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Last10K.com | 10-K Annual Report Tue Mar 31 2009
EXHIBIT 99.1
FPBN Finalizes 2008 Results
SAN DIEGO, March 26, 2009 (GLOBE NEWSWIRE) -- 1st Pacific Bancorp (Nasdaq:FPBN), the holding company for 1st Pacific Bank of California ("1st Pacific"), today announced a change to its previously reported preliminary financial results. The 2008 preliminary financial results were initially reported in a press release dated January 30, 2009, and attached as an exhibit to 1st Pacific's Current Report on Form 8-K filed with the Securities Exchange Commission on the same date. The resulting adjusted net loss for the year ended December 31, 2008, was $21,859,985 or $4.41 per share. As previously announced, included in the net loss for the year was the non-cash write down of goodwill in the amount of $10,364,000. The write down of goodwill did not impact 1st Pacific's regulatory capital ratios or tangible capital.
The change to the previously reported preliminary results increased the provision for loan losses by $6,950,000 and no tax benefit was recorded related to this increased provision. The increased provision accounted for an increase in loan charge-offs of $6,977,078 due to recent recognition that one loan had deteriorated significantly and no longer appears to be collectible in an acceptable time frame.
"At the time of the original release of our 2008 financial results, management did consider this loan collectible," said President and Chairman of the Board Ron Carlson. "In light of current economic conditions, an independent third party loan review has been conducted during the last few weeks to validate the adequacy of the allowance for loan losses," Carlson added.
1st Pacific Bank of California is classified as "adequately capitalized" according to regulatory standards. Further information about 1st Pacific's year-end results will be available on the Form 10-K.
About 1st Pacific Bank
1st Pacific Bank of California is a San Diego community business bank. The bank offers a full complement of business products and services to meet the financial needs of professional firms, small to mid-sized businesses, their owners and the employees who work there. 1st Pacific Bank has a total of eight banking offices located in San Diego County: in University Towne Center, the Tri-Cities area of Oceanside, Mission Valley, Inland North County, El Cajon, La Jolla, Solana Beach and downtown San Diego. For additional information about 1st Pacific Bank, visit the company's website at www.1stpacbank.com.
Safe Harbor Statement. This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors, referred to from time to time in filings made by 1st Pacific Bancorp with the Securities and Exchange Commission. 1st Pacific Bancorp undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
1st Pacific Bancorp
Fourth Quarter 2008 Results
(Unaudited)
Dec 31, 2008 Sept 30, 2008 Dec 31, 2007
------------ ------------- ------------
ASSETS
Cash and due from banks $6,482,152 $9,705,635 $6,397,189
Federal funds sold 18,010,000 17,110,000 11,160,000
------------------------------------------
Total cash and cash
equivalents 24,492,152 26,815,635 17,557,189
Investment securities
available for sale 25,052,874 26,398,344 23,746,429
FRB, FHLB and other equity
stock, at cost 4,611,400 4,942,850 3,184,200
Construction & Land 109,592,264 116,697,199 125,661,143
Residential & Comm'l RE 147,965,134 147,698,994 120,530,541
SBA 7a & 504 Loans 8,820,177 9,837,192 15,880,428
Commercial Loans 69,224,976 75,430,725 77,581,769
Other Consumer 16,296,228 16,030,939 10,164,841
------------------------------------------
Total loans and leases 351,898,779 365,695,049 349,818,722
Allowance for Loan Losses (5,058,837) (4,072,629) (4,516,625)
------------------------------------------
Total loans and
leases, net 346,839,942 361,622,420 345,302,097
Premises and Equipment, net 3,611,224 3,753,724 4,094,785
Other Real Estate Owned 1,390,000 0 0
Goodwill and Other
Intangible Assets 1,312,544 11,761,501 11,906,536
Accrued Interest
and Other Assets 13,599,879 10,261,628 8,856,089
------------------------------------------
Total Assets $420,910,015 $445,556,102 $414,647,325
==========================================
LIABILITIES AND
STOCKHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $62,534,488 $70,505,740 $73,366,761
Interest bearing checking 16,730,751 14,898,330 16,344,597
Savings and Money Market 77,037,436 88,076,365 98,639,209
Time Deposits 177,533,418 184,118,960 157,011,040
------------------------------------------
Total Deposits 333,836,093 357,599,395 345,361,607
Subordinated Debentures 10,155,000 10,155,000 10,155,000
Other borrowed money 50,000,000 30,000,000 10,000,000
Accrued interest and
other liabilities 4,337,719 4,333,754 4,156,771
------------------------------------------
Total liabilities 398,328,812 402,088,149 369,673,378
Shareholders' Equity:
Common stock and additional
paid-in capital 37,787,745 37,687,862 37,378,697
Retained Earnings (14,210,945) 6,399,787 7,649,040
Accumulated other
comprehensive income(loss) (995,597) (619,696) (53,790)
------------------------------------------
Total shareholders'
equity 22,581,203 43,467,953 44,973,947
------------------------------------------
Total liabilities and
shareholders' equity $420,910,015 $445,556,102 $414,647,325
==========================================
1st Pacific Bancorp
Fourth Quarter 2008 Results
(Unaudited)
THREE MONTHS ENDED TWELVE MONTHS ENDED
Dec 31, 2008 Dec 31, 2007 Dec 31, 2008 Dec 31, 2007
----------- ----------- ----------- -----------
INTEREST INCOME
Loans, including
fees $5,733,791 $7,273,105 $25,103,570 $27,241,609
Investment
securities 353,375 376,017 1,798,850 951,054
Federal
funds sold 28,482 261,502 326,031 1,008,764
----------- ----------- ----------- -----------
Total interest
income 6,115,648 7,910,624 27,228,451 29,201,427
----------- ----------- ----------- -----------
INTEREST EXPENSE
Deposits 2,025,186 2,909,219 8,675,814 10,747,435
Subordinated
debt and other
borrowings 402,673 297,920 1,694,384 1,212,927
----------- ----------- ----------- -----------
Total interest
expense 2,427,859 3,207,139 10,370,198 11,960,362
----------- ----------- ----------- -----------
Net Interest
Income 3,687,789 4,703,485 16,858,253 17,241,065
Provision for
Loan Losses 12,100,000 150,000 15,900,000 338,000
----------- ----------- ----------- -----------
Net interest
income after
provision for
loan losses (8,412,211) 4,553,485 958,253 16,903,065
NON INTEREST
INCOME
Service charges,
fees and
other income 231,484 185,624 1,123,859 581,255
Brokered loan
fees and gains
on loan sales 0 0 97,824 128,283
----------- ----------- ----------- -----------
Total non
interest
income 231,484 185,624 1,221,683 709,538
NON INTEREST
EXPENSE
Salaries and
benefits 2,145,286 2,063,900 9,052,949 7,459,716
Occupancy and
equipment 779,733 747,683 3,055,285 2,337,517
Goodwill and
OTTI charges 10,664,000 0 11,164,000 0
Other expense 1,113,420 1,158,180 3,921,920 3,604,388
----------- ----------- ----------- -----------
Total non
interest
expense 14,702,439 3,969,763 27,194,154 13,401,621
----------- ----------- ----------- -----------
Income (Loss)
before income
tax expense (22,883,166) 769,346 (25,014,218) 4,210,982
Income tax
expense
(benefit) (2,272,433) 326,269 (3,154,233) 1,745,801
----------- ----------- ----------- -----------
Net Income
(Loss) ($20,610,733) $443,077 ($21,859,985) $2,465,181
=========== =========== =========== ===========
Basic earnings
(loss)
per share ($4.14) $0.09 ($4.41) $0.56
Diluted earnings
(loss)
per share ($4.14) $0.09 ($4.41) $0.52
Average shares
outstanding 4,980,155 4,920,795 4,961,074 4,405,191
Average diluted
shares
outstanding 4,980,155 5,163,053 4,961,074 4,709,296
1st Pacific Bancorp
Fourth Quarter 2008 Results
(Unaudited)
(dollars in
thousands Quarterly
except ----------------------------------------------------------
per share 2008 2008 2008 2008 2007
data) 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
----------------------------------------------------------
EARNINGS
Net
interest
income $ 3,688 4,279 4,470 4,422 4,703
Provision
for loan
losses $ 12,100 250 3,550 0 150
Non-
Interest
income $ 231 432 327 232 186
Non-
Interest
expense $ 4,038 3,966 4,140 3,886 3,970
Goodwill
and OTTI
charges $ 10,664 500 0 0 0
Net income
(loss) as
reported $ (20,611) 10 (1,706) 447 443
Basic
earnings
(loss)
per
share $ (4.14) 0.00 (0.34) 0.09 0.09
Diluted
earnings
(loss)
per
share $ (4.14) 0.00 (0.34) 0.09 0.09
Average
shares
outstand-
ing 4,980,155 4,964,107 4,950,263 4,949,524 4,920,795
Average
diluted
shares
outstand-
ing 4,980,155 5,066,774 4,950,263 5,167,393 5,163,053
PERFORMANCE
RATIOS
Return on
average
assets -18.56% 0.01% -1.55% 0.44% 0.42%
Return on
average
common
equity -188.04% 0.09% -14.88% 3.94% 3.91%
Net
interest
margin 3.54% 3.90% 4.32% 4.60% 4.71%
Efficiency
ratio 375.13% 94.80% 86.32% 83.50% 81.20%
CAPITAL
Tangible
equity to
assets 5.07% 7.31% 7.24% 8.18% 8.21%
Tangible
book
value per
share $ 4.26 6.38 6.44 6.78 6.68
ASSET
QUALITY
Net loan
charge-
offs
(recov-
eries) $ 11,114 3,996 223 25 98
Allowance
for loan
losses $ 5,059 4,073 7,818 4,492 4,517
Allowance
for
losses to
total
loans 1.44% 1.11% 2.08% 1.31% 1.29%
Nonper-
forming
loans $ 12,264 13,816 11,640 4,255 5,554
Other real
estate
owned $ 1,390 0 0 0 0
Nonper-
forming
assets to
total
assets 3.54% 3.10% 2.57% 1.01% 1.34%
END OF
PERIOD
BALANCES
Total
Loans $ 351,899 365,695 376,518 342,239 349,819
Total
assets $ 420,910 445,556 452,194 422,276 414,647
Deposits $ 333,836 357,599 344,352 322,677 345,362
Share-
holders'
equity $ 22,581 43,468 43,686 45,414 44,974
Full-time
equiv-
alent
employees 105 107 106 109 107
AVERAGE
BALANCES
Total
loans $ 365,669 376,541 364,791 341,070 345,918
Earning
assets $ 412,934 435,327 415,197 385,470 396,221
Total
assets $ 440,589 460,575 442,380 411,966 423,198
Deposits $ 347,955 351,748 334,770 338,375 352,717
Share-
holders'
equity $ 43,485 44,152 45,989 45,489 44,905
12 Months Year-To-Date
----------------------
(dollars in thousands except per share data) 2008 2007
----------------------
EARNINGS
Net interest income $ 16,858 17,241
Provision for loan losses $ 15,900 338
NonInterest income $ 1,222 710
NonInterest expense $ 16,030 13,402
Goodwill and OTTI charges $ 11,164 0
Net income (loss) as reported $ (21,860) 2,465
Basic earnings (loss) per share $ (4.41) 0.56
Diluted earnings (loss) per share $ (4.41) 0.52
Average shares outstanding 4,961,074 4,405,191
Average diluted shares outstanding 4,961,074 4,709,296
PERFORMANCE RATIOS
Return on average assets -4.98% 0.67%
Return on average common equity -48.82% 6.96%
Net interest margin 4.09% 4.87%
Efficiency ratio 150.41% 74.66%
CAPITAL
Tangible equity to assets 5.07% 8.21%
Tangible book value per share $ 4.26 6.68
ASSET QUALITY
Net loan charge-offs (recoveries) $ 15,358 98
Allowance for loan losses $ 5,059 4,517
Allowance for losses to total loans 1.44% 1.29%
Nonperforming loans $ 12,264 5,554
Other real estate owned $ 1,390 0
Nonperforming assets to total assets 3.54% 1.34%
END OF PERIOD BALANCES
Total Loans $ 351,899 349,819
Total assets $ 420,910 414,647
Deposits $ 333,836 345,362
Shareholders' equity $ 22,581 44,974
Full-time equivalent employees 105 107
AVERAGE BALANCES
Total loans $ 362,068 315,410
Earning assets $ 412,297 354,009
Total assets $ 438,726 370,514
Deposits $ 343,248 310,654
Shareholders' equity $ 44,774 35,431
CONTACT: 1st Pacific Bank of California
Ronald J. Carlson, Chairman of the Board,
President and CEO
858/875-2005
James H. Burgess, EVP/Chief Financial Officer
858/875-2008
The following information was filed by 1St Pacific Bancorp on Thursday, March 26, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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1St Pacific Bancorp's Definitive Proxy Statement (Form DEF 14A) filed after their 2009 10-K Annual Report includes:
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1St Pacific Bancorp provided additional information to their SEC Filing as exhibits
CIK: 1380712
Form Type: 10-K Annual Report
Accession Number: 0001104659-09-021663
Submitted to the SEC: Tue Mar 31 2009 2:12:20 PM EST
Accepted by the SEC: Tue Mar 31 2009
Period: Wednesday, December 31, 2008
Industry: State Commercial Banks
External Resources:
SEC.gov
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