First Community Bancorp Announces Earnings for the First Quarter of 2001

Apr 30, 2001, 01:00 ET from First Community Bancorp

    RANCHO SANTA FE, Calif., April 30 /PRNewswire/ -- First Community Bancorp
 (Nasdaq:   FCBP) (the "Company") today announced consolidated operating earnings
 (net income before goodwill amortization) for the three months ended March 31,
 2001 were $1,635,000 or $0.35 per diluted share.  This compares with
 consolidated operating earnings of $1,292,000 or $0.32 per diluted share, for
 the three months ended March 31, 2000, a growth of approximately 11.3%.
     Consolidated net income, including goodwill amortization of $58,000, for
 the three months ended March 31, 2001 was $1,577,000 or $0.34 per diluted
 share.  This compares with net income of $1,292,000 or $0.32 per diluted
 share, for the three months ended March 31, 2000.
     On April 26, 2001 the Company Board of Directors approved a quarterly
 dividend of $0.09 per common share which is payable on May 31, 2001 to
 shareholders of record on May 15, 2001.
     On January 16, 2001, Professional Bancorp, Inc. ("Professional Bancorp")
 merged (the "Merger") with and into the Company, with the Company as the
 surviving entity.  The merger was consummated pursuant to the terms of an
 Agreement and Plan of Merger, dated as of August 7, 2000, by and between the
 Company and Professional Bancorp (the "Merger Agreement").  At that time First
 Professional Bank, N.A. ("First Professional") became a wholly owned
 subsidiary of the Company.
     Pursuant to the Merger Agreement, each issued and outstanding share of
 common stock of Professional Bancorp prior to the Merger (other than as
 provided in the Merger Agreement) was converted into the right to receive
 either 0.55 shares of Company common stock or $8.00 in cash.  Upon
 consummation of the Merger, the Company issued approximately 504,747 shares of
 common stock to former holders of Professional Bancorp common stock and
 approximately $8.9 million in cash.  As a result, the former shareholders of
 Professional Bancorp common stock own shares of Company common stock
 representing approximately 11.3% of the outstanding shares of Company common
 stock.
     Matthew Wagner, President and Chief Executive Officer stated:  "The
 combination of Rancho Santa Fe National Bank, First Community Bank of the
 Desert and First Professional forms a very attractive franchise.  While our
 first quarter results do not meet our standards, they were as expected.  We
 continue to vigorously pursue our goal of building value for our shareholders:
 
     --  Full cost reductions associated with the Professional Merger are on
         schedule but will not be fully realized until the second half of the
         year;
     --  Due to the sharp decline in interest rates during the quarter, the
         yield of the Company's loan portfolio, heavily tied to the prime rate,
         declined.  However, due to the high level of noninterest-bearing
         deposits, deposits could not be similarly repriced.  This combined
         with the low loan to deposit ratio at First Professional resulted in a
         substantial decline in net interest margin, though it remains at a
         robust 6.25%;
     --  During the fourth quarter of 2000, First Professional successfully
         converted to the same operating platform as the Company.  During the
         first half of 2001 back office operations will be further
         consolidated;
     --  The Company's operating efficiency ratio increased from 64.7% in the
         fourth quarter of 2000 to 68.1% in the first quarter of 2001 as a
         result of the lower net interest margin; and
     --  With the Professional Merger, tangible capital declined from 7.75% as
         of December 31, 2000 to 5.45% at March 31, 2001."
 
     First Community Bancorp is a $607 million bank holding company operating
 in the exclusive markets of Northern San Diego County through Rancho Santa Fe
 National Bank, the desert communities of the Coachella Valley and the Morongo
 Basin through First Community Bank of the Desert and in west Los Angeles, the
 San Fernando Valley, Pasadena and Riverside County through First Professional
 Bank.  Each bank operates under its own name with Rancho having branches in
 Rancho Santa Fe, San Diego's Golden Triangle, Escondido and Carlsbad.  First
 Community Bank of the Desert has branches in Palm Springs, Indian Wells,
 Cathedral City, Yucca Valley and Twentynine Palms.  First Professional has
 branches in Santa Monica, Beverly Hills, Pasadena, Tarzana and Redlands.
 
 
                  UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
 
                                                March 31,         December 31,
                                                  2001                2000
                                         (In thousands, except per share data)
      Assets:
      Cash and due from banks                    $35,546             $35,752
      Federal funds sold                         105,814              16,903
          Total cash and cash equivalents        141,360              52,655
 
      Interest-bearing deposits
       in financial institutions                     285                 495
 
      Federal Reserve Bank and Federal Home Loan
        Bank stock, at cost                        1,115                 913
      Securities held to maturity                 14,002               4,972
      Securities available-for-sale               77,989              40,428
          Total securities                        93,106              46,313
 
      Gross loans                                356,693             251,185
      Deferred fees and costs                      (638)               (633)
          Loans, net of deferred fees and costs  356,055             250,552
      Allowance for loan losses                 (11,215)             (3,930)
          Net loans                              344,840             246,622
 
      Loans held for sale                          3,338                  --
      Premises and equipment                       5,323               5,027
      Other real estate owned, net                   654               1,031
      Goodwill                                     4,300                  --
      Other assets                                14,040               6,144
          Total Assets                          $607,246            $358,287
 
      Liabilities and Shareholders' Equity:
      Liabilities:
      Noninterest-bearing deposits              $219,539            $114,042
      Interest bearing deposits                  328,626             202,896
          Total deposits                         548,165             316,938
 
      Accrued interest payable and
       other liabilities                           6,736               3,888
      Short-term borrowings                        6,500               1,689
      Convertible debt                               673                  --
      Trust preferred securities                   8,000               8,000
          Total Liabilities                      570,074             330,515
 
      Shareholders' Equity:
      Common stock                                28,266              20,402
      Retained earnings                            8,605               7,432
      Accumulated other comprehensive income (loss):
        Unrealized gains (losses) on securities
         available-for-sale, net                     301                 (62)
          Total Shareholders' Equity              37,172              27,772
            Total Liabilities and
             Shareholders' Equity               $607,246            $358,287
 
      Shares outstanding                         4,512.4             3,971.4
      Book value per share                         $8.24               $6.99
 
 
             UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                      3 Months Ended
                                                         March 31,
                                             2001                      2000
                                         (In thousands, except per share data)
      Interest income:
        Interest and fees on loans           $8,662                   $5,575
        Interest on interest-bearing
         deposits in financial institutions      10                      105
        Interest on investment securities     1,578                      736
        Interest on federal funds sold        1,255                      151
          Total interest income              11,505                    6,567
 
      Interest expense:
        Interest expense on deposits          2,701                    1,565
        Interest expense on
         short-term borrowings                   89                       38
        Interest expense on convertible debt     11                       --
        Interest expense on trust preferred
         securities                             215                       --
          Total interest expense              3,016                    1,603
      Net interest income:                    8,489                    4,964
          Provision for loan losses             314                       --
        Net interest income after provision
         for loan losses                      8,175                    4,964
 
      Noninterest income:
        Service charges and fees
         on deposit accounts                    551                      310
        Merchant discount fees                   69                       17
        Other commissions and fees              284                      155
        Gain on sale of loans                   105                       55
        Other income                            109                       44
          Total noninterest income            1,118                      581
 
      Noninterest expense:
        Salaries and employee benefits        3,473                    1,678
        Occupancy                               730                      396
        Furniture and equipment                 356                      242
        Legal expenses                          110                       84
        Other professional services             681                      449
        Stationery, supplies and printing       149                       45
        FDIC assessment                         144                       15
        Cost of other real estate owned          30                       --
        Advertising                             139                      101
        Insurance                                79                       31
        Loss on sale of securities               --                       11
        Goodwill amortization                    58                       --
        Other                                   652                      283
          Total noninterest expense           6,601                    3,335
 
      Income before income taxes              2,692                    2,210
      Income taxes                            1,115                      918
          Net income                         $1,577                   $1,292
 
      Per share information:
          Number of shares (weighted average)
            Basic                           4,400.7                  3,878.3
            Diluted                         4,618.3                  4,097.3
          Income per share
            Basic                             $0.36                    $0.33
            Diluted                           $0.34                    $0.32
 
 
                               RESULTS OF OPERATIONS
                                                          3 Months Ended
                                                             March 31,
                                                        2001           2000
 
      Per share information:
      Number of shares
       (weighted average, in thousands)               4,400.7        3,878.3
      Diluted shares
       (weighted average, in thousands)               4,618.3        4,097.3
      Basic income per share                            $0.36          $0.33
      Diluted income per share                          $0.34          $0.32
 
      Per share information before
        goodwill amortization:
      Basic income per share                            $0.37          $0.33
      Diluted income per share                          $0.35          $0.32
 
      Profitability measures before
        goodwill amortization:
      Return on average assets                          1.09%          1.65%
      Return on average equity                          20.4%          19.7%
      Efficiency ratio                                  68.1%          60.1%
 
      Adjustments to net income (in thousands):
      Net income                                       $1,577         $1,292
      Goodwill amortization                                58             --
        Adjusted net income                            $1,635         $1,292
 
      Operating revenues (in thousands):
      Net interest income                              $8,489         $4,964
      Noninterest income                                1,118            581
        Operating revenues                             $9,607         $5,545
 
      Adjustments to expenses (in thousands):
      Noninterest expense                              $6,601         $3,335
      Goodwill amortization                               (58)            --
        Operating expenses                             $6,543         $3,335
 
 
                          UNAUDITED AVERAGE BALANCE SHEETS
                                                           3 Months Ended
                                                             March 31,
                                                       2001           2000
                                                           (In thousands)
 
      Average Assets:
      Loans, net of deferred fees and costs          $358,644       $217,743
      Investment securities                           101,033         49,275
      Federal funds sold                               90,813         10,556
      Interest-bearing deposits
       in financial institutions                          441          7,143
        Average earning assets                        550,931        284,717
      Other assets                                     60,057         29,632
        Average total assets                         $610,988       $314,349
 
      Average Liabilities and Shareholders' Equity:
      Average Liabilities:
      Noninterest-bearing deposits                   $230,686        $98,572
      Time deposits of $100,000 or more                52,252         31,239
      Interest-bearing deposits                       273,637        153,531
        Average deposits                              556,575        283,342
      Other interest-bearing liabilities               13,779          2,694
      Other liabilities                                 8,091          1,982
        Average liabilities                           578,445        288,018
      Average equity                                   32,543         26,331
          Average liabilities and
           shareholders' equity                      $610,988       $314,349
 
 
      Yield Analysis:
       (Dollars in thousands)
      Average earning assets                         $550,931       $284,717
        Yield                                           8.47%          9.28%
      Average interest-bearing deposits              $325,889       $184,770
        Cost                                            3.36%          3.41%
      Average deposits                               $556,575       $283,342
        Cost                                            1.97%          2.22%
      Average interest-bearing liabilities           $339,668       $187,464
        Cost                                            3.60%          3.44%
 
      Interest spread                                   4.87%          5.84%
      Net interest margin                               6.25%          7.01%
 
 
      CREDIT QUALITY MEASURES
                                      At or for the periods ending
                      Year    3 Months  6 Months  9 Months    Year    3 Months
                    12/31/99  3/31/00   6/30/00   9/30/00   12/31/00  3/31/01
 
      Loans past due
       90 days or more
       and still
       accruing         $75      $--      $218        $3        $--      $250
      Nonaccrual
       loans
       and leases     1,845      442     2,268     2,650      2,271    11,340
      Other real
       estate
       owned          1,315    1,315     1,315     1,315      1,031       654
        Nonperforming
         assets      $3,235   $1,757    $3,801    $3,968     $3,302   $12,244
 
      Impaired
       loans,
       gross         $1,833     $434    $2,268    $2,650     $2,271   $11,340
      Allocated
       allowance for
       loan losses     (159)    (201)     (574)     (456)      (368)   (3,161)
        Net investment
         in impaired
         loans       $1,674     $233    $1,694    $2,194     $1,903    $8,179
 
      Normalized charged
       off loans
       year-to-date    $592      $15       $92      $361       $708      $119
      Recoveries
       year-to-date    (314)     (42)      (54)      (70)       (93)     (182)
        Net charge-offs
         (recoveries)  $278     $(27)      $38      $291       $615      $(63)
 
      Allowance for
       loan losses to
       loans, net of
       deferred fees
       and costs      1.95%    1.82%     1.78%     1.64%      1.57%     3.12%
      Allowance for
       loan losses to
       nonaccrual
       loans and
       leases        218.2%   916.7%    175.8%    147.7%     173.1%     98.9%
      Nonperforming
       assets to loans
       and OREO       1.56%    0.79%     1.69%     1.65%      1.31%     3.40%
      Annualized net
       charge offs to
       average loans  0.15%   (0.05%)    0.03%     0.17%      0.27%    (0.07%)
      Nonaccrual loans
       to loans, net
       of deferred
       fees and costs 0.90%    0.20%     1.01%     1.11%      0.91%     3.16%
      Allowance for
       loan losses to
       nonperforming
       assets        124.4%   230.6%    104.9%     98.6%     119.0%     91.6%
 
 
     With the Professional Merger nonaccrual loans increased substantially
 during the quarter ended March 31, 2001 by $9,069,000 from 0.91% to 3.16% of
 gross outstanding loans.  $9,323,000 of the nonaccrual loans come from First
 Professional.  Without the Merger, nonaccrual loans would have declined by
 $254,000 in the quarter.  The Allowance for Loan Losses at March 31, 2001 of
 $11,215,000 represents 98.9% of nonaccrual loans and has been deemed by
 management to be adequate to cover any shortfall that may occur upon
 disposition of the collateral along with the remaining nonaccrual loans.
 
     Normalized net recoveries for the quarter were $63,000.  This represents
 0.07% of average loans for the three-month period ended March 31, 2001.
 $4,805,000 of First Professional loans were also charged off during the
 quarter in a one-time charge associated with the Professional Merger.
 
     Forward-Looking Statements
     This press release includes forward-looking statements that involve
 inherent risks and uncertainties.  First Community Bancorp, Rancho Santa Fe
 National Bank, First Community Bank of the Desert, Professional Bancorp Inc.
 and First Professional Bank, N. A. caution readers that a number of important
 factors could cause actual results to differ materially from those in the
 forward-looking statements.  These factors include economic conditions and
 competition in the geographic and business areas in which First Community
 Bancorp, Rancho Santa Fe National Bank, First Community Bank of the Desert,
 Professional Bancorp Inc. and First Professional Bank, N. A. operate,
 inflation, fluctuations in interest rates, legislation and governmental
 regulation and the progress of integrating the operations of First Community
 Bancorp, Rancho Santa Fe National Bank, First Community Bank of the Desert,
 Professional Bancorp Inc. and First Professional Bank, N. A.
 
     For further information please contact Matthew P. Wagner, President and
 Chief Executive Office, 310-458-1521, ext. 271, or Fax, 310-458-2851, or
 Arnold C. Hahn, Executive Vice President and Chief Financial Officer,
 760-476-5400, or Fax, 760-918-2481, both of First Community Bancorp.
 
                     MAKE YOUR OPINION COUNT -  Click Here
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SOURCE First Community Bancorp
    RANCHO SANTA FE, Calif., April 30 /PRNewswire/ -- First Community Bancorp
 (Nasdaq:   FCBP) (the "Company") today announced consolidated operating earnings
 (net income before goodwill amortization) for the three months ended March 31,
 2001 were $1,635,000 or $0.35 per diluted share.  This compares with
 consolidated operating earnings of $1,292,000 or $0.32 per diluted share, for
 the three months ended March 31, 2000, a growth of approximately 11.3%.
     Consolidated net income, including goodwill amortization of $58,000, for
 the three months ended March 31, 2001 was $1,577,000 or $0.34 per diluted
 share.  This compares with net income of $1,292,000 or $0.32 per diluted
 share, for the three months ended March 31, 2000.
     On April 26, 2001 the Company Board of Directors approved a quarterly
 dividend of $0.09 per common share which is payable on May 31, 2001 to
 shareholders of record on May 15, 2001.
     On January 16, 2001, Professional Bancorp, Inc. ("Professional Bancorp")
 merged (the "Merger") with and into the Company, with the Company as the
 surviving entity.  The merger was consummated pursuant to the terms of an
 Agreement and Plan of Merger, dated as of August 7, 2000, by and between the
 Company and Professional Bancorp (the "Merger Agreement").  At that time First
 Professional Bank, N.A. ("First Professional") became a wholly owned
 subsidiary of the Company.
     Pursuant to the Merger Agreement, each issued and outstanding share of
 common stock of Professional Bancorp prior to the Merger (other than as
 provided in the Merger Agreement) was converted into the right to receive
 either 0.55 shares of Company common stock or $8.00 in cash.  Upon
 consummation of the Merger, the Company issued approximately 504,747 shares of
 common stock to former holders of Professional Bancorp common stock and
 approximately $8.9 million in cash.  As a result, the former shareholders of
 Professional Bancorp common stock own shares of Company common stock
 representing approximately 11.3% of the outstanding shares of Company common
 stock.
     Matthew Wagner, President and Chief Executive Officer stated:  "The
 combination of Rancho Santa Fe National Bank, First Community Bank of the
 Desert and First Professional forms a very attractive franchise.  While our
 first quarter results do not meet our standards, they were as expected.  We
 continue to vigorously pursue our goal of building value for our shareholders:
 
     --  Full cost reductions associated with the Professional Merger are on
         schedule but will not be fully realized until the second half of the
         year;
     --  Due to the sharp decline in interest rates during the quarter, the
         yield of the Company's loan portfolio, heavily tied to the prime rate,
         declined.  However, due to the high level of noninterest-bearing
         deposits, deposits could not be similarly repriced.  This combined
         with the low loan to deposit ratio at First Professional resulted in a
         substantial decline in net interest margin, though it remains at a
         robust 6.25%;
     --  During the fourth quarter of 2000, First Professional successfully
         converted to the same operating platform as the Company.  During the
         first half of 2001 back office operations will be further
         consolidated;
     --  The Company's operating efficiency ratio increased from 64.7% in the
         fourth quarter of 2000 to 68.1% in the first quarter of 2001 as a
         result of the lower net interest margin; and
     --  With the Professional Merger, tangible capital declined from 7.75% as
         of December 31, 2000 to 5.45% at March 31, 2001."
 
     First Community Bancorp is a $607 million bank holding company operating
 in the exclusive markets of Northern San Diego County through Rancho Santa Fe
 National Bank, the desert communities of the Coachella Valley and the Morongo
 Basin through First Community Bank of the Desert and in west Los Angeles, the
 San Fernando Valley, Pasadena and Riverside County through First Professional
 Bank.  Each bank operates under its own name with Rancho having branches in
 Rancho Santa Fe, San Diego's Golden Triangle, Escondido and Carlsbad.  First
 Community Bank of the Desert has branches in Palm Springs, Indian Wells,
 Cathedral City, Yucca Valley and Twentynine Palms.  First Professional has
 branches in Santa Monica, Beverly Hills, Pasadena, Tarzana and Redlands.
 
 
                  UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
 
                                                March 31,         December 31,
                                                  2001                2000
                                         (In thousands, except per share data)
      Assets:
      Cash and due from banks                    $35,546             $35,752
      Federal funds sold                         105,814              16,903
          Total cash and cash equivalents        141,360              52,655
 
      Interest-bearing deposits
       in financial institutions                     285                 495
 
      Federal Reserve Bank and Federal Home Loan
        Bank stock, at cost                        1,115                 913
      Securities held to maturity                 14,002               4,972
      Securities available-for-sale               77,989              40,428
          Total securities                        93,106              46,313
 
      Gross loans                                356,693             251,185
      Deferred fees and costs                      (638)               (633)
          Loans, net of deferred fees and costs  356,055             250,552
      Allowance for loan losses                 (11,215)             (3,930)
          Net loans                              344,840             246,622
 
      Loans held for sale                          3,338                  --
      Premises and equipment                       5,323               5,027
      Other real estate owned, net                   654               1,031
      Goodwill                                     4,300                  --
      Other assets                                14,040               6,144
          Total Assets                          $607,246            $358,287
 
      Liabilities and Shareholders' Equity:
      Liabilities:
      Noninterest-bearing deposits              $219,539            $114,042
      Interest bearing deposits                  328,626             202,896
          Total deposits                         548,165             316,938
 
      Accrued interest payable and
       other liabilities                           6,736               3,888
      Short-term borrowings                        6,500               1,689
      Convertible debt                               673                  --
      Trust preferred securities                   8,000               8,000
          Total Liabilities                      570,074             330,515
 
      Shareholders' Equity:
      Common stock                                28,266              20,402
      Retained earnings                            8,605               7,432
      Accumulated other comprehensive income (loss):
        Unrealized gains (losses) on securities
         available-for-sale, net                     301                 (62)
          Total Shareholders' Equity              37,172              27,772
            Total Liabilities and
             Shareholders' Equity               $607,246            $358,287
 
      Shares outstanding                         4,512.4             3,971.4
      Book value per share                         $8.24               $6.99
 
 
             UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                      3 Months Ended
                                                         March 31,
                                             2001                      2000
                                         (In thousands, except per share data)
      Interest income:
        Interest and fees on loans           $8,662                   $5,575
        Interest on interest-bearing
         deposits in financial institutions      10                      105
        Interest on investment securities     1,578                      736
        Interest on federal funds sold        1,255                      151
          Total interest income              11,505                    6,567
 
      Interest expense:
        Interest expense on deposits          2,701                    1,565
        Interest expense on
         short-term borrowings                   89                       38
        Interest expense on convertible debt     11                       --
        Interest expense on trust preferred
         securities                             215                       --
          Total interest expense              3,016                    1,603
      Net interest income:                    8,489                    4,964
          Provision for loan losses             314                       --
        Net interest income after provision
         for loan losses                      8,175                    4,964
 
      Noninterest income:
        Service charges and fees
         on deposit accounts                    551                      310
        Merchant discount fees                   69                       17
        Other commissions and fees              284                      155
        Gain on sale of loans                   105                       55
        Other income                            109                       44
          Total noninterest income            1,118                      581
 
      Noninterest expense:
        Salaries and employee benefits        3,473                    1,678
        Occupancy                               730                      396
        Furniture and equipment                 356                      242
        Legal expenses                          110                       84
        Other professional services             681                      449
        Stationery, supplies and printing       149                       45
        FDIC assessment                         144                       15
        Cost of other real estate owned          30                       --
        Advertising                             139                      101
        Insurance                                79                       31
        Loss on sale of securities               --                       11
        Goodwill amortization                    58                       --
        Other                                   652                      283
          Total noninterest expense           6,601                    3,335
 
      Income before income taxes              2,692                    2,210
      Income taxes                            1,115                      918
          Net income                         $1,577                   $1,292
 
      Per share information:
          Number of shares (weighted average)
            Basic                           4,400.7                  3,878.3
            Diluted                         4,618.3                  4,097.3
          Income per share
            Basic                             $0.36                    $0.33
            Diluted                           $0.34                    $0.32
 
 
                               RESULTS OF OPERATIONS
                                                          3 Months Ended
                                                             March 31,
                                                        2001           2000
 
      Per share information:
      Number of shares
       (weighted average, in thousands)               4,400.7        3,878.3
      Diluted shares
       (weighted average, in thousands)               4,618.3        4,097.3
      Basic income per share                            $0.36          $0.33
      Diluted income per share                          $0.34          $0.32
 
      Per share information before
        goodwill amortization:
      Basic income per share                            $0.37          $0.33
      Diluted income per share                          $0.35          $0.32
 
      Profitability measures before
        goodwill amortization:
      Return on average assets                          1.09%          1.65%
      Return on average equity                          20.4%          19.7%
      Efficiency ratio                                  68.1%          60.1%
 
      Adjustments to net income (in thousands):
      Net income                                       $1,577         $1,292
      Goodwill amortization                                58             --
        Adjusted net income                            $1,635         $1,292
 
      Operating revenues (in thousands):
      Net interest income                              $8,489         $4,964
      Noninterest income                                1,118            581
        Operating revenues                             $9,607         $5,545
 
      Adjustments to expenses (in thousands):
      Noninterest expense                              $6,601         $3,335
      Goodwill amortization                               (58)            --
        Operating expenses                             $6,543         $3,335
 
 
                          UNAUDITED AVERAGE BALANCE SHEETS
                                                           3 Months Ended
                                                             March 31,
                                                       2001           2000
                                                           (In thousands)
 
      Average Assets:
      Loans, net of deferred fees and costs          $358,644       $217,743
      Investment securities                           101,033         49,275
      Federal funds sold                               90,813         10,556
      Interest-bearing deposits
       in financial institutions                          441          7,143
        Average earning assets                        550,931        284,717
      Other assets                                     60,057         29,632
        Average total assets                         $610,988       $314,349
 
      Average Liabilities and Shareholders' Equity:
      Average Liabilities:
      Noninterest-bearing deposits                   $230,686        $98,572
      Time deposits of $100,000 or more                52,252         31,239
      Interest-bearing deposits                       273,637        153,531
        Average deposits                              556,575        283,342
      Other interest-bearing liabilities               13,779          2,694
      Other liabilities                                 8,091          1,982
        Average liabilities                           578,445        288,018
      Average equity                                   32,543         26,331
          Average liabilities and
           shareholders' equity                      $610,988       $314,349
 
 
      Yield Analysis:
       (Dollars in thousands)
      Average earning assets                         $550,931       $284,717
        Yield                                           8.47%          9.28%
      Average interest-bearing deposits              $325,889       $184,770
        Cost                                            3.36%          3.41%
      Average deposits                               $556,575       $283,342
        Cost                                            1.97%          2.22%
      Average interest-bearing liabilities           $339,668       $187,464
        Cost                                            3.60%          3.44%
 
      Interest spread                                   4.87%          5.84%
      Net interest margin                               6.25%          7.01%
 
 
      CREDIT QUALITY MEASURES
                                      At or for the periods ending
                      Year    3 Months  6 Months  9 Months    Year    3 Months
                    12/31/99  3/31/00   6/30/00   9/30/00   12/31/00  3/31/01
 
      Loans past due
       90 days or more
       and still
       accruing         $75      $--      $218        $3        $--      $250
      Nonaccrual
       loans
       and leases     1,845      442     2,268     2,650      2,271    11,340
      Other real
       estate
       owned          1,315    1,315     1,315     1,315      1,031       654
        Nonperforming
         assets      $3,235   $1,757    $3,801    $3,968     $3,302   $12,244
 
      Impaired
       loans,
       gross         $1,833     $434    $2,268    $2,650     $2,271   $11,340
      Allocated
       allowance for
       loan losses     (159)    (201)     (574)     (456)      (368)   (3,161)
        Net investment
         in impaired
         loans       $1,674     $233    $1,694    $2,194     $1,903    $8,179
 
      Normalized charged
       off loans
       year-to-date    $592      $15       $92      $361       $708      $119
      Recoveries
       year-to-date    (314)     (42)      (54)      (70)       (93)     (182)
        Net charge-offs
         (recoveries)  $278     $(27)      $38      $291       $615      $(63)
 
      Allowance for
       loan losses to
       loans, net of
       deferred fees
       and costs      1.95%    1.82%     1.78%     1.64%      1.57%     3.12%
      Allowance for
       loan losses to
       nonaccrual
       loans and
       leases        218.2%   916.7%    175.8%    147.7%     173.1%     98.9%
      Nonperforming
       assets to loans
       and OREO       1.56%    0.79%     1.69%     1.65%      1.31%     3.40%
      Annualized net
       charge offs to
       average loans  0.15%   (0.05%)    0.03%     0.17%      0.27%    (0.07%)
      Nonaccrual loans
       to loans, net
       of deferred
       fees and costs 0.90%    0.20%     1.01%     1.11%      0.91%     3.16%
      Allowance for
       loan losses to
       nonperforming
       assets        124.4%   230.6%    104.9%     98.6%     119.0%     91.6%
 
 
     With the Professional Merger nonaccrual loans increased substantially
 during the quarter ended March 31, 2001 by $9,069,000 from 0.91% to 3.16% of
 gross outstanding loans.  $9,323,000 of the nonaccrual loans come from First
 Professional.  Without the Merger, nonaccrual loans would have declined by
 $254,000 in the quarter.  The Allowance for Loan Losses at March 31, 2001 of
 $11,215,000 represents 98.9% of nonaccrual loans and has been deemed by
 management to be adequate to cover any shortfall that may occur upon
 disposition of the collateral along with the remaining nonaccrual loans.
 
     Normalized net recoveries for the quarter were $63,000.  This represents
 0.07% of average loans for the three-month period ended March 31, 2001.
 $4,805,000 of First Professional loans were also charged off during the
 quarter in a one-time charge associated with the Professional Merger.
 
     Forward-Looking Statements
     This press release includes forward-looking statements that involve
 inherent risks and uncertainties.  First Community Bancorp, Rancho Santa Fe
 National Bank, First Community Bank of the Desert, Professional Bancorp Inc.
 and First Professional Bank, N. A. caution readers that a number of important
 factors could cause actual results to differ materially from those in the
 forward-looking statements.  These factors include economic conditions and
 competition in the geographic and business areas in which First Community
 Bancorp, Rancho Santa Fe National Bank, First Community Bank of the Desert,
 Professional Bancorp Inc. and First Professional Bank, N. A. operate,
 inflation, fluctuations in interest rates, legislation and governmental
 regulation and the progress of integrating the operations of First Community
 Bancorp, Rancho Santa Fe National Bank, First Community Bank of the Desert,
 Professional Bancorp Inc. and First Professional Bank, N. A.
 
     For further information please contact Matthew P. Wagner, President and
 Chief Executive Office, 310-458-1521, ext. 271, or Fax, 310-458-2851, or
 Arnold C. Hahn, Executive Vice President and Chief Financial Officer,
 760-476-5400, or Fax, 760-918-2481, both of First Community Bancorp.
 
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 SOURCE  First Community Bancorp