Quarterly Financial Results Show Growth for First Pacific Bancorp
First Pacific Bancorp Celebrates Continued Success in Performance
First Pacific Bancorp (OTC: FPBC), the parent company of First Pacific Bank, has released its consolidated financial results for the first quarter, showcasing a commendable eighth consecutive quarter of profitability. The company is in robust financial health, characterized by a strong capital structure and liquidity that is bolstered by a steady core deposit base and substantial access to liquidity resources.
Key Financial Highlights
In the latest quarter, First Pacific Bancorp achieved significant milestones:
Total Assets Increase
Total assets reached $456 million, reflecting an increase of $23 million from the $433 million recorded at the end of the previous year.
Strong Growth in Deposits
Deposits also showed a promising uptick, closing at $390 million—an increase of $39 million from the previous year’s end.
Loan Portfolios Expand
The bank's loans grew by $17 million, ultimately reaching $294 million by the end of the quarter.
Excellent Asset Quality
First Pacific Bancorp maintains excellent asset quality with minimal classified or non-performing assets. The bank has recorded zero loan losses and an allowance for credit losses of 1.08% of total loans.
Operational Insights
The bank's pre-tax, pre-provision profit for the first quarter stood at $550,000, although it marked a decrease compared to the previous quarter's profit of $702,000. However, this indicates significant growth compared to $222,000 in Q1 of the previous year. Net income for the first quarter was noted at $393,000, which is an impressive increase from $162,000 in the same quarter of the previous year.
Leadership Comments
Joe Matranga, Chairman of the Board, shared his satisfaction with the company's momentum entering 2025, stating, "Our diversified business model and commitment to prudent risk management is positioning us for continued performance success within an evolving environment."
Nathan Rogge, President and CEO, reaffirmed this sentiment by emphasizing the bank's strong performance attributed to consistent results across various markets and progressive growth in both loan and deposit sectors. He noted that investments in infrastructure and technology, alongside their recent expansion to a larger regional office, underscore the company’s confidence in future growth opportunities.
About First Pacific Bank
As a subsidiary of First Pacific Bancorp, First Pacific Bank serves the financial needs of individuals, professionals, and small-to-medium-sized enterprises across Southern California. Established in 2006, the bank has built a solid reputation for providing personalized service, broad financial solutions, and an unwavering commitment to superior customer experiences. The bank maintains branches in several counties including Los Angeles, Orange, and San Diego, effectively catering to a diverse clientele.
Financial Outlook and Community Commitment
First Pacific Bancorp's financial standing reflects a dedication to community-oriented service and sustainable growth, ideally positioning the bank for ongoing success in a highly competitive industry. Enhanced technology infrastructure and increased investment in client services will aid the bank in meeting its long-term growth objectives, thereby reinforcing its commitment to its clients and stakeholders.
Frequently Asked Questions
What are the financial highlights reported by First Pacific Bancorp?
The highlights include a total asset growth to $456 million, deposits reaching $390 million, and loan portfolios totaling $294 million, all achieved with minimal non-performing assets.
Who is the leadership behind First Pacific Bancorp?
Joe Matranga is the Chairman of the Board, while Nathan Rogge serves as the President and CEO, both of whom emphasize the bank's commitment to prudent risk management.
What is the significance of First Pacific Bank’s latest quarterly results?
This quarter marks the eighth consecutive quarter of profitability, with solid growth in net income and deposits showcasing the bank's resilience and commitment to growth.
What campaigns does First Pacific Bank pursue to enhance community services?
First Pacific Bank promotes a community-oriented approach in its services, offering tailored banking solutions to meet the diverse needs of its clients in Southern California.
How does First Pacific Bancorp plan to invest in its future?
The bank is focusing on strengthening its infrastructure and technology, which is expected to facilitate improved client services and operational efficiencies.
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