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Thursday, Mar 28, 2024
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First PacTrust Bancorp Reports Net Loss

First PacTrust Bancorp, parent of Chula Vista-based Pacific Trust Bank, reported March 10 a net loss of $601,000 for the fourth quarter of last year, compared to a net loss of $1.3 million for the like quarter of 2008.

For the full year, First PacTrust reported a net loss of $999,000, compared to a $529,000 net loss for all of 2008.

The nine-office savings bank saw its nonperforming loans rise to $56.5 million as of year-end, which made up 6.3 percent of its total assets of $893.9 million. Included in those problem assets were foreclosed real estate valued at $5.7 million, compared to $158,000 at the end of 2008.

CEO Hans Ganz blamed the results on the area’s housing market, which has been aggravated by high unemployment, and caused rising defaults and foreclosures. He said he expected continued fallout from the real estate crisis to affect the bank’s operating results in the near term, but was confident in the bank’s ability “to navigate these economic times.”

Pacific Trust Bank, which received $19.3 million in federal bailout funds as part of the Troubled Asset Relief Program in 2008, continued to maintain capital levels that exceeded the minimum ratios to be considered a well-capitalized institution, with total risk-based capital as of Dec. 31 at 13.1 percent. To be well-capitalized, banks need more than 10 percent in that category.

Though demand for loans was weak, the bank originated $110.7 million in loans during the past year, bringing the loan total at year end to $748.3 million, down from the prior year when it held $793 million in loans.

Total assets increased 1.9 percent to $893 million, making Pacific Trust the fifth-largest locally based bank in the county.

In midday trading on Nasdaq March 11, shares of First PacTrust were down 46 cents to $6.51. Its 52-week range is $4.44 to $8.62.

— Mike Allen

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