1st Pacific Bank of California Reports a 71 Percent Increase in Earnings; Increases in Loans, Deposits and Assets.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 $497,000 for the Second Quarter; Total Assets Reach $233 Million; Total Loans at More Than $199 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 $497,764, or $0.12 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, for the quarter ended June June: see month. 30, 2005, compared to $291,225, or $0.08 per diluted share, for the same quarter of 2004, a 71 percent increase. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net income improved as well, rising 93 percent to $919,935, or $0.22 per diluted share, for the six months ended June 30, 2005, compared to net income totaling $476,778, or $0.13 per diluted share for the six months ended June 30, 2004. 1st Pacific 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. , 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. , credits the bank's growth to its relationship-focused strategy. "As we complete our fifth year of operations, we are extremely pleased with our growth and profits," said Siciliano. "Our mission is simple: build relationships that create significant results for our clients. Our future strategy is to continue to execute that mission." In addition to fueling income, the bank's continued success in creating results for small- to medium-sized Me´di`um-sized` a. 1. Having a medium size; as, a medium-sized man s>. Adj. 1. medium-sized - intermediate in size medium-size, moderate-size, moderate-sized business customers provided powerful momentum for loans and deposits as well. Deposits grew from $151.5 million in second quarter 2004 to $206.9 million in second quarter 2005. Total loans grew to $199.5 million, compared to $148.7 million for the quarter ended June 30, 2004. Total assets grew to $233 million for the quarter ended June 30, 2005, compared to $175 million for the same quarter of 2004. Siciliano pointed to other notable accomplishments for 1st Pacific Bank in the second quarter of 2005. "Excellent financial performance was only one aspect of a great second quarter for 1st Pacific Bank," said Siciliano. "We executed our first stock split, a two-for-one split effective June 15. In addition, we were recipient of the '2004 Workplace Excellence' award, presented by 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., which tells us our motto of 'People. Relationships. Results.' is an accurate reflection of who we are." "We're we're Contraction of we are. we're we are pleased with the very competitive growth of the bank as well as the improved earnings, loans and deposits," said James G. Knight, M.D., 1st Pacific Bank's chairman. "We continue to meet the benchmarks of our strategic plan through superior financial results, a focus on shareholder value and exceptional banking relationships." 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:
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. .
1st Pacific Bank of California
Selected Financial Data Table
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30-Jun-05 30-Jun-04
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Balance Sheet Results:
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Total Assets $233,389,426 $175,064,292
Total Loans $199,493,775 $148,730,536
Allowance for Loan Losses $2,577,496 $1,771,331
Total Deposits $206,888,948 $151,470,663
Total Shareholders' Equity $20,761,857 $18,515,880
Loans to Deposits 96.4% 98.2%
Allowance for Loan Losses to Loans 1.29% 1.19%
Equity to Assets 8.9% 10.6%
Ending Book Value per Share $5.39 $4.92
Quarterly Operating Results:
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Net Interest Income $2,949,603 $1,951,790
Provision for Loan Losses $125,000 $180,000
Non-interest Income $86,123 $133,138
Non-interest Expense $2,069,862 $1,421,003
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Income Before Taxes $840,864 $483,925
Income Tax Expense $343,100 $192,700
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Net Income $497,764 $291,225
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Net Income Per Share - Diluted $0.12 $0.08
Ending Shares Outstanding 3,849,240 3,761,286
Quarterly Return on Average Assets 0.87% 0.73%
Quarterly Return on Average Equity 9.68% 6.90%
Quarterly Net Interest Margin 5.37% 5.04%
Quarterly Efficiency Ratio 68.2% 68.2%
Year-to-Date Operating Results:
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Net Interest Income $5,724,184 $3,742,963
Provision for Loan Losses $312,500 $330,000
Non-interest Income $188,336 $230,821
Non-interest Expense $4,047,085 $2,843,306
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Income Before Taxes $1,552,935 $800,478
Income Tax Expense (Benefit) $633,000 $323,700
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Net Income $919,935 $476,778
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Net Income Per Share - Diluted $0.22 $0.13
YTD Return on Average Assets 0.84% 0.63%
YTD Return on Average Equity 9.11% 6.05%
YTD Net Interest Margin 5.40% 5.09%
YTD Efficiency Ratio 68.4% 71.6%
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