UPDATE: First Choice Bancorp (FCBP) Tops Q4 EPS by 3c

First Choice Bancorp (NASDAQ: FCBP) reported Q4 EPS of $0.56, $0.03 better than the analyst estimate of $0.53.

• Net income of $6.7 million, or $0.56 per diluted share
• Net income included after tax merger related expenses of $606 thousand, or $0.05 per diluted share
• Net interest margin expands to 5.34%
• Total loans held for investment increased $25.6 million, or 8.4% annualized
• Noninterest-bearing deposits at 43.7% of total deposits
• Cash dividend of $0.20 per share paid
• First quarter of 2019 cash dividend of $0.20 per share declared

“Our fourth quarter performance capped a milestone year for First Choice Bancorp that included listing on the NASDAQ stock exchange and completing our merger with Pacific Commerce Bancorp,” said Peter Hui, Chairman of the Board of First Choice Bancorp. “We believe these accomplishments have created significant value for our franchise. Going forward, we believe that the strong returns generated from our business model will provide us the flexibility to return capital to shareholders through dividends and stock buybacks, while also supporting our continued growth.”

“We had a very productive quarter, as we continued to generate solid organic loan growth while fully integrating the operations of Pacific Commerce Bank and ensuring a smooth transition for our new clients and employees,” said Robert M. Franko, President and CEO of First Choice Bancorp. “With the beneficial impact of PCB’s operations, we are seeing positive trends across our key performance metrics including lower funding costs, an expanding net interest margin, and an improved efficiency ratio. We also continue to have outstanding asset quality and had no net charge-offs in the quarter. In 2019, we will remain focused on the disciplined expense management that has been in place since the merger. We also expect to capitalize on our larger presence in Southern California to continue attracting new customers to the company, generating solid balance sheet growth, and delivering another strong year of earnings growth for our shareholders.”

For earnings history and earnings-related data on First Community Bancorp/ca (FCBP) click here.

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