Business
First Pacific Bancorp Reports Second Quarter 2024 Results
First Pacific Bancorp Reports Second Quarter 2024 Results.
About this update from First Pacific Bancorp
[{"type":"text","content":"\n WHITTIER, Calif., Aug. 07, 2024 (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 second quarter ending June 30, 2024, underscored by the fifth consecutive quarter of profitability. Highlights for the second quarter of 2024 include: Total assets ended Q2 2024 at $430 million, up $10 million from $420 million at year end 2023.Total deposits ended the second quarter of 2024 at $354 million, up $21 million since year end 2023.Total loans ended the second quarter of 2024 at $270 million, down $5 million from year end 2023.Asset quality remains excellent, and we have experienced no significant changes in classified or non-performing assets.The Bank ended the second quarter with a strong capital position, with a leverage capital ratio of 8.6% and a total risk-based capital ratio of 12.8%.As of June 30, 2024, cash and cash equivalents totaled $43 million, including funds invested overnight, up $21 million since year end 2023.Unused borrowing capacity from credit facilities in place on June 30, 2024, totaled over $155 million. For the second quarter ended June 30, 2024, the Company realized a pre-tax, pre-provision profit of $272 thousand, compared to a pre-tax, pre-provision profit of $222 thousand in Q1 2024. Net income for the second quarter of 2024 was $198 thousand, up from $162 thousand in Q1 2024. For the six months ended June 30, 2024, the Company reported $360 thousand in net income.      Asset quality remains excellent with minimal non-performing assets and the allowance for credit losses is 1.15% of total loans.   “The strategic adjustments we've made over the past two years are evident in our results and our fifth consecutive quarter of profitability,” said Joe Matranga, Chairman of the Board of Directors. “We continue to maintain a healthy capital, liquidity, and financial position, supported by outstanding asset quality and a well-diversified portfolio.\" “Our second-quarter results reflect another strong period of profitability, marked by significant growth in noninterest-bearing deposits, stable credit quality, and prudent expense management. We are pleased with our performance and continue to expand our customer bas...