1st Pacific Bank of California Reports Rise in Quarterly Earnings; Increases in Assets, Loans and Deposits.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. -- Earnings Top $690,000 for the First Quarter; Total Assets Reach $277 Million; Total Loans at More Than $247 Million; Total Deposits Top $235 million 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 reported an increase in net income to $692,788, or $0.16 per diluted share, for the quarter ended March 31, 2006, compared to $422,171, or $0.10 per diluted share, for the same quarter last year. Total assets grew to $277 million for the quarter ended March 31, 2006, compared to $229 million for the same quarter of 2005. Deposits grew from $203.3 million in first quarter 2005 to $235.6 million in first quarter 2006. Total loans grew to $247.5 million in first quarter 2006, compared to $191.3 million for the quarter ended March 31, 2005. "We are pleased that our strategy of hiring the best banking talent in the region and creating great results for our clients continues to foster strong growth in all areas of our business," said A. Vincent 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. , the bank's 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. . "The personal relationships we have developed with our customers will continue to bring them value and, in addition, value to our shareholders and the local economy." Siciliano added that the first quarter of 2006 built off several milestones the bank accomplished in the last year. "During the past year we were named the top California de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. bank by the Findley Reports, completed a two-for-one stock split, received a 'Workplace Excellence' award from Peter Barron Peter Barron is the editor of Newsnight, a British daily news analysis, current affairs and politics programme broadcast between 22.30 and 23.20 on weekdays on BBC Two. Stark & Associates Inc. and opened a loan production center in Murrietta," Siciliano said. Siciliano adds during the first quarter the bank also finalized all the groundwork for its East County regional office, which has opened this month. "Again, our results continue to tell our story," said James G. Knight, M.D., 1st Pacific Bank's chairman. "We continue to add seasoned banking professionals that know how to build great relationships with our small- to mid-sized business customers and help them to create their own successes." About 1st Pacific Bank of California 1st Pacific Bank is a San Diego-based, locally owned and operated financial institution. 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:
A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. on Jefferson Avenue in Murrieta. The bank opened Nov. 17, 2000, after raising $11.5 million in an initial public offering. 1st Pacific Bank has steadily grown its assets to more than $277 million. See Financial Data Table, which follows, for additional 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. . PLEASE NOTE: This press release is distributed via Business Wire, with direct distribution to local San Diego news media, including newspapers, other local, weekly and monthly publications, and television and radio broadcast news departments. It is concurrently distributed to national investor newswire and financial information reporting services.
1st PACIFIC BANK OF CALIFORNIA
Selected Financial Data Table
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31-Mar-06 31-Mar-05
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Balance Sheet Results:
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Total Assets $277,449,261 $229,241,450
Total Loans $247,461,363 $191,262,743
Allowance for Loan Losses $ 2,987,251 $ 2,452,361
Total Deposits $235,589,990 $203,296,020
Total Shareholders' Equity $ 23,037,259 $ 20,140,108
Loans to Deposits 105.0% 94.1%
Allowance for Loan Losses to Loans 1.21% 1.28%
Equity to Assets 8.3% 8.8%
Ending Book Value per Share $ 5.96 $ 5.26
Quarterly Operating Results:
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Net Interest Income $ 3,651,807 $ 2,774,581
Provision for Loan Losses $ 179,000 $ 187,500
Non-interest Income $ 119,630 $ 102,213
Non-interest Expense $ 2,419,004 $ 1,977,223
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Income Before Taxes $ 1,173,433 $ 712,071
Income Tax Expense $ 480,645 $ 289,900
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Net Income $ 692,788 $ 422,171
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Net Income Per Share - Diluted $ 0.16 $ 0.10
Ending Shares Outstanding 3,866,140 3,829,140
Quarterly Return on Average Assets 1.08% 0.80%
Quarterly Return on Average Equity 12.41% 8.60%
Quarterly Net Interest Margin 5.87% 5.43%
Quarterly Efficiency Ratio 64.1% 68.7%
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