-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ALGmbpN+37pKWKdeTbJkkoo3GqlRuMjSbIccSQYn2DHGdimQbh4v35kzknVPsyoY YIGiJTByYkLfl/FSyU3Yrg== 0000944209-95-000024.txt : 19950516 0000944209-95-000024.hdr.sgml : 19950516 ACCESSION NUMBER: 0000944209-95-000024 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST REGIONAL BANCORP CENTRAL INDEX KEY: 0000356708 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 953582843 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-10232 FILM NUMBER: 95539703 BUSINESS ADDRESS: STREET 1: 1801 CENTURY PARK EAST CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 3105521776 MAIL ADDRESS: STREET 1: 1801 CENTURY PARK EAST CITY: LOS ANGELES STATE: CA ZIP: 90067 FORMER COMPANY: FORMER CONFORMED NAME: GREAT AMERICAN BANCORP DATE OF NAME CHANGE: 19880309 10-Q 1 FORM 10-Q FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 Quarter Ended March 31, 1995 ------------------------------------------------------------- Commission File Number 0-10232 ---------------------------------------------------- FIRST REGIONAL BANCORP --------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) California 95-3582843 - --------------------------------------------------------------------------- State or other jurisdiction of IRS Employer incorporation or organization Identification Number 1801 Century Park East, Los Angeles, California 90067 - --------------------------------------------------------------------------- Address of principal executive offices Zip Code (310) 552-1776 - --------------------------------------------------------------------------- Registrant's telephone number, including area code Not applicable - --------------------------------------------------------------------------- Former name, former address, and former fiscal year, if changed since last report Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No _____ ----- APPLICABLE ONLY TO CORPORATE ISSUERS Indicate the number of shares outstanding in each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, No Par Value 2,398,800 -------------------------- ----------------------------- Class Outstanding on May 12, 1995 FIRST REGIONAL BANCORP ---------------------- INDEX -----
Page ---- Part I - Financial Information Item 1. Financial Statements Consolidated Statements of Financial Condition 4 Consolidated Statements of Income 5 Consolidated Statements of Cash Flows 6 Notes to Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Part II - Other Information Item 1. Legal Proceedings 15 Item 4. Submission of Matters to a Vote of Security Holders 15 Item 6. Exhibits and Reports on Form 8-K 15 Signatures 16
2 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - ----------------------------- The financial statements called for under this item appear on the pages which immediately follow. 3 FIRST REGIONAL BANCORP AND SUBSIDIARY ------------------------------------- CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION ---------------------------------------------- (In Thousands)
March 31 December 31, 1995 1994 -------------- ------------ ASSETS (unaudited) - -------- Cash and due from banks $ 4,972 $ 4,677 Time deposits with other financial institutions 6,528 6,627 Investment securities 13,665 11,807 Funds sold 9,820 21,300 Loans, net of allowance for losses of $1,703,000 in 1995 and $1,390,000 in 1994 78,253 76,581 Premises and equipment, net of accumulated depreciation 153 166 Other real estate owned 1,119 1,163 Accrued interest receivable and other assets 2,394 1,966 -------- -------- Total Assets $116,904 $124,287 ======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY - ------------------------------------
Liabilities: Demand deposits $ 14,338 $ 18,777 Savings deposits 4,977 5,147 Money market deposits 75,601 78,295 Time deposits 10,768 11,447 -------- -------- Total deposits 105,684 113,666 Securities sold under agreement to repurchase 0 0 Accrued interest payable and other liabilities 478 399 -------- -------- Total Liabilities 106,162 114,065 Shareholders' Equity: Common Stock, no par value, 50,000,000 shares authorized; 2,398,800 shares outstanding in 1995 and 1994, respectively 11,332 11,332 Retained earnings (597) (1,105) Net unrealized gain (loss) on securities available for sale 7 (5) -------- -------- Total Shareholders' Equity 10,742 10,222 -------- -------- Total Liabilities and Shareholders' Equity $116,904 $124,287 ======== ========
The accompanying notes are an integral part of these statements. 4 FIRST REGIONAL BANCORP AND SUBSIDIARY ------------------------------------- CONSOLIDATED STATEMENTS OF INCOME --------------------------------- (In Thousands Except Per Share Amounts) (Unaudited)
Three Months Ended March 31, 1995 1994 ---- ---- REVENUE FROM EARNING ASSETS: Interest and fees on loans $2,195 $1,789 Interest on time deposits with other financial institutions 102 64 Interest on investment securities 194 12 Interest on funds sold 209 145 ------ ------ Total revenue from earning assets 2,700 2,010 COST OF FUNDS: Interest on deposits 610 611 Interest on securities sold under agreements to repurchase 0 0 Total cost of funds ------ ------ 610 611 Net revenue from earning assets before provision for loan losses 2,090 1,399 PROVISION FOR LOAN LOSSES 275 50 ------ ------ Net revenue from earning assets 1,815 1,349 OPERATING INCOME Net gains (losses) on sales of investment securities 0 0 Other revenue 125 400 ------ ------ Total operating income 125 400 OPERATING EXPENSES: Salaries and related benefits 521 503 Occupancy expense 83 91 Other expenses 766 999 ------ ------ Total operating expenses 1,370 1,593 Income before provision for income taxes 570 156 PROVISION FOR INCOME TAXES 63 20 ------ ------ NET INCOME $ 507 $ 136 ====== ====== NET INCOME PER SHARE (Note 2) $0.21 $0.06 ====== ======
The accompanying notes are an integral part of these statements. 5 FIRST REGIONAL BANCORP AND SUBSIDIARY ------------------------------------- CONSOLIDATED STATEMENTS OF CASH FLOWS ------------------------------------- (In Thousands) (Unaudited)
Three Months Ended March 31, ------------------ 1995 1994 --------- ------- OPERATING ACTIVITIES Net Income $ 507 $ 136 Adjustments to reconcile net income to net cash provided by operating activities: Provision for loan losses 275 50 Provision for depreciation and amortization 14 14 Amortization of investment security premiums 0 0 Accretion of investment security discounts (151) (11) Decrease (increase) in interest receivable (98) 331 Increase (decrease) in interest payable (7) (16) Increase (decrease) in taxes payable 63 19 Net increase (decrease) in other liabilities 23 17 ------- ------ Net cash provided by operating activities $ 626 $ 540 INVESTING ACTIVITIES Increase in investments in time deposits with other financial institutions $ 99 $ (890) Increase in investment securities (1,694) (966) Net decrease (increase) in loans (1,947) 9,954 Decrease (increase) in premises and equipment (1) (6) Decrease (increase) in other real estate owned 44 (38) Net decrease (increase) in other assets (330) 22 ------- ------ Net cash provided by investing activities $(3,829) $8,076
6
Three Months Ended March 31, ------------------ 1995 1994 ---- ---- FINANCING ACTIVITIES Net increase (decrease) in demand deposits, savings accounts, and money market accounts $ (7,302) $ (619) Net increase (decrease) in time deposits (680) (4,415) Increase (decrease) in securities sold under agreement to repurchase 0 0 -------- ------- Net cash provided by financing activities $ (7,982) $(5,034) Increase (decrease) in cash and cash equivalents $(11,185) $ 3,582 Cash and cash equivalents, beginning of period 25,977 22,971 -------- ------- Cash and cash equivalents, end of period $ 14,792 $26,553 ======== =======
The accompanying notes are an integral part of these statements. 7 FIRST REGIONAL BANCORP AND SUBSIDIARY ------------------------------------- NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ------------------------------------------ March 31, 1995 (Unaudited) NOTE 1 - The consolidated financial statements include the accounts of First Regional Bancorp (the Company), a bank holding company, and its wholly-owned subsidiary, First Regional Bank (the Bank). Certain amounts in the 1994 financial statements have been reclassified to be comparable with the classification used in the 1995 financial statements. In the opinion of the Company, the accompanying consolidated financial statements contain all adjustments (which consist only of normal recurring adjustments) necessary to present fairly the financial position as of March 31, 1995 and December 31, 1994 and the results of operations for the three month periods ended March 31, 1995 and 1994. While the Company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these financial statements be read in conjunction with the financial statements and the notes included in the Company's 1994 annual report. NOTE 2 - Per share information is based on the number of common shares outstanding, which was 2,398,800 for 1995 and 1994. No adjustment has been made for outstanding stock options. NOTE 3 - As of March 31, 1995 the Bank had a total of $334,000 in standby letters of credit outstanding. No losses are anticipated as a result of these transactions. NOTE 4 - The Company adopted Statement of Financial Accounting Standards (SFAS) No. 114, "Accounting by Creditors for Impairment of a Loan," effective January 1, 1995. This Statement defines an impaired loan as one for which it is likely that an institution will be unable to collect all amounts due (that is, all principal and interest) according to the contractual terms of the loan. The Statement generally requires impaired loans to be measured at the present value of expected future cash flows discounted at the effective interest rate of the loan, or, as an expedient, at the loan's observable market price, or the fair value of the collateral if the loan is collateral dependent. For the quarter ended March 31, 1995 the Company had identified loans having an aggregate average balance of $1,179,977 which it concluded were impaired under SFAS No. 114. The Company's policy is to discontinue the accrual of interest income on impaired loans, and to recognize income on such loans only after the loan principal has been repaid in full. Pursuant to this policy, the Company had already ceased to accrue interest on the impaired loans, and had established a general loss reserve for each of the loans which at March 31, 1995 totalled $446,239 for the loans as a group. As the loss reserves established by the Company were greater than those called for under SFAS No. 114, the adoption of 8 SFAS No. 114 had no effect on the Company's financial statements as of March 31, 1995. NOTE 5 - The Company adopted Statement of Financial Accounting Standards (SFAS) No. 115, "Accounting for Investments in Certain Debt and Equity Securities," effective January 1, 1994. This Statement supersedes SFAS No. 12, and significantly amends SFAS No. 65 and SFAS No. 60, the standards previously used by the Company. The effect of adopting SFAS No. 115 on the Company's financial statements was to increase shareholders' equity at March 31, 1995 by $7,000 from the level which would have existed had SFAS No. 115 not been adopted. Because the applicable investment securities are classified by the Company as "available for sale," there was no effect on the Company's income statement. 9 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND - ------------------------------------------------------------------------ RESULTS OF OPERATIONS --------------------- SUMMARY - ------- First Regional Bancorp did not conduct any significant business activities independent of First Regional Bank. The following discussion and analysis relates primarily to the Bank. At March 31, 1995 total assets were $116,904,000 compared to $124,287,000 at December 31, 1994, an decrease of $7,383,000 or 6%. For the most part, this shrinkage was the result of a decrease in deposits of $7,982,000, or 7%, to $105,684,000 on March 31, 1995 from $113,666,000 at December 31, 1994; most of this reduction took place in demand deposits, although smaller decreases in the areas of savings deposits, money market deposits, and time deposits were also experienced. The Company did experience some modest growth in net loans, which rose by $1,672,000 or 2% to $78,253,000 at March 31 compared to a level of $76,581,000 at December 31, 1994. The shrinkage in deposits combined with the loan growth gave rise to a drop in liquid assets, principally funds sold. The Company earned a profit of $507,000 in the three months ended March 31, 1994, compared to earnings of $136,000 for the first quarter of 1994. The increase in earnings primarily reflects growth in net interest revenue resulting from the historically large difference between the Company's yield on average assets and its cost of funds; lower levels of nonearning assets; a shift towards higher yielding asset categories; and lower expenses related to the collection or holding of nonperforming assets. NET INTEREST INCOME - ------------------- Total revenue from earning assets rose by $690,000 (34%) for the three months ended March 31, 1995 compared to the same period in 1994. This revenue increase came despite the lower level of earning assets which prevailed in 1995 compared to the prior year, due to the shift in asset composition toward high-yield assets (such as loans) and away from lower yielding assets (such as funds sold). In addition, while yields on earning assets have risen steadily over the past year, the cost of funds has been much more stable, with the result that net interest margins have grown substantially. Thus, in the first quarter of 1995 revenue from earning assets rose sharply, but interest expense remained essentially stable. The combined effect of these changes was net revenue from earning assets of $2,090,000 in the first quarter of 1995 compared to $1,399,000 for the first three months of 1994. OPERATING INCOME - ---------------- Other revenue fell to $125,000 in the first quarter of 1995 compared to $400,000 in the three months ended March 31, 1994. The decrease in this category of income was largely due to the 1994 receipt of rental income on parcels of other real estate owned which were acquired by foreclosure. Other income categories in this area were virtually unchanged from prior year levels. No gains on securities sales were realized in the first quarter of 1995 or 1994. 10 PROVISION FOR POSSIBLE LOSSES - ----------------------------- The allowance for possible losses in intended to reflect known and inherent risks in a portfolio. The allowance for possible losses is increased by provisions for possible losses, and is decreased by net chargeoffs. Management continues to evaluate the portfolio in light of many factors, including loss experience and current economic conditions. Management believes the allowance for possible losses is adequate to provide for losses that might be reasonably anticipated. The allowance for possible losses was $1,703,000 and $1,390,000 (or 2.13% and 1.78% of gross outstanding loans) at March 31, 1995 and December 31, 1994 respectively. Reflecting the Company's ongoing analysis of the risks presented by its loan portfolio, provisions for possible losses were $275,000 for the three month period ended March 31, 1995 compared to $50,000 for the first quarter of 1994. For the three months ended March 31, 1995, the Company generated net recoveries of previous loan chargeoffs of $38,000; by comparison, in the first quarter of 1994 the Company experienced net loan charge offs of $524,000. In addition, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 114, "Accounting by Creditors for Impairment of a Loan," effective January 1, 1995. This Statement defines an impaired loan as one for which it is likely that an institution will be unable to collect all amounts due (that is, all principal and interest) according to the contractual terms of the loan. The Statement generally requires impaired loans to be measured at the present value of expected future cash flows discounted at the effective interest rate of the loan, or, as an expedient, at the loan's observable market price, or the fair value of the collateral if the loan is collateral dependent. For the quarter ended March 31, 1995 the Company had identified loans having an aggregate average balance of $1,179,977 which it concluded were impaired under SFAS No. 114. The Company's policy is to discontinue the accrual of interest income on impaired loans, and to recognize income on such loans only after the loan principal has been repaid in full. Pursuant to this policy, the Company had already ceased to accrue interest on the impaired loans, and had established a general loss reserve for each of the loans which at March 31, 1995 totalled $446,239 for the loans as a group. As the loss reserves established by the Company were greater than those called for under SFAS No. 114, the adoption of SFAS No. 114 had no effect on the Company's financial statements as of March 31, 1995. OPERATING EXPENSES - ------------------ Operating expenses decreased in the first quarter of 1995 compared to the same period of 1994, although some categories of expense increased from the levels of previous periods. Operating expenses fell to a total of $1,370,000 for the three months ended March 31, 1995 from $1,593,000 for the same period in 1994. Salary and related benefits increased slightly, rising from a total of $503,000 for the first quarter of 1994 to $521,000 for the same period in 1995, due to modest increases in staffing which were partially offset due to ongoing restraint in the hiring and compensation of personnel in the 11 various departments. Reflecting the renegotiation of the Company's premises leases in mid-1993, occupancy expense fell again, to $83,000 in the first quarter of 1995 from $91,000 for the same period in 1994. Other operating expenses fell dramatically in 1995 compared to the prior year, falling to $766,000 for the first quarter of 1995 from $999,000 for the first three months of 1994. The major factors in this decrease were the absence of significant costs of holding and maintaining other real estate owned compared to the prior year, decreased collection and corporate legal fees, and lower premiums for deposit insurance. The combined effects of the above-described factors resulted in income before taxes of $570,000 for the first quarter of 1995 compared to $156,000 for the three months ended March 31, 1994. The Company's provision for taxes for the first quarter rose to $63,000 in 1995 from just $20,000 in 1994. This brought Net Income for the first quarter of 1995 to $507,000 compared to $136,000 for the same period in 1994. LIQUIDITY, SOURCES OF FUNDS, AND CAPITAL RESOURCES - -------------------------------------------------- The Company's financial position remains liquid. Total liquid assets (cash and due from banks, time deposits with other financial institutions, investment securities, and funds sold) stood at 33.1% of total deposits at March 31, 1995. This level represents an decrease from the 39.1% liquidity level which existed on December 31, 1994. In addition, however, at March 31, 1995 over $25 million of the Bank's total loans consisted of government guaranteed loans, which represent a significant source of liquidity due to the active secondary market which exists for these assets. The ratio of net loans (including government guaranteed loans) to deposits was 74.0% and 67.4% as of March 31, 1995 and December 31, 1994, respectively. Because customer deposits are the Company's principal funding source outside of its capital, management has attempted to match rates and maturities of its deposits with its investment and loan portfolios as part of its liquidity and asset and liability management policies. The objective of these policies is to limit the fluctuations of net interest income resulting from interest rate changes. The table which follows indicates the repricing or maturity characteristics of the major categories of the Bank's assets and liabilities, and thus the relative sensitivity of the Bank's net interest income to changes in the overall level of interest rates. A positive "gap" for a period indicates that an upward or downward movement in the level of interest rates would cause a corresponding change in net interest income, while a negative "gap" implies that an interest rate movement would result in an inverse change in net interest income.
One month Six months Floating Less than but less than but less than Category Rate one month six months one year ======================================================================================= Fed funds sold 9,820 0 0 0 Time deposits with other banks 0 1,884 4,347 297 Investment securities 0 0 13,640 0 Subtotal 9,820 1,884 17,987 297 Loans 78,068 0 185 0 Total earning assets 87,888 1,884 18,172 297 Cash and due from banks 0 0 0 0 Premises and equipment 0 0 0 0 Other real estate owned 0 0 0 0 Other assets 0 0 0 0 Total non-earning assets 0 0 0 0 Total assets 87,888 1,884 18,172 297 Funds purchased 0 0 0 0 Repurchase agreements 0 0 0 0 Subtotal 0 0 0 0 Savings deposits 4,977 0 0 0 Money market deposits 75,601 0 0 0 Time deposits 0 6,537 3,450 756 Total bearing liabilities 80,578 6,537 3,450 756 Demand deposits 0 0 0 0 Other liabilities 0 0 0 0 Equity capital 0 0 0 0 Total non-bearing liabilities 0 0 0 0 Total liabilities 80,578 6,537 3,450 756 GAP 7,310 (4,653) 14,722 (459) Cumulative GAP 7,310 2,657 17,379 16,920
12
One year Non-interest but less than Five years earning five years or more or bearing Total ============================================================================================ Fed funds sold 0 0 0 9,820 Time deposits with other banks 0 0 0 6,528 Investment securities 25 0 0 13,665 Subtotal 25 0 0 30,013 Loans 0 0 0 78,253 Total earning assets 25 0 0 108,266 Cash and due from banks 0 0 4,972 4,972 Premises and equipment 0 0 153 153 Other real estate owned 0 0 1,119 1,119 Other assets 0 0 2,394 2,394 Total non-earning assets 0 0 8,638 8,638 Total assets 25 0 8,638 116,904 Funds purchased 0 0 0 0 Repurchase agreements 0 0 0 0 Subtotal 0 0 0 0 Savings deposits 0 0 0 4,977 Money market deposits 0 0 0 75,601 Time deposits 25 0 0 10,768 Total bearing liabilities 25 0 0 91,346 Demand deposits 0 0 14,338 14,338 Other liabilities 0 0 478 478 Equity capital 0 0 10,742 10,742 Total non-bearing liabilities 0 0 25,558 25,558 Total liabilities 25 0 25,558 116,904 GAP 0 0 (16,920) 0 Cumulative GAP 16,920 16,920 0 0
As the table indicates, the vast majority of the Company's assets are either floating rate or, if fixed rate, have extremely short maturities. Since the yields on these assets quickly adjust to reflect changes in the overall level of interest rates, there are no significant unrealized gains or losses with respect to the Company's assets, nor is there much likelihood of large realized or unrealized gains or losses developing in the future. For this reason, realized or unrealized gains or losses are not expected to have any significant impact on the Company's future operating results or liquidity. The Bank's investment portfolio continues to be composed of high quality, low risk securities, primarily U.S. Treasury or Agency securities. As mentioned above, no gains were recorded on securities sales in the first quarter of 1995 or 1994. At March 31, 1995 the Bank's investment portfolio contained gross unrealized gains of $7,000 and and no gross unrealized losses; similarly, at March 31, 1994 the portfolio contained no gross unrealized gains and gross unrealized losses of $2,000. As discussed more fully in Note 5, the Company adopted SFAS No. 115 in 1994, with the result that the unrealized loss of $2,000 gave rise to a $2,000 reduction in the Company's shareholders' equity. Because the Company's holdings of securities are intended to serve as a source of liquidity should conditions warrant, the securities have been classified by the Company as "available for sale." The Company continues to enjoy a strong capital position. Total capital was $10,742,000 and $10,222,000 as of March 31, 1995 and December 31, 1994, respectively. The Company's capital ratios for those dates in comparison 13 with regulatory capital requirements were as follows:
3-31-95 12-31-94 ------- -------- Leverage Ratio (Tier I Capital to Assets): Regulatory requirement 4.00% 4.00% First Regional Bancorp 9.13% 8.08%
The "regulatory requirement" listed represents the level of capital required for Adequately Capitalized status. Under the terms of an agreement entered into with bank regulators, the Bank is required to meet a leverage capital ratio requirement (7.00%) in excess of the regulatory requirement listed. As the table indicates, the Bank is in full compliance with the regulatory agreement. In addition, bank regulators have issued new risk-adjusted capital guidelines which assign risk weighting to assets and off-balance sheet items and place increased emphasis on common equity. The Company's risk adjusted capital ratios for the dates listed in comparison with the risk adjusted regulatory capital requirements were as follows:
3-31-95 12-31-94 ------- -------- Tier I Capital to Assets: Regulatory requirement 4.00% 4.00% First Regional Bancorp 16.32% 14.94% Tier I + Tier II Capital to Assets: Regulatory requirement 8.00% 8.00% First Regional Bancorp 17.59% 16.20%
The Company believes that it will continue to meet all applicable capital standards. INFLATION - --------- The impact of inflation on the Company differs significantly from other industries, since virtually all of its assets and liabilities are monetary. During periods of rising inflation, companies with net monetary assets will always experience a reduction in purchasing power. Inflation continues to have an impact on salary, supply, and rent expenses, but the rate of inflation in general and its impact on these expenses in particular has remained moderate in recent years. 14 PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS - -------------------------- Litigation - ---------- The Company is a party as plaintiff or defendant to a number of lawsuits that have arisen in connection with the normal conduct of its banking business. It is management's opinion, based upon advice of legal counsel, that none of the pending litigation will have a materially adverse effect on the Company or the Bank. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS - ------------------------------------------------------------ No items were submitted to a vote of the Company's shareholders during the first quarter of 1995. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ----------------------------------------- Exhibits - -------- There are no exhibits to this report. Reports on Form 8-K - ------------------- No reports on Form 8-K were filed during the first quarter of 1995. 15 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 thereunto duly authorized. FIRST REGIONAL BANCORP Date: May 12, 1995 /s/ Jack A. Sweeney ------------------------------------------ Jack A. Sweeney, Chairman of the Board and Chief Executive Officer Date: May 12, 1995 /s/ Thomas McCullough ------------------------------------------ Thomas McCullough, Chief Financial Officer 16 EX-27 2 ARTICLE 9 FDS
9 3-MOS DEC-31-1994 JAN-01-1995 MAR-31-1995 4,972,000 6,528,000 9,820,000 0 13,665,000 13,658,000 13,665,000 79,953,000 1,703,000 116,904,000 105,684,000 0 478,000 0 11,332,000 0 0 (590,000) 116,904,000 2,195,000 194,000 311,000 2,700,000 610,000 610,000 2,090,000 275,000 0 1,370,000 570,000 570,000 0 0 507,000 0.21 0.21 .070 973,000 2,617,000 0 0 1,391,000 18,000 55,000 1,703,000 1,703,000 0 0
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