FP Bancorp Inc. announces 409-percent increase in year-to-date earnings.ESCONDIDO Escondido (ĕskəndē`dō), city (1990 pop. 108,635), San Diego co., S Calif.; inc. 1888. Located in a grain-, citrus-fruit-, and grape-growing valley, Escondido produces cereal products and has fruit-packing houses and one of the , Calif.--(BUSINESS WIRE)--Oct. 11, 1995--FP Bancorp. Inc., parent company of First Pacific National Bank, announced record earnings for the first nine months of 1995, with net income of $1,455,000, a 409-percent increase over the $286,000 earned during the first nine months of 1994. For the third quarter of 1995, FP Bancorp earned $425,000, a 161-percent increase over the $163,000 reported during the same calendar quarter in 1994. Earnings per share for the third quarter of 1995 were 16 cents, up from 13 cents in the third quarter of 1994. For the first nine months, earnings per share were 61 cents in 1995, as compared with 24 cents in 1994. The 1995 earnings per share totals reflect the issuance of 608,000 new shares of common stock through a $3 million private placement offering completed in November November: see month. of 1994, and 826,000 shares issued in conjunction with the April 1, 1995 acquisition of Overland o·ver·land adj. Accomplished, traversing, or passing over the land instead of the ocean: an overland journey; an overland route. adv. Bank. FP Bancorp also reported sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. gains in assets, deposits and loans.
At Sept. 30, 1995, assets were $210 million, deposits were $187.4
million and loans were $139.8 million, representing gains of 31.8
percent, 27.5 percent and 27.7 percent, respectively, when compared with
the same date in 1994.During the third quarter of 1995, FP Bancorp also made several other significant announcements. On Aug. 21, FP Bancorp reported that it had signed a letter of intent with The Bank of Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Bernardo Bernardo enraged that member of a rival street-gang is making advances to his sister. [Am. Musical: West Side Story] See : Anger that would lead to the merger of that institution into FP Bancorp's subsidiary, First Pacific National Bank. That transaction is subject to the normal process of regulatory approval and is expected to close in early 1996. On Sept. 14, 1995, FP Bancorp announced that its common stock had been accepted for listing on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol FPBN. "This has been a very eventful e·vent·ful adj. 1. Full of events: an eventful week. 2. Important; momentous: an eventful decision. and productive nine months for the company," stated FP Bancorp's President and Chief Executive Officer, Harvey Harvey, city (1990 pop. 29,771), Cook co., NE Ill., a suburb S of Chicago; inc. 1895. Its manufactures include steel castings, metal products, chemicals, machinery, and electronic equipment. Harvey has an oil research center. The city was founded by Turlington W. L. Williamson. "In addition to reporting record profits, we've completed one merger and announced another. We're also continuing to focus our efforts on further improvement of our asset quality and internal efficiencies." FP Bancorp's only subsidiary, First Pacific National Bank, operates branches in Escondido, San Marcos San Marcos (săn mär`kəs). 1 City (1990 pop. 38,974), San Diego co., S Calif., a northern suburb of San Diego; settled 1880s, inc. 1963. and Lake San Marcos in 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. County, and in the Riverside County communities of Temecula and Moreno Valley Moreno Valley (mərē`nō), city (1990 pop. 118,779), Riverside co., S Calif., inc. 1984. In 1990, Moreno Valley was California's fastest-growing city, with a population increase of more than 300% between 1980 and 1990, but major reductions . -0-
FP BANCORP INC.
FINANCIAL HIGHLIGHTS
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
Earnings before taxes $ 425,000 $ 163,000 $1,455,000 $ 286,000 Income taxes -- -- -- -- Net earnings $ 425,000 $ 163,000 $1,455,000 $ 286,000 Weighted average shares outstanding 2,648,000 1,213,000 2,384,000 1,213,000 Earnings per share 16 cents 13 cents 61 cents 24 cents
Provision for loan
losses $ 100,000 $ -- $ 100,000 $ --
Net charge-offs $ 893,000 $ 225,000 $1,514,000 $ 992,000
Return on average
assets (annualized) 0.80% 0.40% 0.99% 0.24%
Return on average
equity (annualized) 10.84% 9.36% 14.13% 5.49%
-0-
Sept. 30, Increase Increase
1995 1994 (Decrease) (Decrease)
Total assets $209,976,000 $159,322,000 $50,654,000 31.79% Total deposits $187,359,000 $146,991,000 $40,368,000 27.46% Total loans $139,817,000 $109,479,000 $30,338,000 27.71% Allowance for loan losses $ 2,055,000 $ 2,839,000 Allowance/total loans 1.47% 2.59% FP Bancorp tangible stockholders' equity $ 14,713,000 $ 6,905,000 FP Bancorp leverage ratio 7.04% 4.63% FP Bancorp Tier 1 risk- based capital ratio 9.30% 6.07% FP Bancorp total risk- based capital ratio 10.55% 7.34% Tangible stockholders' equity per share $5.56 $5.69 Nonperforming loans $ 2,436,000 $ 2,407,000 Other real estate owned $ 5,632,000 $ 5,225,000 Nonperforming assets $ 8,068,000 $ 7,632,000 Nonperforming loans/ total loans 1.74% 2.20% Nonperforming assets/ total assets 3.84% 4.79% CONTACT: FP Bancorp Inc., Escondido Harvey L. Williamson, 619/739-6500 |
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