First Community Bancorp in Rancho Santa Fe, Calif., said Friday that it earned $15.3 million in the fourth quarter, up 46.3% from the year-earlier period.
It was aided by a pair of acquisitions in the third and fourth quarters that added $470 million of assets.
The $3.2 billion-asset, two-bank holding company also credited strong organic loan growth in the fourth quarter and throughout the year. Of the $350 million of loans it added in 2005, more than one-third was organic, it said.
First Community's net interest margin remains among the strongest in the industry. It reported a net interest margin of 6.85% in the fourth quarter, up 101 basis points from a year earlier. For the year its net interest margin was 6.37%, up 79 basis points.
Its net income for the year rose 38.5%, to $50.4 million.
