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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Act of 1934
Date of Report (Date of earliest event reported):
February 11, 1998 (January 20, 1998)
FP BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-17650 33-0018976
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(State or other jurisdiction (Commission (IRS Employer
of Incorporation File Number) Identification Number)
613 West Valley Parkway, Escondido, California 92025-4929
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (760) 741-3312
None
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
FP Bancorp, Inc. announced earnings for 1997, in the press release included
herein as Attachment A, which is attached and incorporated by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FP BANCORP, INC.
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(Registrant)
By: \s\ MICHAEL J. PERDUE
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Michael J. Perdue
Executive Vice President and Chief Operating Officer
(Duly authorized officer and principal financial officer)
Dated: February 11, 1998
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Attahment A to Form 8-K Dated February 11, 1998
PRESS RELEASE
Release date: JANUARY 20, 1998
Contact: HARVEY L. WILLIAMSON
PRESIDENT/CHIEF EXECUTIVE OFFICER
FP BANCORP, INC.
(760) 739-6500
Subject: FP BANCORP, INC. REPORTS RECORD EARNINGS FOR FISCAL YEAR 1997
ESCONDIDO, CA - FP Bancorp, Inc., parent company of First Pacific National Bank,
announced significant asset growth and record earnings for the year ended
December 31, 1997.
Net earnings for the year ended December 31, 1997 were $4,383,000, a 4% increase
over net earnings of $4,208,000 reported for 1996. Pretax earnings were
$7,557,000 for the year ended December 31, 1997, representing an increase of
130% over $3,286,000 of pretax earnings recorded for 1996. Diluted earnings per
share were $1.45 in 1997, an increase of 2% over diluted earnings per share of
$1.41 in 1996.
Net earnings for the three months ended December 31, 1997 were $1,282,000,
representing an increase of 27% over the $1,007,000 earned during the fourth
quarter of 1996. Diluted earnings per share were $0.42, an increase of 31% over
the $0.32 per share reported for the same quarter in 1996.
FP Bancorp also reported significant growth in deposits, loans and total assets
during 1997. As of December 31, 1997, deposits were $309.5 million, loans were
$230.6 million and total assets were $353.2 million, representing increases of
17%, 8% and 14%, respectively, from the same date in 1996.
"This has been an extremely successful year for us," stated FP Bancorp's
President and Chief Executive Officer, Harvey L. Williamson. "We more than
doubled our pretax income, substantially improved our efficiency ratio and
concluded the year with an agreement with Zions Bancorporation that will bring
significant benefits to our stockholders and customers."
FP Bancorp recently announced that it had signed a definitive agreement with
Zions Bancorporation (Salt Lake City, Utah) under which FP Bancorp will merge
with and into Zions, and First Pacific National Bank with and into Grossmont
Bank, a subsidiary of
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Zions, in exchange for common shares of Zions. The merger, which is expected to
close during the second quarter of 1998, is subject to the approval of banking
regulators and the stockholders of FP Bancorp.
FP Bancorp's only operating subsidiary, First Pacific National Bank, operates
eight branches in the cities of Escondido, San Marcos, Temecula, Rancho
Bernardo, Valley Center and Moreno Valley. Investor information about FP Bancorp
can be accessed on the Internet at www.fpnb.com, www.nasdaq.com or at
www.businesswire.com.
The Company's common stock is traded on the Nasdaq National Market System under
the symbol FPBN.
Statements made in this press release that state the Company's or management's
intentions, beliefs, expectations or predictions of the future are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. The Company's actual results could differ
materially from those projected in such forward-looking statements. Additional
information concerning factors that could cause actual results to differ
materially from those in the forward-looking statement is contained from time to
time in the Company's SEC filings, including but not limited to reports on Forms
10-KSB and 10-QSB. Copies of these filings may be obtained by contacting the
Company or the SEC, or may be accessed via the Internet at www.nasdaq.com or
www.sec.gov.
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FP BANCORP, INC.
FINANCIAL HIGHLIGHTS
Three Months Ended Year Ended
December 31, December 31,
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For the period 1997 1996 1997 1996
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Earnings before taxes $ 2,225,000 $ 1,347,000 $ 7,557,000 $ 3,286,000
Income taxes (benefit) 943,000 340,000 3,174,000 (922,000)
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Net earnings $ 1,282,000 $ 1,007,000 $ 4,383,000 $ 4,208,000
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Avg common stock outstanding 2,778,000 2,654,000 2,710,000 2,652,000
Basic earnings per share $ 0.46 $ 0.38 $ 1.62 $ 1.59
Diluted earnings per share $ 0.42 $ 0.32 $ 1.45 $ 1.41
Net interest income $ 5,212,000 $ 4,487,000 $ 19,941,000 $ 15,726,000
Provision for loan losses $ 108,000 $ 150,000 $ 432,000 $ 700,000
Net charge-offs $ 384,000 $ 452,000 $ 1,191,000 $ 882,000
Return on average assets - annualized 1.44% 1.35% 1.30% 1.58%
Return on average equity - annualized 19.77% 19.39% 18.69% 22.38%
December 31,
-------------------------------- Increase Increase
At End of Period 1997 1996 (Decrease) (Decrease)
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Total assets $353,204,000 $308,585,000 $ 44,619,000 14.46%
Goodwill and other intangibles, net $ 3,938,000 $ 3,431,000 $ 507,000 14.78%
Total deposits $309,502,000 $264,521,000 $ 44,981,000 17.00%
Total loans $230,502,000 $213,997,000 $ 16,505,000 7.71%
Allowance for loan losses $ 2,646,000 $ 3,121,000
Allowance/Total loans 1.15% 1.46%
Long-term debt $ 4,575,000 $ 4,575,000
Stockholders' equity $ 26,189,000 $ 20,978,000
Leverage ratio 6.29% 5.54%
Tier 1 risk-based capital ratio 9.10% 7.47%
Total risk-based capital ratio 10.20% 8.72%
Quarter-end common shares outstanding 2,779,000 2,654,000
GAAP stockholders' equity per share $ 9.42 $ 7.91
Tangible stockholders' equity per share $ 8.01 $ 6.61
Nonperforming loans $ 655,000 $ 2,148,000
Other real estate owned $ 1,260,000 $ 1,329,000
Nonperforming assets $ 1,915,000 $ 3,477,000
Nonperforming loans/Total loans 0.28% 1.00%
Nonperforming assets/Total assets 0.54% 1.13%