First Pacific Bancorp Financial Performance Overview
First Pacific Bancorp, the parent entity of First Pacific Bank, has recently reported its third-quarter financial results that underline its robust performance amidst a dynamic financial landscape. The company continues to show solid growth, buoyed by increasing loans and deposits.
Key Highlights of Q3
The highlights for the third quarter include notable increases in key financial metrics:
- Total assets stood at $486 million, marking an increase of $53 million since the end of the previous year.
- Total deposits reached $390 million, growing by $39 million compared to year-end 2024.
- Total loans amounted to $320 million, up $43 million from the previous year-end.
- Asset quality remained high, with minimal classified assets or non-performing loans.
- The bank maintained a strong capital position, reflected by a leverage capital ratio of 8.74% and a total risk-based capital ratio of 12.16%.
- As of the third quarter end, cash and cash equivalents totaled $52 million, which includes overnight investments and has increased by $11 million since last year.
- The unused borrowing capacity from credit facilities reached $163 million.
Financial Gains and Profitability
During the third quarter of 2025, First Pacific Bancorp reported a pre-tax, pre-provision profit of $853 thousand, compared to $634 thousand in the second quarter of the same year, and significantly up from $345 thousand in Q3 of the previous year. Net income for the quarter was reported at $607 thousand, an increase from $249 thousand in the same period last year. For the year-to-date period ending September 30, the company logged a pre-tax, pre-provision profit of $2.04 million and a net income of $1.45 million.
Asset Quality and Management Comments
The company upholds an excellent asset quality with minimal losses, an allowance for credit losses of 0.98% on total loans, and no reported loan losses. Joe Matranga, Chairman of the Board, expressed satisfaction with the third quarter's performance, highlighting the consistent organic growth, stable credit quality, and continued profitability enhancements. He stated, "We remain committed to delivering sustainable results, maintaining rigorous risk management, and driving long-term value for our shareholders."
Nathan Rogge, President and CEO, also noted the solid quarter’s performance, attributing it to strong loan and deposit growth alongside excellent asset quality. He emphasized that this outcome reflects the disciplined approach to risk management and expense control and the long-term dedication to fostering lasting client relationships. Rogge added, "Looking forward, we are focused on developing financial solutions tailored to meet the evolving needs of businesses in our community."
About First Pacific Bank
First Pacific Bank, founded in 2006, operates as a community bank overseeing a wide range of financial solutions aimed at individuals and small-to-medium-sized enterprises. The bank is dedicated to personalized service, providing direct access to decision-makers, and ensuring exceptional customer service. First Pacific Bank continues to grow in various locations throughout Southern California, contributing positively to the community's financial needs.
Frequently Asked Questions
What were the total assets of First Pacific Bancorp at the end of Q3 2025?
The total assets at the end of Q3 2025 were reported at $486 million.
How much did First Pacific Bancorp's total deposits increase in Q3 2025?
Total deposits increased by $39 million since year-end 2024, reaching $390 million.
What is the pre-tax profit reported for Q3 2025?
The pre-tax profit reported for Q3 2025 was $853 thousand.
What capital ratios does First Pacific Bancorp maintain?
The company maintains a leverage capital ratio of 8.74% and a total risk-based capital ratio of 12.16%.
How does First Pacific Bank position itself in the community market?
First Pacific Bank positions itself as a growing community bank focused on delivering personalized services and solutions for various financial needs.
