First Pacific Bancorp Reports Fourth Quarter and Full Year 2024 Results

Core Viewpoint - First Pacific Bancorp reported strong financial results for the fourth quarter and the full year of 2024, achieving seven consecutive quarters of profitability and demonstrating a solid capital and liquidity position [1][5]. Financial Performance - For Q4 2024, the company achieved a pre-tax, pre-provision profit of $702 thousand, an increase from $345 thousand in Q3 2024. Net income for Q4 2024 was $500 thousand, up from $249 thousand in Q3 2024 [3]. - For the full year 2024, net income was reported at $1.1 million, a significant recovery from a net loss of $164 thousand in 2023 [3][15]. Asset Quality - The company maintained excellent asset quality with minimal non-performing assets. The allowance for credit losses stood at 1.15% of total loans, with no provision for credit losses recognized in 2024, compared to $906 thousand in 2023 [4][18]. Capital and Liquidity - Total assets at the end of 2024 were $433 million, an increase of $13 million from $420 million at the end of 2023. Total deposits rose by $18 million to $351 million, while total loans increased by $2 million to $277 million [8][10]. - The company ended the fourth quarter with a leverage capital ratio of 9.0% and a total risk-based capital ratio of 13.4% [8][18]. Management Commentary - The Chairman expressed satisfaction with the company's performance and emphasized the strategic approach that led to sustained profitability. The CEO highlighted loan and deposit growth, strong asset quality, and a clear growth strategy focused on technology and innovation [5][6]. Community Commitment - The company expressed condolences for the impact of recent wildfires in Southern California and committed to supporting recovery efforts in the affected areas [5].