1st Pacific Bank of California Announces Second Quarter Earnings; Net Income And Assets Climb.Business Editors SAN DIEGO--(BUSINESS WIRE)--July 21, 2003 1st Pacific Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. (1st Pacific Bank) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : FPBS FPBS Florida Public Broadcasting Service FPBS Federação Portuguesa de Basebol e Softbol FPBS Florida Property and Business Solutions, LLC (Cocoa Beach, FL and West Sussex, UK) ) today announced financial results for the second quarter ended June June: see month. 30, 2003. The results indicate a dramatic increase in net earnings and continued increases in total assets, deposits, and loans. For the second quarter, earnings before taxes improved to $268,066 from a loss of $182,754 in the second quarter of 2002. For the six months ending June 30, 2003, income before taxes improved to $385,291 compared to a loss of $479,466 in the same period of 2002. The bank's net income, or income after taxes, continues to benefit from the recognition of additional deferred tax benefits. Thus, after-tax net income for the quarter totaled $461,916, or $0.27 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a loss of $182,754, or $0.16 per diluted share in 2002. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , after tax net income totaled $772,791, or $0.47 per diluted share, compared to a loss of $479,466, or $0.42 per diluted share for the six months ended June 30, 2002. Total assets increased to $118.8 million, up 10% from the prior quarter total of $108.5 million, and up 63% from the year-ago second quarter total of $72.7 million. Strong demand for the bank's products and services, along with an increase in new customer relationships helped to drive continued growth in both loans and deposits. Net loans increased by 21% to $104.9 million up from $86.8 million in the first quarter, and up 80% over the year-ago second quarter total of $58.4 million. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the low interest rate environment, deposits continued to grow, up 7% to $102.6 million from $95.7 million in the prior quarter, and up 58% over the year-ago second quarter total of $64.7 million. "We're comparing favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. against most of our business plan goals, particularly as it relates to the bottom-line," stated Vince Siciliano Si`ci`li`a´no n. 1. A Sicilian dance, resembling the pastorale, set to a rather slow and graceful melody in 12-8 or 6-8 measure; also, the music to the dance. , 1st Pacific Bank president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Thanks to our staff, total customer relationships continue to grow at both of our offices. Plus, the addition of our Mission Valley office later this summer will permit us to strategically expand our existing geographic markets." Some notable accomplishments during the quarter included the Bank's continued #3 ranking in U.S. Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) lending among San Diego-based community banks, the addition of Mike Lee, a well-known and respected San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. banking professional with over 20 years' experience as Regional Manager in charge of the Tri-Cities office, and the announcement of the new office to be located at 8889 Rio San Diego Drive in Mission Valley. The new office is scheduled to open in August of this year, led by Regional Manager, Clifford Schneider, previously with the Bank's Tri-Cities location. "I am extremely proud of the performance everyone associated with the Bank has turned in," stated Dr. James G. Knight, 1st Pacific Bank chairman. "While we certainly were confident of our business plan when we first opened our doors less than three years ago, our quick drive towards what has proven to be sustained profitability is simply extraordinary." About 1st Pacific Bank of California 1st Pacific Bank is a San Diego-based, locally owned and operated financial institution with over $100 million in assets. The bank offers a full complement of business, personal and online banking products and services. Offices are located on Regents Road in the Golden Triangle Golden Triangle can refer to:
See Financial Data Table, which follows, for more information. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Certain statements in this press release, including statements regarding the anticipated development and expansion of the company's business, and the intent, belief or current expectations of the company, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. .
1st PACIFIC BANK OF CALIFORNIA
Selected Financial Data Table
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30-Jun-03 30-Jun-02
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Balance Sheet Data:
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Allowance for Loan Losses $1,083,377 $512,837
Loans, net of Allowance $104,856,931 $58,391,140
Total Assets $118,834,301 $72,745,846
Total Deposits $102,564,556 $64,736,967
Total Shareholders' Equity $13,224,868 $7,816,103
Quarterly Operating Results:
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Net Interest Income $1,373,793 $676,863
Provision for Loan Losses $140,000 $100,000
Non-interest Income $100,849 $30,094
Non-interest Expense $1,066,576 $789,711
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Income (Loss) Before Taxes $268,066 ($182,754)
Income Tax Expense (Benefit) ($193,850) $0
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Net Income (Loss) $461,916 ($182,754)
============= ============
Net Income (Loss) Per
Share - Diluted $0.27 ($0.16)
Weighted Average Shares
Outstanding 1,546,648 1,149,958
Year-to-Date Operating
Results:
----------------------
Net Interest Income $2,522,825 $1,226,694
Provision for Loan Losses $260,000 $190,000
Non-interest Income $159,285 $66,665
Non-interest Expense $2,036,819 $1,582,825
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Income (Loss) Before Taxes $385,291 ($479,466)
Income Tax Expense (Benefit) ($387,500) $0
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Net Income (Loss) $772,791 ($479,466)
============= ============
Net Income (Loss) Per
Share - Diluted $0.47 ($0.42)
Weighted Average Shares
Outstanding 1,545,958 1,149,958
Ending Shares
Outstanding 1,548,108 1,149,958
Selected Data and Ratios:
-------------------------
Loans to Deposits 103.3% 91.0%
Allowance for Loan Losses to Loans 1.02% 0.87%
Equity to Assets 11.1% 10.7%
Ending Book Value per Share $8.54 $6.80
--30--AC/
CONTACT: 1st Pacific Bank of California, San Diego
Vincent Siciliano, 858-677-7874
or
James Burgess, 858-677-7860
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING EARNINGS
SOURCE: 1st Pacific Bank of California
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