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Friday, Mar 1, 2024
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Earnings Rise at First Community

First Community Bancorp, the Rancho Santa Fe-based holding company to First National Bank in San Diego, reported net income of $13 million for its third quarter, up 36 percent from the same period last year.

For the nine months ended Sept. 30, First Community reported $35.1 million in net earnings, compared with net earnings of $25.9 million for the same period in 2004.

Total assets at First Community, which also operates Los Angeles-based Pacific Western Bank, grew to $3.1 billion, up from $3 billion at the end of the 2004 third quarter. It acquired two new banks since the beginning of this year, both in Los Angeles, which boosted assets by about $300 million.

Last month, First Community signed a definitive agreement to buy another Los Angeles bank, Cedars Bank, with assets of about $486 million. Once that is merged into First Community, its total assets would be about $3.7 billion, and the merged entity would have 47 branches, the company said.

Gross loans for First Community grew to $2.3 billion, up from $2 billion for the same period of 2004, with the biggest concentration being in real estate mortgages.

Net interest income, the profits on its loans before expenses are subtracted, jumped 22 percent for the nine months to $113.6 million.

First Community reduced its non-accrual loans from $20 million on June 30 to $12.4 million as of Sept. 30. That made up 0.54 percent of its total portfolio.

Traded on Nasdaq under FCBP, shares closed up 39 cents on Oct. 19, the day the results were posted, to $47.04. The stock has ranged from $39 to $51.62 during the past 52 weeks.

Mike Allen

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