First Regional Posts Solid First Quarter Gains In Net Income, Assets, Deposits and Loans

Apr 26, 2001, 01:00 ET from First Regional Bancorp

    CENTURY CITY, Calif., April 26 /PRNewswire/ -- First Regional Bancorp
 (Nasdaq:   FRGB) posted solid gains in all major aspects of its operations for
 the first quarter of 2001, highlighted by a 19 percent rise in net income.
 Assets, deposits and net loans were also up substantially from the first
 quarter of the prior year.
     In the three months ended March 31, 2001, net income reached $612,000 or
 23 cents per share compared to $513,000 or 19 cents per share for the same
 period last year.  Total assets were up 28 percent to $303 million from
 $235 million, while deposits reached almost $275 million, a 32 percent gain
 from last year's $208 million.  Net loans were especially strong, rising more
 than 75 percent to $251 million from $141 million in the first quarter of
 2000.
     Jack A. Sweeney, Chairman and Chief Executive Officer, said: "Based on our
 results from the initial quarter of 2001, we believe that First Regional is on
 track for another successful year of growth and profitability.
     "Revenue growth has been strong in 2001.  Revenue from earning assets rose
 by 33 percent to $6.2 million in the first quarter from $4.6 million in the
 corresponding period last year.  In particular, we are pleased that our
 lending activity has increased almost $20 million since December 31, and has
 more than doubled within the last five quarters.
     "We continue to benefit from our expanding network of regional offices in
 Los Angeles and Orange counties -- Encino, Glendale, Irvine, Santa Monica and
 Torrance -- as well as our headquarters office in Century City.  Throughout
 this period of impressive loan growth, we have maintained our emphasis of
 ensuring that the quality of these loans has not been sacrificed in the
 pursuit of growth."
     Mr. Sweeney added: "In the first quarter, we filed for regulatory approval
 to establish a trust and investment division, which would be located in
 Century City and be headed by Executive Vice President Jeffrey Hahn.  This
 division will enable First Regional to offer existing and prospective clients
 full corporate and personal trust services in addition to our proven
 commercial banking products.
     "We anticipate that the new division will represent a major new revenue
 source and make a significant contribution to our success in the years to
 come.
     "While the year 2001 is off to an excellent start, a slowing economy or
 further reductions in interest rates by the Federal Reserve could impact our
 future profitability.  However, First Regional's long-standing business plan
 focusing on high asset quality, strong capital, and prudent reserves will give
 us the financial strength and flexibility to cope with any challenges which
 may lie ahead."
 
     First Regional Bancorp is a bank holding company headquartered in Century
 City.  Its subsidiary, First Regional Bank, specializes in providing
 businesses and professionals with the management expertise of a major bank and
 the personalized service of an independent.
 
     This report includes forward-looking statements that involve inherent
 risks and uncertainties.  A number of important factors could cause actual
 results to differ materially from those in the forward-looking statements.
 Those factors include fluctuations in interest rates, inflation, government
 regulations, and economic conditions and competition in the geographic and
 business areas in which First Regional Bancorp conducts its operations.
 
 
                               SUMMARY OF RESULTS
 
                                                 First Quarter Ended March 31
                                                       2001           2000
 
     Net income                                      $612,000       $513,000
     Net income per share
       Basic and diluted                                $0.23          $0.19
 
     Average shares outstanding                     2,649,190      2,713,525
     Diluted average shares                         2,677,953      2,729,398
 
 
                                                         At March 31
                                                     2001            2000
 
     Total assets                                $302,951,000   $234,687,000
     Total deposits                              $274,690,000   $208,423,000
     Net loans                                   $250,586,000   $140,639,000
     Equity capital                               $23,101,000    $21,205,000
     Shares outstanding                             2,636,494      2,717,497
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X51402223
 
 

SOURCE First Regional Bancorp
    CENTURY CITY, Calif., April 26 /PRNewswire/ -- First Regional Bancorp
 (Nasdaq:   FRGB) posted solid gains in all major aspects of its operations for
 the first quarter of 2001, highlighted by a 19 percent rise in net income.
 Assets, deposits and net loans were also up substantially from the first
 quarter of the prior year.
     In the three months ended March 31, 2001, net income reached $612,000 or
 23 cents per share compared to $513,000 or 19 cents per share for the same
 period last year.  Total assets were up 28 percent to $303 million from
 $235 million, while deposits reached almost $275 million, a 32 percent gain
 from last year's $208 million.  Net loans were especially strong, rising more
 than 75 percent to $251 million from $141 million in the first quarter of
 2000.
     Jack A. Sweeney, Chairman and Chief Executive Officer, said: "Based on our
 results from the initial quarter of 2001, we believe that First Regional is on
 track for another successful year of growth and profitability.
     "Revenue growth has been strong in 2001.  Revenue from earning assets rose
 by 33 percent to $6.2 million in the first quarter from $4.6 million in the
 corresponding period last year.  In particular, we are pleased that our
 lending activity has increased almost $20 million since December 31, and has
 more than doubled within the last five quarters.
     "We continue to benefit from our expanding network of regional offices in
 Los Angeles and Orange counties -- Encino, Glendale, Irvine, Santa Monica and
 Torrance -- as well as our headquarters office in Century City.  Throughout
 this period of impressive loan growth, we have maintained our emphasis of
 ensuring that the quality of these loans has not been sacrificed in the
 pursuit of growth."
     Mr. Sweeney added: "In the first quarter, we filed for regulatory approval
 to establish a trust and investment division, which would be located in
 Century City and be headed by Executive Vice President Jeffrey Hahn.  This
 division will enable First Regional to offer existing and prospective clients
 full corporate and personal trust services in addition to our proven
 commercial banking products.
     "We anticipate that the new division will represent a major new revenue
 source and make a significant contribution to our success in the years to
 come.
     "While the year 2001 is off to an excellent start, a slowing economy or
 further reductions in interest rates by the Federal Reserve could impact our
 future profitability.  However, First Regional's long-standing business plan
 focusing on high asset quality, strong capital, and prudent reserves will give
 us the financial strength and flexibility to cope with any challenges which
 may lie ahead."
 
     First Regional Bancorp is a bank holding company headquartered in Century
 City.  Its subsidiary, First Regional Bank, specializes in providing
 businesses and professionals with the management expertise of a major bank and
 the personalized service of an independent.
 
     This report includes forward-looking statements that involve inherent
 risks and uncertainties.  A number of important factors could cause actual
 results to differ materially from those in the forward-looking statements.
 Those factors include fluctuations in interest rates, inflation, government
 regulations, and economic conditions and competition in the geographic and
 business areas in which First Regional Bancorp conducts its operations.
 
 
                               SUMMARY OF RESULTS
 
                                                 First Quarter Ended March 31
                                                       2001           2000
 
     Net income                                      $612,000       $513,000
     Net income per share
       Basic and diluted                                $0.23          $0.19
 
     Average shares outstanding                     2,649,190      2,713,525
     Diluted average shares                         2,677,953      2,729,398
 
 
                                                         At March 31
                                                     2001            2000
 
     Total assets                                $302,951,000   $234,687,000
     Total deposits                              $274,690,000   $208,423,000
     Net loans                                   $250,586,000   $140,639,000
     Equity capital                               $23,101,000    $21,205,000
     Shares outstanding                             2,636,494      2,717,497
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X51402223
 
 SOURCE  First Regional Bancorp