First Pacific Bancorp Reports Strong Third Quarter 2025 Results Driven by Loan and Deposit Growth

Rhea-AI Summary

First Pacific Bancorp (OTCID: FPBC) reported third-quarter results for the period ending September 30, 2025, showing continued organic growth, strong liquidity, and improving profitability.

Key figures: total assets $486M (+$53M since year-end 2024), deposits $390M (+$39M), loans $320M (+$43M), cash $52M (+$11M), unused borrowing capacity $163M, leverage ratio 8.74%, total risk-based capital 12.16%. Q3 pre-tax, pre-provision profit was $853K and net income was $607K. Nine-month net income was $1.45M.

Positive

• Total assets increased by $53M since year-end 2024
• Total deposits rose $39M since year-end 2024
• Total loans grew $43M since year-end 2024
• Q3 pre-tax, pre-provision profit of $853K
• Q3 net income of $607K; nine-month net income $1.45M

Negative

• Modest nine-month net income of $1.45M relative to scale
• Allowance for credit losses at 0.98% of total loans

WHITTIER, Calif., Oct. 30, 2025 (GLOBE NEWSWIRE) -- First Pacific Bancorp (the “Company”) (OTCID: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the third quarter ending September 30, 2025. 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 third quarter of 2025 include:

• Total assets ended the third quarter of 2025 at $486 million, up $53 million since year end 2024.
• Total deposits ended the third quarter of 2025 at $390 million, up $39 million since year end 2024.
• Total loans ended the third quarter of 2025 at $320 million, up $43 million from year end 2024.
• Asset quality remains excellent with minimal levels of classified or non-performing assets.
• The Bank ended the third quarter with a healthy capital position, with a leverage capital ratio of 8.74% and a total risk-based capital ratio of 12.16%.
• As of September 30, 2025, cash and cash equivalents totaled $52 million, including funds invested overnight, up $11 million since year end 2024.
• Unused borrowing capacity from credit facilities on September 30, 2025, totaled $163 million.
  

For the third quarter ending September 30, 2025, the Company realized a pre-tax, pre-provision profit of $853 thousand, compared to a pre-tax, pre-provision profit of $634 thousand in Q2 2025 and $345 thousand in Q3 2024. Net income for the third quarter of 2025 was $607 thousand, up from $249 thousand in Q3 2024. For the nine months ended September 30, 2025, the Company reported pre-tax, pre-provision profit of $2.04 million and net income of $1.45 million.   

Asset quality remains excellent with minimal non-performing assets, an allowance for credit losses of 0.98% of total loans, and zero loan losses.

“We are pleased with our third-quarter performance, marked by continued organic growth, stable credit quality, and ongoing improvement in profitability,” said Joe Matranga, Chairman of the Board. “We remain confident in our ability to deliver sustainable results, uphold disciplined risk management, and create long-term value for our shareholders.”

“First Pacific Bank delivered another solid quarter, marked by strong loan and deposit growth, excellent asset quality, and strengthening profitability. These results reflect our disciplined approach to risk and expense management, as well as our long-term commitment to building lasting relationships with our clients. As we look ahead, we remain committed to delivering tailored financial solutions that support the diverse and evolving needs of Southern California businesses,” said Nathan Rogge, President and Chief Executive Officer.

ABOUT FIRST PACIFIC BANK

First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTCID: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. Since opening in 2006, the Bank has offered a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

FORWARD-LOOKING STATEMENTS

This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and First Pacific Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements relate to, among other things, our business plan, and strategies, and can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and similar expressions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause such differences include, but are not limited to: successfully realizing the benefits of our business strategy and plans,; changes in general economic and financial market conditions, either nationally or locally, in areas in which First Pacific Bank conducts its operations; effects of inflation and changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; impact of any natural disasters, including earthquakes; effect of governmental supervision and regulation, including any regulatory or other enforcement actions; legislation or regulatory changes which adversely affect First Pacific Bank’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events, or circumstances after the date of such statements except as required by law.  

Contacts
Investor Relations Contact	Media Relations Contact
Jim Burgess	Amanda Conover
858.461.7302	858.461.7308
jburgess@firstpacbank.com	aconover@firstpacbank.com

--- Summary Financial Tables Follow ---

First Pacific Bancorp
Consolidated Balance Sheets
(Unaudited)
	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
ASSETS
Cash and due from banks	$	4,361,215		$	8,336,307		$	8,042,164		$	4,708,926		$	23,584,084
Fed funds sold & int-bearing balances		47,580,000			43,670,000			39,250,000			36,290,000			25,520,000
Total cash and cash equivalents		51,941,215			52,006,307			47,292,164			40,998,926			49,104,084
Debt securities (AFS)		1,756,875			1,791,113			1,859,740			1,866,022			3,041,852
Debt securities (HTM)		96,991,887			98,052,199			99,099,346			100,257,560			101,260,391
Total debt securities		98,748,762			99,843,312			100,959,086			102,123,582			104,302,243
Construction & land development		27,728,045			26,181,088			25,245,823			23,320,351			23,067,204
1-4 Family residential		71,298,162			68,065,742			63,536,698			58,588,090			58,082,570
Multifamily residential		30,456,673			30,570,654			30,452,183			28,561,276			28,966,811
Nonfarm, nonresidential real estate		116,977,598			120,672,305			105,299,777			100,066,570			99,715,860
Commercial & industrial		68,930,751			62,021,304			64,956,570			62,322,690			57,342,017
Consumer & Other		4,555,112			4,378,029			4,572,607			4,525,108			780,639
Total loans		319,946,341			311,889,122			294,063,658			277,384,085			267,955,101
Allowance for credit losses (loans)		(3,141,203	)		(3,179,637	)		(3,179,637	)		(3,179,637	)		(3,109,975	)
Total loans, net		316,805,138			308,709,485			290,884,021			274,204,448			264,845,126
Premises, equipment, and ROU net		3,277,724			2,918,754			2,822,403			1,328,964			1,452,886
Goodwill, core deposit & other intangibles		1,200,762			1,202,582			1,259,139			1,273,134			1,287,129
Bank owned life insurance		5,378,503			5,347,738			5,317,491			5,287,738			5,257,550
Accrued interest and other assets		8,585,760			7,650,569			7,703,693			7,755,355			7,505,380
Total Assets	$	485,937,864		$	477,678,747		$	456,237,997		$	432,972,147		$	433,754,398
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand	$	134,783,120		$	138,110,569		$	143,205,484		$	131,515,568		$	129,473,091
Interest-bearing transaction accounts		26,611,844			24,968,600			39,203,360			28,454,639			24,660,000
Money market and savings		186,610,551			178,569,935			162,563,677			146,423,126			143,270,628
Time deposits		41,519,108			35,936,500			44,568,676			44,302,867			44,388,137
Total deposits		389,524,623			377,585,604			389,541,197			350,696,200			341,791,856
Borrowings		50,000,000			55,000,000			23,000,000			40,000,000			50,000,000
Accrued interest and other liabilities		5,211,202			4,705,376			3,952,095			3,122,902			3,430,132
Total liabilities		444,735,825			437,290,980			416,493,292			393,819,102			395,221,988
Shareholders' Equity:
Capital stock and APIC		37,701,986			37,552,889			37,389,068			37,272,567			37,117,627
Retained earnings		4,104,143			3,497,084			3,043,502			2,650,877			2,151,305
Accum other comprehensive income		(604,090	)		(662,206	)		(687,865	)		(770,399	)		(736,522	)
Total shareholders' equity		41,202,039			40,387,767			39,744,705			39,153,045			38,532,410
Total Liabilities and Shareholders' Equity	$	485,937,864		$	477,678,747		$	456,237,997		$	432,972,147		$	433,754,398

First Pacific Bancorp
Consolidated Income Statements - Quarterly
(Unaudited)
	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
INTEREST INCOME
Loans, including fees	$	5,478,759		$	5,056,534		$	4,788,107		$	4,814,128		$	4,817,174
Debt securities		456,576			464,333			462,472			484,507			499,269
Fed funds & int-bearing balances		333,642			413,487			339,864			419,597			450,166
Total interest income		6,268,977			5,934,354			5,590,443			5,718,232			5,766,609
INTEREST EXPENSE
Deposits		1,766,021			1,897,025			1,812,760			1,777,350			1,790,579
Borrowings		393,330			127,359			219,832			332,375			444,251
Total interest expense		2,159,351			2,024,384			2,032,592			2,109,725			2,234,830
Net interest income		4,109,626			3,909,970			3,557,851			3,608,507			3,531,779
Provision for credit losses		-			-			-			-			-
Net interest income after provision		4,109,626			3,909,970			3,557,851			3,608,507			3,531,779
NONINTEREST INCOME
Service charges, fees and other income		114,633			87,059			122,610			119,170			106,632
Sublease income		-			-			45,222			-			53,975
Gains (losses) on sale of assets		29,966			-			-			-			15,335
Gains on early payoff of debt		-			-			-			54,125			-
Total noninterest income		144,599			87,059			167,832			173,295			175,942
NONINTEREST EXPENSE
Salaries and benefits		2,114,900			2,227,827			2,119,302			1,984,774			2,154,290
Occupancy and equipment		279,715			277,107			259,480			258,181			374,068
Other expense		1,006,318			857,837			797,261			836,691			834,283
Total noninterest expense		3,400,933			3,362,771			3,176,043			3,079,646			3,362,641
Income before income tax expense		853,292			634,258			549,640			702,156			345,080
Income tax expense		246,232			180,677			157,015			202,586			96,563
Net Income	$	607,060		$	453,581		$	392,625		$	499,570		$	248,517
Earnings per share basic (QTR)	$	0.14		$	0.10		$	0.09		$	0.12		$	0.06
Weighted average shares outstanding (QTR)		4,341,356			4,335,529			4,333,735			4,293,829			4,288,851

First Pacific Bancorp
Consolidated Income Statements - Year-to-Date
(Unaudited)
	Sep 30, 2025			Sep 30, 2024
INTEREST INCOME
Loans, including fees	$	15,323,400		$	14,173,553
Investment securities		1,383,380			1,557,738
Fed funds & int-bearing balances		1,086,993			1,433,873
Total interest income		17,793,773			17,165,164
INTEREST EXPENSE
Deposits		5,475,805			5,223,731
Borrowings		740,521			1,476,239
Total interest expense		6,216,326			6,699,970
Net interest income		11,577,447			10,465,194
Provision for credit losses		-			-
Net interest income after provision		11,577,447			10,465,194
NONINTEREST INCOME
Service charges, fees and other income		324,302			311,456
Sublease income		45,222			160,817
Gains (losses) on sale of assets		29,966			15,335
Gains on early payoff of debt		-			144,325
Total noninterest income		399,490			631,933
NON INTEREST EXPENSE
Salaries and benefits		6,462,029			6,515,450
Occupancy and equipment		816,302			1,106,580
Other expense		2,661,416			2,635,686
Total noninterest expense		9,939,747			10,257,716
Income before income tax expense		2,037,190			839,411
Income tax expense		583,924			231,368
Net Income	$	1,453,266		$	608,043
Earnings per share basic (YTD)	$	0.34		$	0.14
Weighted average shares outstanding (YTD)		4,336,901			4,286,467

First Pacific Bancorp
Quarterly Financial Highlights
(Unaudited)
		Quarterly
		2025		2025		2025		2024		2024
($$ in thousands except per share data)		3rd Qtr		2nd Qtr		1st Qtr		4th Qtr		3rd Qtr
EARNINGS
Net interest income	$	4,110		3,910		3,558		3,609		3,532
Provision for loan losses	$	0		0		0		0		0
Noninterest income	$	145		87		168		173		176
Noninterest expense	$	3,401		3,363		3,176		3,080		3,363
Income tax expense	$	246		181		157		203		97
Net income	$	607		454		393		500		249
Earnings per share basic	$	0.14		0.10		0.09		0.12		0.06
Weighted average shares outstanding		4,341,356		4,335,529		4,333,735		4,293,829		4,288,851
Ending shares outstanding		4,344,241		4,335,678		4,335,088		4,294,500		4,291,927
PERFORMANCE RATIOS
Return on average assets		0.52	%	0.41	%	0.37	%	0.47	%	0.23	%
Return on average common equity		5.92	%	4.55	%	4.05	%	5.12	%	2.58	%
Yield on loans		6.88	%	6.85	%	6.79	%	6.91	%	6.98	%
Yield on earning assets		5.61	%	5.53	%	5.44	%	5.50	%	5.58	%
Cost of deposits		1.85	%	1.95	%	2.00	%	1.98	%	2.05	%
Cost of funding		2.07	%	2.02	%	2.12	%	2.18	%	2.32	%
Net interest margin		3.68	%	3.65	%	3.46	%	3.47	%	3.42	%
Efficiency ratio		79.9	%	84.1	%	85.2	%	81.4	%	90.7	%
CAPITAL
Tangible equity to tangible assets		8.25	%	8.22	%	8.46	%	8.77	%	8.61	%
Book value (BV) per common share	$	9.48		9.32		9.17		9.12		8.98
Tangible BV per common share	$	9.21		9.04		8.88		8.82		8.68
ASSET QUALITY
Net loan charge-offs (recoveries)	$	0		0		0		0		0
Allowance for credit losses (loans)	$	3,141		3,180		3,180		3,180		3,110
Allowance to total loans		0.98	%	1.02	%	1.08	%	1.15	%	1.16	%
Nonperforming loans	$	858		1,015		849		672		991
END OF PERIOD BALANCES
Total loans	$	319,946		311,889		294,064		277,384		267,955
Total assets	$	485,938		477,679		456,238		432,972		433,754
Deposits	$	389,525		377,586		389,541		350,696		341,792
Loans to deposits		82.1	%	82.6	%	75.5	%	79.1	%	78.4	%
Shareholders' equity	$	41,202		40,388		39,745		39,153		38,532
Full-time equivalent employees		46		47		46		49		44
AVERAGE BALANCES (QTRLY)
Total loans	$	315,976		295,970		286,119		276,301		273,960
Earning assets	$	443,150		430,237		416,486		412,424		410,298
Total assets	$	459,678		445,557		430,891		425,750		424,199
Deposits	$	378,916		389,840		368,363		355,369		346,142
Shareholders' equity	$	40,681		39,963		39,326		38,746		38,267

FAQ

What were First Pacific Bancorp (FPBC) total assets on September 30, 2025?

Total assets were $486 million as of September 30, 2025.

How much did FPBC deposits increase in Q3 2025 versus year-end 2024?

Total deposits increased by $39 million since year-end 2024.

What was FPBC's net income for Q3 2025 and the nine months ended September 30, 2025?

Net income was $607K for Q3 2025 and $1.45M for the nine months ended September 30, 2025.

What capital ratios did First Pacific Bank report at September 30, 2025?

The bank reported a leverage ratio of 8.74% and a total risk-based capital ratio of 12.16%.

How strong is FPBC's liquidity position at September 30, 2025?

Cash and equivalents were $52M and unused borrowing capacity totaled $163M.

What does FPBC report about asset quality and loan losses for Q3 2025?

The company reported minimal non-performing assets, an allowance for credit losses of 0.98% of loans, and zero loan losses.