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

1St Pacific Bancorp

CIK: 1380712

Exhibit 99.1





Ronald J. Carlson, Acting President and CEO

The Cereghino Group


Corporate Investor Relations

James Burgess, EVP and Chief Financial Officer








1st Pacific Bancorp Reports Third Quarter 2008 Results


Capital Ratios and Liquidity Remain Strong


SAN DIEGO, CA — November 3, 2008 — 1

st Pacific Bancorp (NASDAQ: FPBN), the holding company for 1st Pacific Bank of California, today reported earnings of $9,531, or $0.00 per diluted share, for the third quarter of 2008, compared with a net loss of $1.7 million, or $0.34 per diluted share, for the second quarter of 2008, and net income of $685,225, or $0.13 per diluted share, for the third quarter of 2007.  1st Pacific’s third quarter results include a $500,000 other-than-temporary impairment charge stemming from its investment in corporate debt of Washington Mutual Inc.


For the first nine months of the year, 1st Pacific reported a loss of $1.3 million, or $0.25 per diluted share, compared with net earnings of $2.0 million, or $0.44 per diluted share for the first nine months of 2007.


During the third quarter, in light of the current economic environment, 1st Pacific implemented steps to further strengthen its capital ratios and improve its liquidity resources.  As a result, 1st Pacific Bank remains “well capitalized” by regulatory standards with a Total Risk-Based capital ratio of 11.02% at September 30, 2008, up from 10.98% at June 30, 2008.  To be considered “well capitalized” a bank must have over 10% Total Risk-Based capital.


“Our liquidity position remains strong and we continue to maintain capital levels in excess of the well capitalized regulatory guidelines,” said Ron Carlson, Acting President and CEO.  “The overall improvement in our liquidity position during the quarter resulted from growth in deposits and our reduced loan balances, primarily in commercial real estate loans.


“Our improved liquidity position allowed us to pay down $20 million in FHLB borrowings during the quarter,” Carlson continued.  “In addition to our strong customer base, we continue to have substantial credit facilities available from the FHLB, the FRB and correspondent banks to meet our liquidity needs going forward.  We believe we are in a position to meet the liquidity needs of both the company and our loan and deposit customers.”


Balance Sheet Results


During the quarter, total assets decreased $6.6 million to $446 million, and total loans decreased $10.8 million to $366 million compared to the prior quarter.  The reduction in loan balances was the result of efforts to reduce commercial real estate concentrations.  Deposit growth was solid during the quarter, increasing $13.2 million or 4% over the prior quarter to $358 million at September 30, 2008.


The following information was filed by 1St Pacific Bancorp on Friday, November 7, 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: 0001104659-08-070530
Submitted to the SEC: Thu Nov 13 2008 4:13:54 PM EST
Accepted by the SEC: Thu Nov 13 2008
Period: Tuesday, September 30, 2008
Industry: State Commercial Banks

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