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First PacTrust Bancorp, Inc. Announces 4th Quarter And Full Year 2011 Results

First PacTrust Bancorp, Inc. (“Bancorp” or the “Company”) (Nasdaq: BANC), the holding company for Pacific Trust Bank (“the Bank”), announced today results for the full year and the quarter ended December 31, 2011. For the year ended December 31, 2011, the Company reported a net loss of $2.7 million and a net loss to common shareholders of $3.3 million, or ($0.31) per common share. Pre-tax pre-provision earnings adjusted for OREO charges 1 for the year was $9.1 million. For the quarter ended December 31, 2011, the Company reported a net loss of $5.6 million and a net loss to common shareholders of $6.0 million, or ($0.51) per common share. Pre-tax pre-provision earnings 1 adjusted for OREO charges for the quarter was $34 thousand. Total assets increased by $70.1 million, or 7.5%, during the three month period ended December 31, 2011 due largely to more than $107 million of net loan growth which was funded with $74.7 million, or 10.5% growth in new deposits during the fourth quarter.

Total loans increased $83.8 million or 11.9% during the quarter to $787.3 million, compared to linked quarter growth of $24 million. Fourth quarter loan growth was driven by new loans of $107.2 million at an average rate of 5.14%. As noted above, the Company also increased total deposits by 10.5%, while its average total cost of funds on deposits and borrowings declined by 11.7%, to 0.68%. For the full year ended December 31, 2011, total assets rose by $137 million representing a 15% annual growth rate.

The Company recorded a $4.1 million provision for loan losses during the fourth quarter of 2011 in support of the $83.8 million increase in gross loans, additional impairment charges from the Bank’s legacy loan portfolio and supplementation of general allocation reserves to reflect continued uncertainty in the real estate markets and economy As a result, the allowance for loan losses increased by $3.8 million, from $9.0 million, or 1.3% of loans as of September 30, 2011, to $12.8 million, or 1.6% of loans, as of December 31, 2011.

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