First California Financial Posts Record $2.5M 3rd Quarter Income

Cites Increased Operational Efficiency and Priorities for Shareholders?? Interests

The First California Financial Group, holding company of First California Bank, reported a third quarter net income of $2.5 million compared with $64,000 for the same quarter a year ago.

Net income available to common shareholders was $900,000, or $0.03 per diluted share, which was after dividends of $1,615,500 on the preferred stock series B and series C shares. A year ago, the Company had a third quarter net loss available to common shareholders of $249,000, or $0.01 per share, which was after a $312,500 cash dividend on the series B preferred shares.

Our strong earnings were the result of successful implementation of initiatives designed to leverage the capital that we raised in 2010 by acquiring strategic assets and expanding our operating platform.” – C. G. Kum President/CEO First California Financial Group

These initiatives, which included the acquisition and integration of two FDIC assisted transactions and the EPS division as well as addition of new lending teams, contributed to improvement in our top-line revenues, growth in core earnings, higher net interest margin and lower efficiency ratio. Moreover, with our ongoing success in improving asset quality, we continue to lower our exposure to problem assets,” he explained.

Management also revealed that the interest of shareholders will be one of their priorities so the company will keep on working to improve its efficiency ratio and continues to target viable ventures to continuously work for the betterment of its corporate organization.

Kum said “To further increase profitability, we recently expanded our senior management team with a chief banking officer and added experienced bankers in a number of key markets. We believe this, combined with our recent re-entry in the Small Business Administration (SBA) loan program and the opening of a de novo branch in Palm Springs in early 2012, will enhance, strengthen and diversify our business.”

First California Financial Group was founded in 1979 with nearly $2 billion in assets, First California serves the comprehensive financial needs of small- and middle-sized businesses and high net worth individuals throughout Southern California. Led by an experienced team of bankers, First California is committed to providing the best client service available in its markets, offering a full line of quality commercial banking products through 19 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo and Ventura counties


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