First Pacific Bancorp Q2 net income falls on higher credit loss provision

Overview

• US community bank's Q2 net income fell sharply yr/yr due to higher credit loss provision

• Q2 loans and deposits grew yr/yr, supporting balance sheet expansion

• Asset quality remains strong with minimal non-performing assets

Outlook

• Company says it is well positioned to grow responsibly in Southern California markets

• First Pacific Bancorp says it will continue to focus on strengthening its balance sheet

• Company expects to maintain disciplined balance sheet management and exceptional credit quality

Result Drivers

• LOAN AND DEPOSIT GROWTH - Co said Q2 saw continued growth in loans and deposits, supporting balance sheet expansion

• CREDIT LOSS PROVISION - Q2 earnings were impacted by a $470,000 provision for credit losses tied to loan growth and charge-off of legacy Truck Loan portfolio

• ASSET QUALITY - Co said asset quality remains strong with minimal non-performing assets and allowance for credit losses at 0.92% of total loans

Company press release: ID:nGNX5VzhF0

Key Details

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)