Business
First Pacific Bancorp Reports First Quarter 2025 Results
First Pacific Bancorp Reports First Quarter 2025 Results.
About this update from First Pacific Bancorp
[{"type":"text","content":"\r\n\r\n \r\n \r\n First Pacific Bancorp Reports First Quarter 2025 Results\r\n \r\n \r\n\r\n\r\nFirst Pacific Bancorp Reports First Quarter 2025 Results\r\n\r\n\r\n\r\n\r\n\r\nWHITTIER, Calif., May 07, 2025 (GLOBE NEWSWIRE) -- First Pacific Bancorp (the “Company”) (OTC Pink: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the first quarter ending March 31, 2025, marking its eighth consecutive quarter of profitability. The Company remains well-capitalized, with a healthy liquidity position supported by a stable core deposit base and access to substantial sources of liquidity. Highlights for the first quarter of 2025 include: \r\n Total assets ended the first quarter 2025 at $456 million, up $23 million from $433 million at year end 2024.\r\n Total deposits ended the first quarter 2025 at $390 million, up $39 million since year end 2024.\r\n Total loans ended the first quarter 2025 at $294 million, up $17 million from year end 2024.\r\n Asset quality remains excellent with minimal levels of classified or non-performing assets.\r\n The Bank ended the first quarter with a strong capital position, with a leverage capital ratio of 9.0% and a total risk-based capital ratio of 12.7%.\r\n As of March 31, 2025, cash and cash equivalents totaled $47 million, including funds invested overnight, up $6 million since year end 2024.\r\n Unused borrowing capacity from credit facilities on March 31, 2025, totaled $187 million.\r\n For the first quarter ending March 31, 2025, the Company realized a pre-tax, pre-provision profit of $550 thousand, compared to a pre-tax, pre-provision profit of $702 thousand in Q4 2024 and $222 thousand in Q1 2024. Net income for the first quarter of 2025 was $393 thousand, up from $162 thousand in Q1 2024.     Asset quality remains excellent with minimal non-performing assets, an allowance for credit losses of 1.08% of total loans, and zero loan losses. “We are pleased with the momentum we’ve carried into 2025. Our diversified business model, prudent risk management, and focus on operational discipline continue to position us for sustained performance in a dynamic environment,” said Joe Matranga, Chairman of the Board. “We delivered strong first quarter results, driven by con...