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Thursday, Mar 28, 2024
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Earnings Stay Flat at First PacTrust Bancorp

Chula Vista-based First PacTrust Bancorp , holding company for Pacific Trust Bank , announced net income of $4.7 million, or diluted earnings per share of $1.12, for 2006. The company announced its earnings Feb. 28.

In 2005, First PacTrust had net income of $4.8 million, or $1.13 per diluted share.

Return on average assets ratio , the most widely regarded measure of bank profitability , was down to 0.59 percent from 0.67 percent. The bank reported a 0.3 percent tightening of its net interest margin to 2.44 percent, lowering net interest income for 2006.

Annual revenue increased to $45.5 million from $35.7 million the previous year, reflecting an increase in net loans receivable, from $688.5 million in 2005 to $740 million in 2006.

Total assets for the period grew to $808.3 million from $755.2 million the previous period, with total deposits of $570 million and $508 million for the respective periods.

First PacTrust Bancorp operates nine offices in San Diego and Riverside counties. The shares are traded on the Nasdaq as FPTB and closed Feb. 27 at $28, down 8 cents from the previous session.

, Andy Killion

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