Exhibit 99.1

 

 

Contacts:

 

Ronald J. Carlson, Acting President and CEO

858-875-2005

James Burgess, EVP and Chief Financial Officer

858-875-2008

 

NEWS RELEASE

 

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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