First Pacific Bancorp Reports Solid First Quarter 2026 Results

WHITTIER, Calif., May 08, 2026 (GLOBE NEWSWIRE) -- First Pacific Bancorp (the “Company”) (OTCID: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the first quarter ending March 31, 2026, demonstrating continued balance sheet growth, strong asset quality, and a solid capital position to support future expansion.

Key Financial Highlights:

Total assets ended the first quarter of 2026 at $490 million, a $34 million increase from March 31, 2025.
Total deposits ended the first quarter of 2026 at $410 million, up $4 million since year end 2025 and a $40 million increase from first quarter 2025.
Total loans ended the first quarter of 2026 at $331 million, up $11 million from year end 2025 and a $37 million increase from first quarter 2025.
Asset quality remains excellent with minimal levels of classified or non-performing assets.
The Bank ended the first quarter with a strong capital position, with a leverage capital ratio of 9.57% and a total risk-based capital ratio of 13.05%.
As of March 31, 2026, liquidity resources included cash and cash equivalents of $48 million and unused borrowing capacity from credit facilities of $167 million.

For the first quarter ending March 31, 2026, the Company realized a pre-tax, pre-provision profit of $634 thousand, compared to a pre-tax, pre-provision profit of $550 thousand in Q1 2025. Net income for the first quarter of 2026 was $453 thousand, up from $393 thousand in Q1 2025.

Asset quality remains excellent with minimal non-performing assets, an allowance for credit losses of 0.94% of total loans at March 31, 2026, and minimal loan losses. The Company continues to emphasize conservative underwriting and active portfolio oversight.

“This quarter’s performance highlights our continued focus on building a resilient and scalable franchise that delivers long-term shareholder value,” said Joe Matranga, Chairman of the Board. “Through disciplined growth, strong credit fundamentals, and prudent capital management, we are well positioned to create sustained value for our shareholders.”

“We entered 2026 with strong momentum, and our first quarter results reflect disciplined execution and the continued strength of our relationship-driven model. Growth in loans and deposits, combined with improving pre-tax, pre-provision earnings, underscores both the effectiveness of our strategy and the trust our clients place in us,” said Nathan Rogge, President and Chief Executive Officer. “We remain focused on deepening client relationships while thoughtfully expanding into markets where our bankers bring longstanding experience and trusted connections, positioning us to deliver consistent performance and long-term value.”

ABOUT FIRST PACIFIC BANK

First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTCID: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. Since opening in 2006, the Bank has offered 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 firstpacbank.com or call 888.BNK.AT.FPB.

FORWARD-LOOKING STATEMENTS

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.

Contacts
Investor Relations Contact	Media Relations Contact
Jim Burgess	Amanda Conover
858.461.7302	858.461.7308
jburgess@firstpacbank.com	aconover@firstpacbank.com

--- Summary Financial Tables Follow ---

First PacificBancorp
Consolidated Balance Sheets
(Unaudited)
	Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2025			Mar 31, 2025
ASSETS
Cash and due from banks	$	7,145,738		$	13,335,659		$	4,361,215		$	8,336,307		$	8,042,164
Fed funds sold		40,765,000			43,805,000			47,580,000			43,670,000			39,250,000
Total cash and cash equivalents		47,910,738			57,140,659			51,941,215			52,006,307			47,292,164

Debt securities (AFS)		1,600,663			1,692,800			1,756,875			1,791,113			1,859,740
Debt securities (HTM)		95,162,219			96,088,528			96,991,887			98,052,199			99,099,346
Total debt securities		96,762,882			97,781,328			98,748,762			99,843,312			100,959,086

Construction & land development		28,526,915			29,510,901			27,728,045			26,181,088			25,245,823
1-4 Family residential		78,681,754			73,481,444			71,298,162			68,065,742			63,536,698
Multifamily residential		35,741,832			31,117,740			30,456,673			30,570,654			30,452,183
Nonfarm, nonresidential real estate		119,250,067			115,196,071			116,977,598			120,672,305			105,299,777
Commercial & industrial		63,922,914			66,023,866			68,930,751			62,021,304			64,956,570
Consumer & Other		4,902,852			4,538,637			4,555,112			4,378,029			4,572,607
Total loans		331,026,334			319,868,659			319,946,341			311,889,122			294,063,658
Allowance for credit losses (loans)		(3,099,953	)		(3,122,503	)		(3,141,203	)		(3,179,637	)		(3,179,637	)
Total loans, net		327,926,381			316,746,156			316,805,138			308,709,485			290,884,021

Premises, equipment, and ROU net		3,015,551			3,171,482			3,277,724			2,918,754			2,822,403
Goodwill, core deposit & other intangibles		1,184,253			1,195,948			1,200,762			1,202,582			1,259,139
Bank owned life insurance		5,441,454			5,410,102			5,378,503			5,347,738			5,317,491
Accrued interest and other assets		8,071,091			8,170,560			8,585,760			7,650,569			7,703,693

Total Assets	$	490,312,350		$	489,616,235		$	485,937,864		$	477,678,747		$	456,237,997

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand	$	148,975,933		$	160,085,795		$	134,783,120		$	138,110,569		$	143,205,484
Interest-bearing transaction accounts		26,391,254			34,875,562			26,611,844			24,968,600			39,203,360
Money market and savings		188,243,994			174,359,420			186,610,551			178,569,935			162,563,677
Time deposits		46,027,527			36,675,567			41,519,108			35,936,500			44,568,676
Total deposits		409,638,708			405,996,344			389,524,623			377,585,604			389,541,197

Borrowings		33,269,423			36,286,906			50,000,000			55,000,000			23,000,000
Accrued interest and other liabilities		4,867,802			5,376,494			5,211,202			4,705,376			3,952,095
Total liabilities		447,775,933			447,659,744			444,735,825			437,290,980			416,493,292

Shareholders' Equity:
Capital stock and APIC		37,988,844			37,871,816			37,701,986			37,552,889			37,389,068
Retained earnings		5,114,724			4,662,166			4,104,143			3,497,084			3,043,502
Accum other comprehensive income		(567,151	)		(577,491	)		(604,090	)		(662,206	)		(687,865	)
Total shareholders' equity		42,536,417			41,956,491			41,202,039			40,387,767			39,744,705

Total Liabilities and Shareholders' Equity	$	490,312,350		$	489,616,235		$	485,937,864		$	477,678,747		$	456,237,997

First PacificBancorp
Consolidated Income Statements - Quarterly
(Unaudited)

	Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2025		Mar 31, 2025
INTEREST INCOME
Loans, including fees	$	5,234,634	$	5,380,149	$	5,478,759	$	5,056,534	$	4,788,107
Debt securities		461,373		464,580		456,576		464,333		462,472
Fed funds & int-bearing balances		436,775		348,027		333,642		413,487		339,864
Total interest income		6,132,782		6,192,756		6,268,977		5,934,354		5,590,443

INTEREST EXPENSE
Deposits		1,741,409		1,907,127		1,766,021		1,897,025		1,812,760
Borrowings		214,829		218,288		393,330		127,359		219,832
Total interest expense		1,956,238		2,125,415		2,159,351		2,024,384		2,032,592

Net interest income		4,176,544		4,067,341		4,109,626		3,909,970		3,557,851

Provision for credit losses		-		-		-		-		-

Net interest income after provision		4,176,544		4,067,341		4,109,626		3,909,970		3,557,851

NONINTEREST INCOME
Service charges, fees and other income		128,933		221,064		114,633		87,059		122,610
Sublease income		-		-		-		-		45,222
Gains (losses) on sale of assets		-		27,681		29,966		-		-
Gains on early payoff of debt		-		-		-		-		-
Total noninterest income		128,933		248,745		144,599		87,059		167,832

NONINTEREST EXPENSE
Salaries and benefits		2,322,729		2,120,441		2,114,900		2,227,827		2,119,302
Occupancy and equipment		279,474		238,252		279,715		277,107		259,480
Other expense		1,068,946		1,242,133		1,006,318		857,837		797,261
Total noninterest expense		3,671,149		3,600,826		3,400,933		3,362,771		3,176,043

Income before income tax expense		634,328		715,260		853,292		634,258		549,640

Income tax expense		181,771		157,238		246,232		180,677		157,015

Net Income	$	452,557	$	558,022	$	607,060	$	453,581	$	392,625

Earnings per share basic (QTR)	$	0.10	$	0.13	$	0.14	$	0.10	$	0.09
Weighted average shares outstanding (QTR)		4,383,452		4,346,140		4,341,356		4,335,529		4,333,735

First PacificBancorp
Quarterly Financial Highlights
(Unaudited)
		Quarterly
		2026		2025		2025		2025		2025
*($$ in thousands except per share data)*		1st Qtr		4th Qtr		3rd Qtr		2nd Qtr		1st Qtr
EARNINGS
Net interest income	$	4,177		4,067		4,110		3,910		3,558
Provision for loan losses	$	0		0		0		0		0
Noninterest income	$	129		249		145		87		168
Noninterest expense	$	3,671		3,601		3,401		3,363		3,176
Income tax expense	$	182		157		246		181		157
Net income	$	453		558		607		454		393

Earnings per share basic	$	0.10		0.13		0.14		0.10		0.09
Weighted average shares outstanding		4,383,452		4,346,140		4,341,356		4,335,529		4,333,735
Ending shares outstanding		4,384,716		4,346,810		4,344,241		4,335,678		4,335,088

PERFORMANCE RATIOS
Return on average assets		0.39	%	0.48	%	0.52	%	0.41	%	0.37	%
Return on average common equity		4.35	%	5.33	%	5.92	%	4.55	%	4.05	%
Yield on loans		6.66	%	6.74	%	6.88	%	6.85	%	6.79	%
Yield on earning assets		5.50	%	5.50	%	5.61	%	5.53	%	5.44	%
Cost of deposits		1.75	%	1.91	%	1.85	%	1.95	%	2.00	%
Cost of funding		1.88	%	2.02	%	2.07	%	2.02	%	2.12	%
Net interest margin		3.74	%	3.61	%	3.68	%	3.65	%	3.46	%
Efficiency ratio		85.3	%	83.4	%	79.9	%	84.1	%	85.2	%

CAPITAL
Tangible equity to tangible assets		8.45	%	8.35	%	8.25	%	8.22	%	8.46	%
Book value (BV) per common share	$	9.70		9.65		9.48		9.32		9.17
Tangible BV per common share	$	9.43		9.38		9.21		9.04		8.88

ASSET QUALITY
Net loan charge-offs (recoveries)	$	23		0		0		0		0
Allowance for credit losses (loans)	$	3,100		3,123		3,141		3,180		3,180
Allowance to total loans		0.94	%	0.98	%	0.98	%	1.02	%	1.08	%
Nonperforming loans	$	1,541		1,200		858		1,015		849

END OF PERIOD BALANCES
Total loans	$	331,026		319,869		319,946		311,889		294,064
Total assets	$	490,312		489,616		485,938		477,679		456,238
Deposits	$	409,639		405,996		389,525		377,586		389,541
Loans to deposits		80.8	%	78.8	%	82.1	%	82.6	%	75.5	%
Shareholders' equity	$	42,536		41,956		41,202		40,388		39,745
Full-time equivalent employees		49		48		46		47		46

AVERAGE BALANCES (QTRLY)
Total loans	$	318,801		316,836		315,976		295,970		286,119
Earning assets	$	452,508		446,590		443,150		430,237		416,486
Total assets	$	469,493		464,251		459,678		445,557		430,891
Deposits	$	403,573		396,716		378,916		389,840		368,363
Shareholders' equity	$	42,178		41,498		40,681		39,963		39,326

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