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1St Pacific Bancorp (1380712) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

1St Pacific Bancorp

CIK: 1380712

 

 

 

Contacts:

A. Vincent Siciliano, President and CEO

 

858-875-2005
James Burgess, EVP and Chief Financial Officer
858-875-2008

 

 

 

 

 

 

 

NEWS RELEASE

 

 

1st Pacific Bancorp Reports 2007 Profits of $2.5 Million, or $0.52 per Share

A Year of Accomplishments Accented by Acquisition

 

SAN DIEGO, CA — February 6, 2008 — 1

st Pacific Bancorp (NASDAQ: FPBN), the holding company for 1st Pacific Bank of California, today reported profits in 2007 that reflect its acquisition of Landmark National Bank and the costs associated with establishing a broader operational platform to support future growth. Net income totaled $2.5 million, or $0.52 per diluted share, in 2007 compared with $3.2 million, or $0.76 per diluted share, in 2006. Fourth-quarter 2007 net income totaled $443,100, or $0.09 per share, compared with $788,500, or $0.19 per share in the fourth quarter a year ago. In connection with the July 2007 acquisition of Landmark, 1st Pacific issued 1 million shares resulting in a 23% increase in the number of average diluted shares outstanding compared to fourth quarter 2006.

 

“We accomplished a great deal in 2007 to expand our franchise and establish a first-class operational platform,” stated Vincent Siciliano, president and chief executive. “While the short-term costs of the acquisition impacted earnings in the second half of the year, we remain confident that the Landmark acquisition will begin to contribute to profitability in 2008 and the operational improvements accomplished in 2007 will support growth over the next several years. In addition to the integration of Landmark’s operations into 1st Pacific’s, in 2007 we completed the bank-holding company’s reorganization, relocated two banking offices, centralized our administrative and support departments into one headquarters location, completed a systems conversion, introduced new banking products, welcomed new board members and listed our stock on NASDAQ Global Market.

 


The following information was filed by 1St Pacific Bancorp on Friday, February 8, 2008 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 provided additional information to their SEC Filing as exhibits

CIK: 1380712
Form Type: 10-K Annual Report
Accession Number: 0001047469-08-003795
Submitted to the SEC: Mon Mar 31 2008 3:15:38 PM EST
Accepted by the SEC: Mon Mar 31 2008
Period: Monday, December 31, 2007
Industry: State Commercial Banks

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