First Pacific Bancorp Reports Strong Second Quarter Results
First Pacific Bancorp, the holding company for First Pacific Bank, recently shared its consolidated performance for the second quarter ending June 30, demonstrating notable growth and stability in its financials. The bank has maintained a robust capital position, marking a significant milestone in its ongoing strategy.
Performance Highlights
The financial highlights for the quarter reveal an overall strengthening of the bank's position:
- Total Assets: First Pacific Bancorp recorded total assets of $478 million, an increase of $45 million since the end of the previous fiscal year.
- Total Deposits: The bank noted total deposits amounted to $378 million, reflecting an increase of $27 million since the year's end.
- Total Loans: Loan totals reached $312 million, up by $35 million compared to the previous year's close.
- Asset quality remains stable, showcasing minimal levels of non-performing assets.
- The bank maintains a strong capital ratio with a leverage capital ratio of 8.8% and a total risk-based capital ratio of 12.3%.
- Cash Position: Cash and cash equivalents have risen to $52 million, an increase of $11 million from the previous year.
- Borrowing Capacity: As of June 30, unused borrowing capacity stands at $162 million.
Profitability and Growth
For the second quarter, First Pacific Bancorp achieved a pre-tax, pre-provision profit of $634 thousand, showcasing effective cost management compared to $550 thousand in the first quarter of the same year and $272 thousand in the second quarter of the previous year. Net income for Q2 2025 reached $454 thousand, demonstrating a substantial rise from $198 thousand year-on-year. For the six-month period ending June 30, 2025, net income totaled $846 thousand.
Management Insights
Joe Matranga, the Chairman of the Board, expressed pride in the results, emphasizing the bank's solid balance sheet and successful execution of its growth strategies. Nathan Rogge, President and CEO, highlighted their focus on growing loans and deposits while preserving excellent asset quality. He remarked, "We are thrilled with our progress this quarter, which demonstrates the commitment of our team to serving our clients effectively, alongside our strategic initiatives that enhance our offerings. We look forward to further strengthening our relationships with improved services."
About First Pacific Bank
First Pacific Bank operates as a subsidiary of First Pacific Bancorp, catering to individual clients, professionals, and small to medium-sized businesses across regions in Southern California. Established in 2006, the bank is dedicated to community engagement through personalized service, extensive offerings, and a commitment to superior customer experience. The bank operates branches in various counties, continuing to expand its reach and services to meet diverse client needs.
Frequently Asked Questions
What were the total assets for First Pacific Bancorp in Q2 2025?
The total assets were reported at $478 million, an increase from the previous year.
How much did the total deposits grow in Q2 2025?
Total deposits increased by $27 million, reaching $378 million.
What is the leverage capital ratio for First Pacific Bancorp?
The bank's leverage capital ratio is 8.8%, reflecting its strong capital position.
How did net income change from Q2 2024 to Q2 2025?
Net income rose from $198 thousand in Q2 2024 to $454 thousand in Q2 2025.
What strategic focus is First Pacific Bank prioritizing?
The bank is focused on increasing loans and deposits while maintaining high asset quality and strong liquidity.
