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.