CORRECTING and REPLACING First California Bank Reports 48% Increase in First Quarter Earnings; Marks Celebration of 25th Anniversary.

Business Editors

CORRECTION...by First California Bank

CAMARILLO, Calif.--(BUSINESS WIRE)--April 23, 2004

In BW6143 issued April 22, 2004: First graph, second sentence should read: On a diluted per share basis, net income for the first quarter of 2004 was $0.28 per share compared with $0.20 per share for the first quarter of 2003 (sted $0.29 per share compared with $0.20).

The corrected release reads:

FIRST CALIFORNIA BANK REPORTS 48% INCREASE IN FIRST QUARTER EARNINGS; MARKS CELEBRATION OF 25TH ANNIVERSARY

First California Bank (OTCBB:FCAA) announced today net income of $577,000 for the first quarter of 2004, a 48 percent increase from net income of $389,000 for the same quarter a year ago. On a diluted per share basis, net income for the first quarter of 2004 was $0.28 per share compared with $0.20 per share for the first quarter of 2003.

"This year marks our 25th year of service to our many valued clients," stated C. G. Kum, President and Chief Executive Officer. "I want to thank our loyal shareholders and customers who have supported us from the beginning when we opened for business from a temporary facility and an initial capitalization of only $1,250,000 to become one of the largest independent banks headquartered in Ventura County. Our 2004 first quarter results are particularly gratifying as the Bank continues to grow and generate higher profits in an environment of historically low interest rates and a weak economy."

Net interest income for the first three months of 2004 increased to $3.0 million or 22 percent from $2.5 million for the same period of 2003. Net interest margin (on a tax-equivalent basis) for the first quarter of 2004 was 5.17 percent compared with 5.50 percent for the first quarter of 2003. The prime rate (the base rate on loans posted by the nation's largest banks) was lowered to 4.00 percent in the second half of 2003 from 4.25 percent in the first half of 2003.

Noninterest income for the first quarter of 2004 was $412,000 compared with $456,000 for the same period a year ago. Noninterest expense for the first quarter of 2004 totaled $2.4 million compared with $2.1 million for the first quarter of 2003. The higher level of Noninterest expenses reflect, in part, the new Thousand Oaks branch that was opened in the fourth quarter of 2003. The efficiency ratio, however, for the first three months of 2004 improved to 70.61 percent compared to the year ago period when the efficiency ratio was 72.37 percent.

Loans increased 8 percent to $164.6 million at March 31, 2004 from $152.2 million at the end of the same period a year ago. The ratio of the allowance for loan losses to loans at the end of the 2004 first quarter was 1.47 percent up from 1.45 percent at the end of the 2003 first quarter. Deposits at March 31, 2004 totaled $210.1 million compared with $186.2 million at March 31, 2003. Total assets at March 31, 2004 increased 25 percent to $254.2 million from $203.7 million at March 31, 2003. The Bank's capital ratios exceed the levels established by banking regulators for a "well-capitalized" institution at March 31, 2004.

First California Bank, opened for business in February 1979, is celebrating its silver anniversary. The Bank, an independent bank headquartered in Ventura County, has full service offices in Camarillo, Oxnard, Thousand Oaks, Ventura and Westlake Village.

This press release includes 'forward-looking' statements within the meaning of Section 27A of the Securities Act. All of the statements contained in this press release, other than statements of historical fact, should be considered forward-looking statements, including, but not limited to, those concerning (i) the Bank's strategies, objectives and plans for expansion of its operations, products and services, and growth of its portfolio of loans, deposits and investments, (ii) the Bank's beliefs and expectations regarding actions that may be taken by regulatory authorities having oversight of the Bank, (iii) the Bank's beliefs as to the adequacy of the allowance for loan losses, and (iv) the Bank's beliefs and expectations of future operating results. Although the Bank believes the expectations reflected in those forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct. All subsequent written and oral forward-looking statements by or attributable to the Bank or persons acting on its behalf are expressly qualified in their entirety by this qualification. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are not intended to give any assurance as to future results. The Bank undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Selected Financial Data
(dollars in thousands, except per share data)


                            1Qtr     4Qtr     3Qtr     2Qtr     1Qtr
                            2004     2003     2003     2003     2003
                         ---------------------------------------------
Income statement summary
Net interest income        $3,009   $2,922   $2,805   $2,704   $2,468
Noninterest income            412      582      418      443      456
Noninterest expense         2,416    2,448    2,145    2,128    2,116
Provision for loan losses     104      103      104      103      200
                         ---------------------------------------------
Income before income tax      901      953      974      916      608
Income tax                    324      343      351      331      219
                         ---------------------------------------------
Net income                   $577     $610     $623     $585     $389
                         ---------------------------------------------

Balance sheet summary
Loans                    $164,604 $157,952 $150,199 $148,680 $152,217
Allowance for loan losses   2,424    2,325    2,329    2,217    2,209
Deposits                  210,099  211,929  196,598  189,422  186,165
Stockholders' equity       19,386   18,365   17,482   17,671   16,826
Total assets              254,155  256,285  242,643  222,755  203,728

Common stockholders' data
Basic earnings per share    $0.29    $0.31    $0.31    $0.30    $0.20
Diluted earnings per share  $0.28    $0.30    $0.31    $0.29    $0.20
Book value per share        $9.77    $9.26    $8.81    $8.91    $8.57

Capital ratios
Total capital ratio         10.43%   11.57%   11.79%   11.88%   11.35%
Tier 1 capital ratio        11.68%   10.32%   10.54%   10.63%   10.10%
Tier 1 leverage ratio        7.54%    7.54%    7.70%    8.50%    8.26%
Equity to assets             7.63%    7.17%    7.20%    7.93%    8.26%

Financial ratios
Return on average assets     0.91%    0.99%    1.06%    1.14%    0.77%
Return on average equity    12.23%   13.60%   14.13%   13.52%    9.35%
Efficiency ratio            70.61%   69.86%   66.55%   67.62%   72.37%
Net interest margin
 (tax equivalent)            5.17%    5.23%    5.29%    5.87%    5.50%