. These results reflect our disciplined approach to risk and expense management, as well as our long-term commitment to building lasting relationships with our clients. As we look ahead, we remain committed to delivering tailored financial solutions that support the diverse and evolving needs of Southern California businesses," said Nathan Rogge, President and Chief Executive Officer.
ABOUT FIRST PACIFIC BANK
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTCID: 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)
Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024
------------- ------------- ------------- ------------- ---------------
ASSETS
Cash and due from banks $ 4,361,215 $ 8,336,307 $ 8,042,164 $ 4,708,926 $ 23,584,084
Fed funds sold &
int-bearing balances 47,580,000 43,670,000 39,250,000 36,290,000 25,520,000
----------- ----------- ----------- ----------- -----------
Total cash and cash
equivalents 51,941,215 52,006,307 47,292,164 40,998,926 49,104,084
Debt securities (AFS) 1,756,875 1,791,113 1,859,740 1,866,022 3,041,852
Debt securities $(HTM)$ 96,991,887 98,052,199 99,099,346 100,257,560 101,260,391
----------- ----------- ----------- ----------- -----------
Total debt
securities 98,748,762 99,843,312 100,959,086 102,123,582 104,302,243
Construction & land
development 27,728,045 26,181,088 25,245,823 23,320,351 23,067,204
1-4 Family residential 71,298,162 68,065,742 63,536,698 58,588,090 58,082,570
Multifamily residential 30,456,673 30,570,654 30,452,183 28,561,276 28,966,811
Nonfarm, nonresidential
real estate 116,977,598 120,672,305 105,299,777 100,066,570 99,715,860
Commercial & industrial 68,930,751 62,021,304 64,956,570 62,322,690 57,342,017
Consumer & Other 4,555,112 4,378,029 4,572,607 4,525,108 780,639
----------------------- ----------- ----------- ----------- ----------- -----------
Total loans 319,946,341 311,889,122 294,063,658 277,384,085 267,955,101
Allowance for credit
losses (loans) (3,141,203) (3,179,637) (3,179,637) (3,179,637) (3,109,975)
----------------------- ----------- ----------- ----------- ----------- -----------
Total loans, net 316,805,138 308,709,485 290,884,021 274,204,448 264,845,126
----------------------- ----------- ----------- ----------- ----------- -----------
Premises, equipment,
and ROU net 3,277,724 2,918,754 2,822,403 1,328,964 1,452,886
Goodwill, core deposit
& other intangibles 1,200,762 1,202,582 1,259,139 1,273,134 1,287,129
Bank owned life
insurance 5,378,503 5,347,738 5,317,491 5,287,738 5,257,550
Accrued interest and
other assets 8,585,760 7,650,569 7,703,693 7,755,355 7,505,380
Total Assets $485,937,864 $477,678,747 $456,237,997 $432,972,147 $433,754,398
=========== =========== =========== =========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing
demand $134,783,120 $138,110,569 $143,205,484 $131,515,568 $129,473,091
Interest-bearing
transaction
accounts 26,611,844 24,968,600 39,203,360 28,454,639 24,660,000
Money market and
savings 186,610,551 178,569,935 162,563,677 146,423,126 143,270,628
Time deposits 41,519,108 35,936,500 44,568,676 44,302,867 44,388,137
Total deposits 389,524,623 377,585,604 389,541,197 350,696,200 341,791,856
Borrowings 50,000,000 55,000,000 23,000,000 40,000,000 50,000,000
Accrued interest and
other liabilities 5,211,202 4,705,376 3,952,095 3,122,902 3,430,132
----------- ----------- ----------- ----------- -----------
Total liabilities 444,735,825 437,290,980 416,493,292 393,819,102 395,221,988
Shareholders' Equity:
Capital stock and APIC 37,701,986 37,552,889 37,389,068 37,272,567 37,117,627
Retained earnings 4,104,143 3,497,084 3,043,502 2,650,877 2,151,305
Accum other
comprehensive income (604,090) (662,206) (687,865) (770,399) (736,522)
Total shareholders'
equity 41,202,039 40,387,767 39,744,705 39,153,045 38,532,410
Total Liabilities
and Shareholders'
Equity $485,937,864 $477,678,747 $456,237,997 $432,972,147 $433,754,398
=========== =========== =========== =========== ===========
First Pacific Bancorp
Consolidated Income Statements - Quarterly
(Unaudited)
Sep 30, Jun 30, Mar 31, Dec 31,
2025 2025 2025 2024 Sep 30, 2024
---------- ---------- ---------- ---------- ------------
INTEREST INCOME
Loans, including
fees $5,478,759 $5,056,534 $4,788,107 $4,814,128 $4,817,174
Debt securities 456,576 464,333 462,472 484,507 499,269
Fed funds &
int-bearing
balances 333,642 413,487 339,864 419,597 450,166
--------- --------- --------- --------- ---------
Total
interest
income 6,268,977 5,934,354 5,590,443 5,718,232 5,766,609
--------- --------- --------- --------- ---------
INTEREST EXPENSE
Deposits 1,766,021 1,897,025 1,812,760 1,777,350 1,790,579
Borrowings 393,330 127,359 219,832 332,375 444,251
--------- --------- --------- --------- ---------
Total
interest
expense 2,159,351 2,024,384 2,032,592 2,109,725 2,234,830
--------- --------- --------- --------- ---------
Net interest
income 4,109,626 3,909,970 3,557,851 3,608,507 3,531,779
Provision for
credit losses - - - - -
--------- --------- --------- --------- ---------
Net interest
income after
provision 4,109,626 3,909,970 3,557,851 3,608,507 3,531,779
--------- --------- --------- --------- ---------
NONINTEREST INCOME
Service charges,
fees and other
income 114,633 87,059 122,610 119,170 106,632
Sublease income - - 45,222 - 53,975
Gains (losses) on
sale of assets 29,966 - - - 15,335
Gains on early
payoff of debt - - - 54,125 -
--------- --------- --------- --------- ---------
Total
noninterest
income 144,599 87,059 167,832 173,295 175,942
--------- --------- --------- --------- ---------
NONINTEREST
EXPENSE
Salaries and
benefits 2,114,900 2,227,827 2,119,302 1,984,774 2,154,290
Occupancy and
equipment 279,715 277,107 259,480 258,181 374,068
Other expense 1,006,318 857,837 797,261 836,691 834,283
--------- --------- --------- --------- ---------
Total
noninterest
expense 3,400,933 3,362,771 3,176,043 3,079,646 3,362,641
--------- --------- --------- --------- ---------
Income
before
income tax
expense 853,292 634,258 549,640 702,156 345,080
Income tax expense 246,232 180,677 157,015 202,586 96,563
Net Income $ 607,060 $ 453,581 $ 392,625 $ 499,570 $ 248,517
========= ========= ========= ========= =========
Earnings per share
basic $(QTR)$ $ 0.14 $ 0.10 $ 0.09 $ 0.12 $ 0.06
Weighted average
shares
outstanding
(QTR) 4,341,356 4,335,529 4,333,735 4,293,829 4,288,851
First Pacific Bancorp
Consolidated Income Statements - Year-to-Date
(Unaudited)
Sep 30, 2025 Sep 30, 2024
-------------- ----------------
INTEREST INCOME
Loans, including fees $ 15,323,400 $ 14,173,553
Investment securities 1,383,380 1,557,738
Fed funds & int-bearing balances 1,086,993 1,433,873
Total interest income 17,793,773 17,165,164
---------- ----------
INTEREST EXPENSE
Deposits 5,475,805 5,223,731
Borrowings 740,521 1,476,239
Total interest expense 6,216,326 6,699,970
---------- ----------
Net interest income 11,577,447 10,465,194
Provision for credit losses - -
---------- ----------
Net interest income after provision 11,577,447 10,465,194
---------- ----------
NONINTEREST INCOME
Service charges, fees and other income 324,302 311,456
Sublease income 45,222 160,817
Gains (losses) on sale of assets 29,966 15,335
Gains on early payoff of debt - 144,325
Total noninterest income 399,490 631,933
---------- ----------
NON INTEREST EXPENSE
Salaries and benefits 6,462,029 6,515,450
Occupancy and equipment 816,302 1,106,580
Other expense 2,661,416 2,635,686
Total noninterest expense 9,939,747 10,257,716
---------- ----------
Income before income tax expense 2,037,190 839,411
Income tax expense 583,924 231,368
Net Income $ 1,453,266 $ 608,043
========== ==========
Earnings per share basic (YTD) $ 0.34 $ 0.14
Weighted average shares outstanding (YTD) 4,336,901 4,286,467
First Pacific Bancorp
Quarterly Financial Highlights
(Unaudited)
Quarterly
-------------------------------------------------------------------------
2025 2025 2025 2024 2024
($$ in thousands
except per share
data) 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
------------- ------------- ------------- ------------- -------------
EARNINGS
Net interest
income $ 4,110 3,910 3,558 3,609 3,532
Provision for
loan losses $ 0 0 0 0 0
Noninterest
income $ 145 87 168 173 176
Noninterest
expense $ 3,401 3,363 3,176 3,080 3,363
Income tax
expense $ 246 181 157 203 97
Net income $ 607 454 393 500 249
Earnings per
share basic $ 0.14 0.10 0.09 0.12 0.06
Weighted
average
shares
outstanding 4,341,356 4,335,529 4,333,735 4,293,829 4,288,851
Ending shares
outstanding 4,344,241 4,335,678 4,335,088 4,294,500 4,291,927
PERFORMANCE
RATIOS
Return on
average
assets 0.52% 0.41% 0.37% 0.47% 0.23%
Return on
average
common
equity 5.92% 4.55% 4.05% 5.12% 2.58%
Yield on loans 6.88% 6.85% 6.79% 6.91% 6.98%
Yield on
earning
assets 5.61% 5.53% 5.44% 5.50% 5.58%
Cost of
deposits 1.85% 1.95% 2.00% 1.98% 2.05%
Cost of
funding 2.07% 2.02% 2.12% 2.18% 2.32%
Net interest
margin 3.68% 3.65% 3.46% 3.47% 3.42%
Efficiency
ratio 79.9% 84.1% 85.2% 81.4% 90.7%
CAPITAL
Tangible
equity to
tangible
assets 8.25% 8.22% 8.46% 8.77% 8.61%
Book value
$(BV)$ per
common share $ 9.48 9.32 9.17 9.12 8.98
Tangible BV
per common
share $ 9.21 9.04 8.88 8.82 8.68
ASSET QUALITY
Net loan
charge-offs
(recoveries) $ 0 0 0 0 0
Allowance for
credit losses
(loans) $ 3,141 3,180 3,180 3,180 3,110
Allowance to
total loans 0.98% 1.02% 1.08% 1.15% 1.16%
Nonperforming
loans $ 858 1,015 849 672 991
END OF PERIOD
BALANCES
Total loans $ 319,946 311,889 294,064 277,384 267,955
Total assets $ 485,938 477,679 456,238 432,972 433,754
Deposits $ 389,525 377,586 389,541 350,696 341,792
Loans to
deposits 82.1% 82.6% 75.5% 79.1% 78.4%
Shareholders'
equity $ 41,202 40,388 39,745 39,153 38,532
Full-time
equivalent
employees 46 47 46 49 44
AVERAGE BALANCES
(QTRLY)
Total loans $ 315,976 295,970 286,119 276,301 273,960
Earning assets $ 443,150 430,237 416,486 412,424 410,298
Total assets $ 459,678 445,557 430,891 425,750 424,199
Deposits $ 378,916 389,840 368,363 355,369 346,142
Shareholders'
equity $ 40,681 39,963 39,326 38,746 38,267
(END) Dow Jones Newswires
October 30, 2025 09:07 ET (13:07 GMT)