This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First PacTrust Bancorp, Inc. Announces 2nd Quarter 2012 Results August 6, 2012

First PacTrust Bancorp, Inc. (“Bancorp” or the “Company”) (Nasdaq: BANC), the holding company for Pacific Trust Bank (“Bank”), announced today results for the quarter and six months ended June 30, 2012. For the quarter ended June 30, 2012, the Company reported a net loss of $0.7 million and a net loss to common shareholders of $1.1 million. The decline in net income of $1.3 million, when compared to the $0.4 million of net income reported by the Company for the linked quarter ended March 31, 2012, was primarily due to an increase in noninterest expenses of $1.7 million. This increase was largely comprised of $1.1 million in expenses relating to growth initiatives, including a $0.4 million increase in professional services expense, $0.2 million in fees for the pending acquisition of Gateway Bancorp, $0.3 of salaries and benefits expense associated with an increase in temporary help and a $0.3 million increase in occupancy expense associated with rent for the Company’s Irvine headquarters which included additional space for consolidation of the certain personnel in connection with the Company’s pending acquisitions. Noninterest expense also increased compared with the first quarter of 2012 as a result of a $0.1 million increase in other real estate owned (“OREO”) valuation allowance during the second quarter of 2012 and a $0.3 million net gain on sale of OREO during the first quarter of 2012. For the six months ended June 30, 2012, the Company reported a net loss of $0.4 million and a net loss to common shareholders of $1.1 million.

Total assets increased by $32.0 million to $1.12 billion or 3.0%, during the three month period ended June 30, 2012. Since December 31, 2012, total assets have increased $116.1 million, or 11.6%. The growth during the second quarter of 2012 was largely due to a $15.6 million increase in investment securities and a $15.0 million increase in cash and cash equivalents, which was primarily funded with net proceeds of the issuance by the Company in April 2012 of $33.0 million in 7.50% senior notes.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.75 -1.10%
FB $117.53 0.69%
GOOG $693.00 0.29%
TSLA $240.75 -2.80%
YHOO $36.61 0.06%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs