8-K

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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

January 29, 2003
Date of Report (Date of Earliest Event Reported)

FIRST COMMUNITY BANCORP
(Exact Name of Registrant as Specified in Charter)

CALIFORNIA
(State or Other Jurisdiction of Incorporation)

00-30747
(Commission File Number) 33-0885320
(IRS Employer Identification No.)

6110 El Tordo
PO Box 2388
Rancho Santa Fe, California 92067
(Address of Principal Executive Offices)

(858) 756-3023
(Registrant's Telephone Number, including Area Code)

        The information in this Current Report on Form 8-K, including the exhibit, is furnished pursuant to Item 9 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of First Community Bancorp (the "Company") under the Securities Act of 1933, as amended.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

        The following exhibit is furnished as part of this report:

99.1 Press release of First Community Bancorp, dated January 29, 2003, announcing earnings for the fourth quarter and fiscal year-ended December 31, 2002.

Item 9. Regulation FD Disclosure.

        On January 29, 2003, First Community Bancorp announced its earnings for the fourth quarter and fiscal year-ended December 31, 2002. Attached hereto as Exhibit 99.1 is a copy of the press release.

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SIGNATURE

        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 hereunder duly authorized.

        Dated: January 29, 2003

FIRST COMMUNITY BANCORP
By:	/s/  JARED M. WOLFF Jared M. Wolff Executive Vice President, General Counsel and Secretary

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Exhibit Index

Exhibit Number	Description
99.1	Press release of First Community Bancorp, dated January 29, 2003, announcing results for the fourth quarter and fiscal year-ended December 31, 2002.

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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Item 9. Regulation FD Disclosure.

SIGNATURE
Exhibit Index

EX-99.1

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PRESS RELEASE

First Community Bancorp
(NASDAQ: FCBP)

Contact:	Matthew P. Wagner President and Chief Executive Officer 120 Wilshire Boulevard Santa Monica, CA 90401	Lynn M. Hopkins Executive Vice President and Chief Financial Officer 275 North Brea Boulevard Brea, CA 92821
Phone:	310-458-1521 × 271	714-674-5330
Fax:	310-451-4555	714-674-5377

FOR IMMEDIATE RELEASE JANUARY 29, 2003

FIRST COMMUNITY BANCORP ANNOUNCES EARNINGS FOR THE FOURTH QUARTER OF 2002

        Rancho Santa Fe, California. .. First Community Bancorp (Nasdaq: FCBP) today announced consolidated operating income (net income before intangible amortization expense, net of applicable taxes) for the three months ended December 31, 2002 of $6,809,000, or $0.43 per diluted share. This compares with consolidated operating income of $1,394,000 or $0.25 per diluted share, for the three months ended December 31, 2001, an increase of approximately 72%.

        Consolidated net income for the three months ended December 31, 2002 was $6,408,000, or $0.41 per diluted share. This compares with consolidated net income of $1,394,000 or $0.25 per diluted share, for the three months ended December 31, 2001. Based on net income for the fourth quarter of 2002, the Company's return on average assets was 1.16% and the efficiency ratio was 65.6% which compares favorably to a return on average assets of 0.71% and an efficiency ratio of 76.1% for the same period in 2001.

        Consolidated operating income (net income before intangible amortization expense, net of applicable taxes) for the year ended December 31, 2002 was $17,648,000, or $1.65 per diluted share. For the year ended December 31, 2001 the Company reported consolidated operating income of $6,317,000 or $1.27 per diluted share, representing growth of approximately 30%. Based on operating income for the year ended December 31, 2002, the Company's return on average assets was 1.19% and resulted in an efficiency ratio of 64.4%. This compares to a return on average assets of 0.95% and an efficiency ratio of 69.4% based on operating income for the year ended December 31, 2001.

        Consolidated net income for the year ended December 31, 2002 was $16,912,000, or $1.58 per diluted share. This compares with net income of $6,110,000 or $1.23 per diluted share, for the year ended December 31, 2001, representing growth of approximately 28%. Net income for the year ended December 31, 2002 resulted in a return on average assets of 1.14% compared to 0.92% for the prior year and an efficiency ratio of 65.9% for 2002 compared to 70.0% for 2001.

        Matt Wagner, President and Chief Executive Officer stated: "We had a productive fourth quarter and are pleased to end the year on a high note, having grown operating earnings per share for the year by roughly 30%, and having continued to demonstrate our ability to effectively acquire and integrate banks. We were able to end the year with a solid loan-to-deposit ratio, and we took advantage of the interest-rate environment to lower our average cost of deposits and achieve a net interest margin of 5.38% for the fourth quarter. The fourth quarter involved focusing efforts around our core businesses

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and integrating the acquisitions completed in the third quarter of Upland Bank, Marathon Bancorp and First National Bank. As a result of and in addition to these internal efforts, we:

•

Successfully converted Marathon to the Company's operating platform;



•

Completed the acquisition of Bank of Coronado, a $109 million asset bank, which closed as scheduled on January 9, 2003;



•

Successfully concluded the sale of substantially all of the loans in the indirect auto loan portfolio. Although the loans were sold at a discount resulting in a loss of $703,000, the sale frees up resources for our Company's lending focus in commercial and real estate markets;



•

Averaged a net interest margin of 5.41% for the year despite the 50 basis point downward movement in rates in November 2002, an increase of 8 basis points over the average net interest margin for the year ended December 31, 2001;



•

Achieved a cost of deposits of 0.81% for the fourth quarter of 2002;



•

Achieved an average loan-to-deposit ratio of 85.0% during the fourth quarter of 2002, an increase of over 10% since the first quarter of 2002;



•

Sold smaller odd-lot securities and other securities which met certain interest rate characteristics to generally reposition the securities portfolio to shorter duration vehicles;



•

Improved the Company's operating efficiency ratio to 63.4% for the fourth quarter of 2002 compared to 76.1% for the fourth quarter if 2001 and 71.7% for the first quarter of 2002 as a result of operating efficiencies realized through the consolidation of back office operations."

        During the fourth quarter 2002, nonaccrual loans remained relatively flat and totaled $10.2 million at December 31, 2002 while nonperforming assets decreased $1.7 million to $13.3 million, or 0.93% of gross loans and OREO. Nonperforming assets declined due mainly to other real estate owned sales of $1.3 million, with related gains of approximately $125,000, and other real estate owned writedowns of $330,000. The ratio of nonaccrual loans to loans, net of deferred fees and costs, was 0.72% as of December 31, 2002, which is slightly higher than the September 30, 2002 ratio of 0.68% due primarily to the decline in loans resulting from the indirect auto loan sale.

        During the year ended December 31, 2002 annualized net charge-offs (normalized) as a percentage of average loans decreased to 0.10% from 0.37% for the year ended December 31, 2001. The allowance for loan losses totaled $24.3 million at December 31, 2002 and represents 1.71% of loans, net of deferred fees and costs, and 237.8% of nonaccrual loans as of that date.

Description of First Community

        First Community Bancorp is approximately a $2.1 billion bank holding company with two wholly-owned banking subsidiaries, Pacific Western National Bank and First National Bank. First Community provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses through 35 full-service community banking branches. Pacific Western has 18 branches throughout Los Angeles, Orange, Riverside and San Bernardino Counties and First National Bank, formerly Rancho Santa Fe National Bank, has 17 branches across Imperial and San Diego Counties.

Forward Looking Statements

        This press release with respect to First Community Bancorp contains forward-looking statements that involve risks, uncertainties and assumptions. All statements other than statements of historical fact are forward-looking statements. Risks and uncertainties include, but are not limited to: the possibility that expected cost savings cannot be fully realized or realized within the expected time frame; revenues

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are lower than expected; competitive pressure among depository institutions increases significantly; the cost of integration of acquired businesses costs more, takes longer or is less successful than expected; the cost of additional capital is more than expected; changes in the interest rate environment reduces interest margins; general economic conditions, either nationally or in the market area in which First Community does business, are less favorable than expected; legislation or regulatory requirements or changes adversely affect First Community's business; changes that may occur in the securities markets; and other risks that are described in First Community's Securities and Exchange Commission filings. If any of these uncertainties materializes or any of these assumptions proves incorrect, First Community's results could differ materially from First Community's expectations as set forth in these statements. First Community assumes no obligation and does not intend to update such forward-looking statements.

        Investors and security holders are urged to read First Community Bancorp's annual report on Form 10-K for the year ended December 31, 2002 (when it becomes available) and other documents filed by the Company with the Securities and Exchange Commission. The documents filed by First Community with the Commission may be obtained at the Commission's website at http://www.sec.gov. These documents may also be obtained free of charge from First Community by directing a request to: First Community Bancorp c/o Pacific Western Bank, 275 North Brea Boulevard, Brea, CA 92821. Attention: Investor Relations. Telephone 714-671-6800.

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

				December 31, 2002			December 31, 2001
				(In thousands, except per share data)
Assets:
Cash and due from banks				$	97,666		$	68,513
Federal funds sold					26,700			36,190
		Total cash and cash equivalents			124,366			104,703
Interest-bearing deposits in financial institutions					6,135			190
Federal Reserve Bank and Federal Home Loan Bank stock, at cost					6,991			2,137
Securities held to maturity					6,684			9,681
Securities available-for-sale					307,089			116,775
		Total securities			320,764			128,593
Gross loans					1,429,328			502,090
Deferred fees and costs					(4,932	)		(350	)
		Loans, net of deferred fees and costs			1,424,396			501,740
Allowance for loan losses					(24,294	)		(11,209	)
		Net loans			1,400,102			490,531
Premises and equipment					13,397			5,914
Other real estate owned, net					3,117			3,075
Goodwill and core deposit intangible					188,050			9,793
Other assets					59,946			27,418
		Total Assets		$	2,115,877		$	770,217
Liabilities and Shareholders' Equity:
Liabilities:
Noninterest-bearing deposits				$	657,443		$	275,616
Interest-bearing deposits					1,081,178			401,551
		Total deposits			1,738,621			677,167
Accrued interest payable and other liabilities					21,741			8,651
Short-term borrowings					1,223			431
Convertible debt					—			671
Trust preferred securities					38,000			28,000
		Total Liabilities			1,799,585			714,920
Shareholders' Equity:
Common stock					291,803			43,137
Retained earnings					23,039			11,852
Accumulated other comprehensive income:
	Unrealized gains on securities available-for-sale, net				1,450			308
		Total Shareholders' Equity			316,292			55,297
			Total Liabilities and Shareholders' Equity	$	2,115,877		$	770,217
Shares outstanding					15,297.0			5,277.4
Book value per share				$	20.68		$	10.48

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

					3 Months Ended December 31,						12 Months Ended December 31,
					2002			2001			2002			2001
					(In thousands, except per share data)
Interest income:
	Interest and fees on loans				$	27,360		$	8,347		$	74,617		$	33,052
	Interest on interest-bearing deposits in financial Institutions					82			—			116			14
	Interest on investment securities					2,173			1,846			8,239			6,335
	Interest on federal funds sold					257			458			931			3,713
		Total interest income				29,872			10,651			83,903			43,114
Interest expense:
	Interest expense on deposits					3,636			2,340			11,463			9,860
	Interest expense on short-term borrowings					23			81			148			383
	Interest expense on convertible debt					—			11			23			46
	Interest expense on trust preferred securities					677			310			2,455			962
		Total interest expense				4,336			2,742			14,089			11,251
Net interest income:						25,536			7,909			69,814			31,863
			Provision for loan losses			—			—			—			639
		Net interest income after provision for loan losses				25,536			7,909			69,814			31,224
Noninterest income:
	Service charges and fees on deposit accounts					2,190			875			6,080			2,560
	Merchant discount fees					255			78			557			327
	Other commissions and fees					1,171			464			2,150			1,367
	Gain (loss) on sale of loans					(578	)		145			(315	)		444
	Gain on sale of securities					1,608			—			1,608			—
	Other income					598			199			2,673			479
		Total noninterest income				5,244			1,761			12,753			5,177
Noninterest expense:
	Salaries and employee benefits					9,775			3,526			26,740			12,930
	Occupancy					2,442			1,048			6,441			3,293
	Furniture and equipment					746			247			2,964			1,238
	Data processing					1,386			510			3,707			1,740
	Other professional services					914			201			2,862			1,322
	Business development					282			161			1,044			665
	Communications					962			305			2,197			931
	Stationary and supplies					251			99			808			266
	Insurance and assessments					364			157			1,153			826
	Cost of OREO					435			(5	)		514			47
	Goodwill amortization					—			—			—			207
	Core deposit intangible amortization					692			—			1,269			—
	Other					1,945			1,109			4,739			2,450
		Total noninterest expense				20,194			7,358			54,438			25,915
Income before income taxes						10,586			2,312			28,129			10,486
Income taxes						4,178			918			11,217			4,376
		Net income			$	6,408		$	1,394		$	16,912		$	6,110
Per share information:
		Number of shares (weighted average)
				Basic		15,269.1			5,223.6			10,301.9			4,695.8
				Diluted		15,773.3			5,479.4			10,691.7			4,958.2
		Income per share
				Basic	$	0.42		$	0.27		$	1.64		$	1.30
				Diluted	$	0.41		$	0.25		$	1.58		$	1.23

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RESULTS OF OPERATIONS

		3 Months Ended December 31,						12 Months Ended December 31,
		2002			2001			2002			2001
Net income per share information:
Number of shares (weighted average, in thousands)			15,269.1			5,223.6			10,301.9			4,695.8
Diluted shares (weighted average, in thousands)			15,773.3			5,479.4			10,691.7			4,958.2
Basic income per share		$	0.42		$	0.27		$	1.64		$	1.30
Diluted income per share		$	0.41		$	0.25		$	1.58		$	1.23
Operating income per share information:
Basic operating income per share		$	0.45		$	0.27		$	1.71		$	1.35
Diluted operating income per share		$	0.43		$	0.25		$	1.65		$	1.27
Profitability measures based on net income:
Return on average assets			1.16	%		0.71	%		1.14	%		0.92	%
Return on average equity			8.1	%		15.1	%		9.7	%		16.3	%
Efficiency ratio			65.6	%		76.1	%		65.9	%		70.0	%
Profitability measures based on operating income:
Return on average assets			1.24	%		0.71	%		1.19	%		0.95	%
Return on average equity			8.6	%		15.1	%		10.1	%		16.9	%
Efficiency ratio			63.4	%		76.1	%		64.4	%		69.4	%
Reconciliation of net income to operating income (in thousands):
Net income		$	6,408		$	1,394		$	16,912		$	6,110
Goodwill amortization			—			—			—			207
Core deposit intangible amortization, net of tax			401			—			736			—
	Operating income	$	6,809		$	1,394		$	17,648		$	6,317
Operating revenues (in thousands):
Net interest income		$	25,536		$	7,909		$	69,814		$	31,863
Noninterest income			5,244			1,761			12,753			5,177
	Operating revenues	$	30,780		$	9,670		$	82,567		$	37,040
Adjustments to expenses (in thousands):
Noninterest expense		$	20,194		$	7,358		$	54,438		$	25,915
Goodwill amortization			—			—			—			(207	)
Core deposit intangible amortization			(692	)		—			(1,269	)		—
	Operating expenses	$	19,502		$	7,358		$	53,169		$	25,708

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UNAUDITED AVERAGE BALANCE SHEETS

			3 Months Ended December 31,						12 Months Ended December 31,
			2002			2001			2002			2001
			(In thousands)
Average Assets:
Loans, net of deferred fees and costs			$	1,517,734		$	493,519		$	1,023,699		$	395,337
Investment securities				267,741			134,019			200,280			107,277
Federal funds sold				82,454			84,833			61,439			95,260
Interest-bearing deposits in financial institutions				16,436			244			4,445			286
	Average earning assets			1,884,365			712,615			1,289,863			598,160
Other assets				298,676			63,949			195,394			68,433
		Average total assets	$	2,183,041		$	776,564		$	1,485,257		$	666,593
Average Liabilities and Shareholders' Equity:
Average Liabilities:
Noninterest-bearing deposits			$	647,943		$	261,971		$	466,689		$	239,395
Time deposits of $100,000 or more				235,869			58,920			136,628			58,398
Interest-bearing deposits				901,181			378,639			643,929			303,018
	Average deposits			1,784,993			699,530			1,247,246			600,811
Other interest-bearing liabilities				45,645			24,371			38,458			17,297
Other liabilities				38,431			16,035			24,416			11,059
	Average liabilities			1,869,069			739,936			1,310,120			629,167
Average equity				313,972			36,628			175,137			37,426
		Average liabilities and shareholders' equity	$	2,183,041		$	776,564		$	1,485,257		$	666,593
Yield Analysis:
	(Dollars in thousands)
Average earning assets			$	1,884,365		$	712,615		$	1,289,863		$	598,160
	Yield			6.29	%		5.93	%		6.50	%		7.21	%
Average interest-bearing deposits			$	1,137,050		$	437,559		$	780,557		$	361,416
	Cost			1.27	%		2.12	%		1.47	%		2.73	%
Average deposits			$	1,784,993		$	699,530		$	1,247,246		$	600,811
	Cost			0.81	%		1.33	%		0.92	%		1.64	%
Average interest-bearing liabilities			$	1,182,695		$	461,930		$	819,015		$	378,713
	Cost			1.45	%		2.36	%		1.72	%		2.97	%
Interest spread				4.84	%		3.57	%		4.78	%		4.24	%
Net interest margin				5.38	%		4.40	%		5.41	%		5.33	%
Average interest sensitive liabilities			$	1,830,638		$	723,901		$	1,285,704		$	618,108
	Cost			0.94	%		1.50	%		1.10	%		1.82	%

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CREDIT QUALITY MEASURES

		As of or for the Periods Ended
		12 Months 12/31/02			9 Months 9/30/02			6 Months 6/30/02			3 Months 3/31/02			Year * 12/31/01			9 Months 9/30/01
		(Dollars in thousands)
Nonaccrual loans and leases		$	10,216		$	10,254		$	6,237		$	6,205		$	4,672		$	6,103
Other real estate owned			3,117			4,751			2,797			2,747			3,075			309
	Nonperforming assets		13,333			15,005			9,034			8,952			7,747			6,412
Loans past due 90 days or more and still accruing		$	—		$	—		$	—		$	112		$	—		$	—
Impaired loans, gross			10,216			10,254			6,237			6,205			4,672			6,103
Allocated allowance for loan losses			(3,027	)		(2,250	)		(910	)		(783	)		(1,256	)		(1,861	)
	Net investment in impaired loans		7,189			8,004			5,327			5,422			3,416			4,242
Charged-off loans year-to-date			4,790			3,478			2,220			1,039			2,666			2,065
Recoveries year-to-date			(3,198	)		(1,616	)		(1,181	)		(429	)		(1,203	)		(710	)
	Net charge-offs (recoveries) (normalized) *	$	1,592		$	1,862		$	1,039		$	610		$	1,463		$	1,355
Allowance for loan losses to loans, net of deferred fees and costs			1.71	%		1.59	%		1.49	%		1.70	%		2.23	%		2.63	%
Allowance for loan losses to nonaccrual loans and leases			237.8	%		234.3	%		210.1	%		218.6	%		239.9	%		167.9	%
Allowance for loan losses to nonperforming assets			182.2	%		160.1	%		145.4	%		149.6	%		144.7	%		159.8	%
Nonperforming assets to loans and OREO			0.93	%		0.99	%		1.02	%		1.12	%		1.53	%		1.65	%
Annualized net charge offs to average loans			0.10	%		0.29	%		0.28	%		0.38	%		0.37	%		0.49	%
Nonaccrual loans to loans, net of deferred fees and costs			0.72	%		0.68	%		0.71	%		0.78	%		0.93	%		1.57	%

*

Normalized net charge-offs (recoveries) excludes $4,905,000 of First Professional loans charged-off in a one-time charge associated with the First Professional acquisition in the first quarter of 2001.

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QuickLinks

FIRST COMMUNITY BANCORP ANNOUNCES EARNINGS FOR THE FOURTH QUARTER OF 2002
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS