1st Pacific Bank of California (OTCBB: FPBS) reported Wednesday an increase in net income to $422,171, or 20 cents per diluted share, for the quarter ended March 31, compared to $185,553, or 10 cents per diluted share, for the same quarter 2004.
In addition to fueling increased net income, the bank's strong emphasis on attracting small- to medium-sized business customers provided momentum for loans and deposits as well. Deposits grew from $129.4 million in first quarter 2004 to $203.3 million in first quarter 2005. Total loans grew to $191.3 million, compared to $131.6 million for the quarter ended March 31, 2004.
1st Pacific Bank's president and CEO, A. Vincent Sicliano, credits the bank's growth strategy for another strong quarter.
"Our strategic outlook and strong business approach has translated into record profitability for 1st Pacific Bank and outstanding value for our shareholders," said Siciliano in a written statement. "We hire great people who produce enduring relationships that create significant results for our clients. Our philosophy is best summed up in our motto: People. Relationships. Results."
Siciliano added that the first quarter of 2005 included several notable accomplishments for the bank.