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First Pacific Bancorp, the holding company for First Pacific Bank, reported strong first quarter 2024 results with total assets reaching $441 million, total deposits at $350 million, and total loans at $275 million. The company experienced four consecutive quarters of profitability, with a pre-tax profit of $222 thousand and a net income of $162 thousand for Q1 2024. Asset quality remains excellent, with a leverage capital ratio of 8.6% and a total risk-based capital ratio of 12.2%. Cash and cash equivalents totaled $45 million, and unused borrowing capacity stood at over $146 million as of March 31, 2024.
