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The arrangement is designed to give the bank some high-level mortgage expertise, but some industry observers have raised questions about the size of the $100,000 monthly fee.
February 15 -
First PacTrust Bancorp (BANC) in Irvine, Calif., raised $43.1 million from the sale of senior notes.
December 7 -
First PacTrust Bancorp (BANC) has landed another deal and a co-chief executive.
August 22
An uptick in home loans helped First PacTrust Bancorp (BANC) narrow its losses in the fourth quarter.
The Irvine, Calif., company lost $3.2 million, compared with $5.6 million a year earlier.
Lending increased 59%, to $1.2 billion. First PacTrust has assets of $1.6 billion.
Noninterest income for the quarter was $16 million, compared with $500,000 a year earlier, primarily because of revenue from mortgage banking.
Net interest income roughly doubled, to $14.8 million, year over year. Net interest margin expanded 39 basis points, to 3.77%, because of higher yields and lower costs of deposits.
Noninterest expense rose 158%, to $28.9 million, because of expenses related to the company's pending purchase of
Its efficiency ratio improved to 93.96%, from 140.3%, year over year.
And its provision for loan losses fell 14.9%, to $3.5 million.
"We continue to focus on the closing of the acquisition of the Private Bank of California, the realization of operating synergies relating to our recently closed acquisitions, and the continued expansion of our commercial banking and residential lending platforms," Steve Sugarman, First PacTrust's chief executive, said in a news release.
