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First PacTrust Bancorp Posts Net Losses

First PacTrust Bancorp, which officially relocated its headquarters from Chula Vista to Irvine this month but maintains eight branches in the county, reported net losses of $3.3 million in the fourth quarter and $6 million for 2011.

The holding company for Pacific Trust Bank reported recently net profit of $1.17 million in the fourth quarter of 2010, and $1.8 million for all of 2010.

The company increased its provisions for loan losses by $4.1 million in the fourth quarter to support additional loans of about $84 million, additional impairment charges on old loans, and to supplement its reserves “to reflect continued uncertainty in the real estate markets and economy,” according to a statement.

The bank upped the amount of foreclosures on its books to $14.7 million, compared with holding $6.5 million in foreclosed real estate at the end of 2010. Those higher foreclosures required putting aside $4.8 million for expenses.

First PacTrust reported nonperforming assets at year-end of $23.4 million, down from $26.5 million at the end of 2010. As a percentage of its total assets of $999 million, the problem assets were 2.34 percent, compared with 3.07 percent for December 2010.

The bank said it moved north as a consequence of signing agreements to acquire two banks in the Los Angeles area.

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