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First PacTrust Bancorp, Inc. Announces Fourth Quarter And Year End Financial Results

First PacTrust Bancorp (NASDAQ: BANC) (“First PacTrust” or the “Company”), the holding company for Pacific Trust Bank (“PacTrust Bank”) and Beach Business Bank, today announced financial results for the fourth quarter and the twelve months ended December 31, 2012. For the quarter, the Company reported a net loss of $3.2 million, or ($0.30) per common share outstanding, compared with a net loss of $5.6 million, or ($0.52) per common share outstanding, for the fourth quarter of 2011. For the twelve months ended December 31, 2012, the Company reported net income of $6.0 million and net income available to common shareholders of $4.6 million, or $0.40 per common share outstanding, compared with a net loss of $2.7 million and a net loss available to common shareholders of $3.3 million, or ($0.28) per common share outstanding, for the twelve months ended December 31, 2011.

The Company’s total assets increased by $18 million over September 30, 2012 to $1.7 billion at December 31, 2012. For the year, total assets grew by $688 million, or 69%, including $488 million from the acquisitions of Beach Business Bank and Gateway Business Bank. Although total deposits declined by $22 million for the fourth quarter, year-over-year deposits grew by $520 million, or 66%, to $1.3 billion at December 31, 2012. The Company’s net interest margin for the fourth quarter of 2012 was 3.77% and its cost of interest-bearing deposits was 0.50%. Year-over-year, net interest margin expanded by 39 bps due to a higher average yield on loans and a lower average cost of deposits. Non-interest income for the quarter was at $16.0 million, including $14.4 million of mortgage banking revenues generated by the Mission Hills Mortgage Bankers Division of PacTrust Bank, which originated $351 million in single-family residential loans in the fourth quarter. Also for the fourth quarter, non-interest expense was higher as a result of merger related costs associated with the Company’s third quarter acquisitions, as well as expenses related to expansion of PacTrust Bank’s residential mortgage lending business.

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