First Pacific Bancorp Reports Fourth Quarter and Full Year 2023 Results

Whittier, California, February 7, 2024 – First Pacific Bancorp (the “Company”) (OTC Pink: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the fourth quarter and year ending December 31, 2023.  The Company continues to maintain a strong capital and liquidity position, centered on a solid, stable core deposit base, and access to significant sources of liquidity.

Key highlights for the fourth quarter and full year 2023 include:

  • Total assets ended Q4 2023 at $420 million, up $53 million from $367 million at year end 2022. 
  • Total deposits ended the fourth quarter at $333 million, up $68 million since year end 2022.
  • Total loans ended the fourth quarter at $275 million, up $70 million since year end 2022.
  • Asset quality remains excellent, and we have experienced no significant changes in classified assets or non-performing assets.
  • The Bank ended the fourth quarter with a leverage capital ratio of 8.72% and total risk-based capital ratio was 11.98%, considered “well-capitalized” – the highest regulatory capital category.
  • As of December 31, 2023, cash and cash equivalents totaled $22 million, including funds invested overnight.
  • Unused borrowing capacity from credit facilities in place on December 31, 2023, totaled over $140 million.

For the fourth quarter ended December 31, 2023, the Company realized a pre-tax pre-provision profit of $125 thousand, compared to a pre-tax pre-provision profit of $228 thousand in Q3 2023. Net income for the fourth quarter of 2023 was $55 thousand.

Asset quality remains excellent with minimal non-performing assets and the allowance for credit losses is 1.13% of total loans. The provision for credit losses of $102 thousand in Q4 2023, and $906 thousand for the year ending December 31, 2023, is in addition to $236 thousand added at the beginning of the year from implementing new accounting pronouncements for allowances for credit losses.

“In 2023, despite an environment of uncertainty, we are pleased with the growth we achieved during the year and remain committed to executing our strategic priorities,” said Joe Matranga, Chairman of the Board of Directors. “We continue to report solid financial results and our capital, liquidity, and financial position remain strong.”

“Our business model, centered around building true relationships with our clients, remains a cornerstone of our success. By targeting small and medium sized businesses in Southern California and providing access to decision-makers, we’ve been able to expand our client base and deepen existing relationships, further demonstrating the exceptional value First Pacific Bank offers,” remarked Nathan Rogge, President and Chief Executive Officer. “As we look ahead, our focus is clear, and we remain well-positioned to drive responsible growth in 2024. As we enter 2024, we remain committed to delivering exceptional value for both our customers and shareholders.”


First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 17 years, the Bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit or call 888.BNK.AT.FPB.


This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and First Pacific Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements relate to, among other things, our business plan, and strategies, and can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and similar expressions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause such differences include, but are not limited to: successfully realizing the benefits of our business strategy and plans,; changes in general economic and financial market conditions, either nationally or locally, in areas in which First Pacific Bank conducts its operations; effects of inflation and changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; impact of any natural disasters, including earthquakes; effect of governmental supervision and regulation, including any regulatory or other enforcement actions; legislation or regulatory changes which adversely affect First Pacific Bank’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events, or circumstances after the date of such statements except as required by law.  

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