1St Pacific Bancorp (1380712) SEC Filing 10-Q Quarterly report for the period ending Monday, June 30, 2008

1St Pacific Bancorp

CIK: 1380712

Exhibit 99.1





Ronald J. Carlson, Acting President and CEO


James Burgess, EVP and Chief Financial Officer





1st Pacific Bancorp Reports Second Quarter 2008 Results


Adds $3.6 Million to Loan Loss Reserves, Remains Well Capitalized


SAN DIEGO, CA —July 28, 2008 — 1

st Pacific Bancorp (NASDAQ: FPBN), the holding company for 1st Pacific Bank of California, today reported a net loss for the second quarter ended June 30, 2008 of $1.7 million, or $0.34 per diluted share, compared to net income of $447,200, or $0.09 per diluted share, for the first quarter of 2008, and net income of $664,439, or $0.16 per diluted share, for the second quarter of 2007.  The loss was the result of adding $3.6 million to the allowance for loan losses.


The $3.6 million addition to the loan loss reserve was in large part due to identifying two loans totaling $4.9 million to one borrower, both of which are now in default. Before establishing the amount of the provision for loan losses, a review of the entire loan portfolio was conducted to determine the adequacy of the reserve.  “We are satisfied based on this review that the bank is properly reserved at this time,” said Acting President and CEO Ron Carlson.


1st Pacific Bank remains “well capitalized” by regulatory standards with a Total Risk-Based capital ratio of 10.98% and a Tier 1 Risk-Based capital ratio of 8.53%.  To be considered “well capitalized” a bank must have over 10% Total Risk-Based capital and 6% Tier 1 Risk-Based capital.


The following information was filed by 1St Pacific Bancorp on Thursday, July 31, 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-Q Quarterly 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 2008 10-K Annual Report includes:

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SEC Filing Tools
CIK: 1380712
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-08-051975
Submitted to the SEC: Mon Aug 11 2008 5:30:05 PM EST
Accepted by the SEC: Mon Aug 11 2008
Period: Monday, June 30, 2008
Industry: State Commercial Banks

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