Exhibit 99

News Release

First Regional	1801 Century Park East	Jack A. Sweeney
Bancorp	Century City, California 90067	Board Chairman
	Telephone (310) 552-1776	Chief Executive Officer
	Facsimile (310) 552-1772

IMMEDIATE RELEASE

FIRST REGIONAL BANCORP POSTS RECORD NET INCOME IN BOTH THE THIRD
QUARTER AND FOR THE NINE MONTH PERIOD

Three- and Nine-Month 2006 Financial Highlights Include:

·Third quarter net income highest profit in history

·Nine month net income 51% higher than 2005

·Total assets up 24% to record high

·Total deposits up 17% to record high

·Net loans up 22% to record high

CENTURY CITY, CALIFORNIA, Oct. 24, 2006 - First Regional Bancorp (Nasdaq-GM: FRGB) today reported that net income for both the third quarter and nine months ended September 30, 2006 climbed to the highest levels in company history.

For the third quarter, net income reached $10.0 million, equal to $0.77 per diluted share, a 43% increase from $7.0 million, or $0.54 per diluted share in the corresponding period last year.  Net income for first three quarters of 2006 was $28.1 million, or $2.16 per diluted share, rising 51% from $18.6 million, or $1.45 per diluted share in last year’s initial nine months.  Per share amounts have been adjusted to reflect the 3-for-1 stock split effected Aug. 21, 2006.

In making the announcement, Jack A. Sweeney, chairman and chief executive officer, said: “We are truly pleased with First Regional’s continued upward earnings trend, including fifty consecutive quarterly periods of comparative net income growth.  First Regional’s third quarter was the most profitable in our history, and our quarterly and nine-month results are substantially ahead of last year’s corresponding periods.

Mr. Sweeney noted that total assets exceeded $2 billion at the close of the third quarter, rising 24% to $2.037 billion from $1.6 billion in the corresponding period of 2005.  Deposits grew 17% to $1.6 billion from $1.3 billion in last year’s third quarter, while net loans jumped to $1.8 billion, surging 22% from $1.5 billion in the year-earlier period.

Mr. Sweeney continued: “Our operating results continue to reflect our disciplined and focused strategy.  Real estate finance remains one of our bank’s core competencies, but while we have benefited from the strength of the Southern California real-estate industry, we have continued to build a diversified business base serving manufacturing, professional services, wholesale, and other sectors vital to the regional economy.  This success reflects the diligent efforts of our skilled bankers, who continue to forge solid relationships with important clients who value the personalized service and quality products that have long been First Regional hallmarks.”

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Mr. Sweeney pointed out that non-performing loans were only $22,000 as of September 30, 2006.  In light of First Regional’s high asset quality and substantial amount of existing reserves, no additional loans loss provision was required for the third quarter of 2006.

Mr. Sweeney concluded:  “We remain diligent in monitoring the California and national economies, and are alert for possible challenges that may arise.  We will continue our long-standing focus on high quality assets, strong capital, and prudent reserves.  We have the right team in place to take advantage of emerging business opportunities, and the financial strength and flexibility to pursue our strategic agenda.  First Regional intends to stay on course as we continue to build value for our shareholders.”

First Regional Bancorp is a bank holding company headquartered in Century City.  Its subsidiary, First Regional Bank, specializes in providing businesses and professionals with the management expertise of a major bank and the personalized service of an independent.

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CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)

	(000’s omitted)
As of September 30	2006		2005
ASSETS:
Cash and due from banks	$	81,893	$	102,858
Federal funds sold	60,055		0
Cash and cash equivalents	141,948		102,858
Investment securities	18,178		7,870
Federal Home Loan Bank stock - at cost	12,748		7,253
Federally guaranteed loans	5,349		6,634
Other loans, net	1,816,305		1,488,289
Premises and equipment - net	3,793		3,645
Other real estate owned	0		0
Accrued interest receivable and other assets	38,529		28,185
Total assets	$	2,036,850	$	1,644,734
LIABILITIES AND CAPITAL:
Demand deposits	$	470,492	$	441,916
Savings deposits	49,182		47,667
Money market deposits	836,476		672,852
Time deposits	216,537		178,279
Total deposits	1,572,687		1,340,714
Funds purchased	0		0
Federal Home Loan Bank advances	220,000		135,000
Subordinated debentures	92,785		61,857
Accrued interest payable and other liabilities	15,094		10,041
Total liabilities	1,900,566		1,547,612
Stated capital	51,630		48,518
Retained earnings	84,649		48,630
Net unrealized gains (losses) on available-for-sale securities	5		(26		)
Total capital	136,284		97,122
Total liabilities and capital	$	2,036,850	$	1,644,734
Book value per share outstanding (1)	$	11.18	$	8.03
Total shares outstanding (1)	12,186,119		12,097,554

(1) Amounts have been restated to reflect 3-for-1 stock split effected August 21, 2006.

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	(000’s omitted)				(000’s omitted)
	Three Months Ended				Nine Months Ended
	September 30				September 30
	2006		2005		2006		2005
Interest on loans	$	42,141	$	28,582	$	118,317	$	73,166
Interest on federal funds sold	54		19		129		148
Interest on investment securities	222		63		419		214
Total interest income	42,417		28,664		118,865		73,528
Interest on deposits	10,756		4,629		26,968		9,787
Interest on subordinated debentures	1,825		639		4,509		1,759
Interest on FHLB advances	2,047		1,077		6,942		2,793
Interest on other borrowings	0		3		4		4
Total interest expense	14,628		6,348		38,423		14,343
Net interest income	27,789		22,316		80,442		59,185
Provision for loan losses	0		1,505		3,891		4,205
Net interest income after provision for loan losses	27,789		20,811		76,551		54,980
Other operating income	1,930		1,690		6,380		4,746
Salaries and related benefits	8,116		6,437		21,895		17,327
Occupancy expenses	754		597		2,058		1,991
Other expenses	3,230		3,305		9,602		8,056
Total other operating expenses	12,100		10,339		33,555		27,374
Income before provision for income taxes	17,619		12,162		49,376		32,352
Provision for income taxes	7,580		5,158		21,260		13,731
Net income	$	10,039	$	7,004	$	28,116	$	18,621

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	(000’s omitted)						(000’s omitted)
	Three Months Ended						Nine Months Ended
	September 30						September 30
	2006			2005			2006			2005
Net income per share (1)
Basic	$	0.82		$	0.58		$	2.31		$	1.55
Diluted	$	0.77		$	0.54		$	2.16		$	1.45
Average shares outstanding (1)	12,178,163			12,078,630			12,153,387			12,043,143
Diluted average shares (1)	13,025,291			12,914,031			12,988,816			12,862,314
Average equity	$	130,953		$	93,420		$	120,553		$	86,854
Average assets	$	1,965,099		$	1,536,143		$	1,920,169		$	1,407,063
Return on average equity (%)	30.41			29.74			31.18			28.66
Return on average assets (%)	2.03			1.81			1.96			1.77
Efficiency ratio (%)	40.71			43.07			38.65			42.82
Number of employees	250			219
Assets per employee (000s)	$	8,147		$	7,510
CREDIT QUALITY
Beginning reserve for loan losses (000s)	$	20,313		$	14,817		$	17,577		$	11,825
Loan loss provisions	0			1,505			3,891			4,205
Loan recoveries	0			0			0			130
Loan chargeoffs	87			0			1,028			35
Net change in allowance for unfunded loan commitments	(95		)	(47		)	(309		)	150
Ending reserve for loan losses (000s)	$	20,131		$	16,275		$	20,131		$	16,275
Nonperforming assets (000s)	$	22		$	872
Nonperforming assets / gross loans (%)	0.00			0.06
Reserve for loan losses / nonperforming assets (%)	91504.55			1866.40
Reserve for loan losses / gross loans (%)	1.09			1.08

(1) Amounts have been restated to reflect 3-for-1 stock split effected August 21, 2006.

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	(000s omitted)
	For the Three Months Ended September 30,
	2006					2005
	Average				Average	Average				Average
	Balance		Interest		Yield/Cost (%)	Balance		Interest		Yield/Cost (%)
Gross loans	$	1,833,988	$	42,141	9.12	$	1,440,304	$	28,582	7.87
Funds sold	4,836		54		4.43	2,183		19		3.45
Investment securities	19,602		222		4.49	11,428		63		2.19
Total earning assets	$	1,858,425	$	42,417	9.06	$	1,453,915	$	28,664	7.82
Deposits	$	1,579,731	$	10,756	2.70	$	1,270,378	$	4,629	1.45
Federal Home Loan Bank advances	151,250		2,047		5.37	120,761		1,077		3.54
Subordinated debentures	92,785		1,825		7.80	41,910		639		6.05
Funds purchased	0		0		0.00	102		3		11.67
Total bearing liabilities	$	1,823,766	$	14,628	3.18	$	1,433,151	$	6,348	1.76
Net interest spread (1)					5.87					6.06
Net interest margin (2)					5.93					6.09

(1) Net interest spread represents the average yield earned on earning assets less the average cost of bearing liabilities.

(2) Net interest margin represents net interest income divided by average earning assets.

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	(000s omitted)
	For the Nine Months Ended September 30,
	2006					2005
	Average				Average	Average				Average
	Balance		Interest		Yield/Cost (%)	Balance		Interest		Yield/Cost (%)
Gross Loans	$	1,798,773	$	118,317	8.79	$	1,309,550	$	73,166	7.47
Funds Sold	3,939		129		4.38	7,716		148		2.56
Investment Securities	14,143		419		3.96	12,510		214		2.29
Total Earning Assets	$	1,816,855	$	118,865	8.75	$	1,329,776	$	73,528	7.39
Deposits	$	1,517,790	$	26,968	2.38	$	1,148,602	$	9,787	1.14
Federal Home Loan Bank Advances	188,707		6,942		4.92	122,652		2,793		3.04
Subordinated Debentures	82,816		4,509		7.28	41,465		1,759		5.67
Funds Purchased	45		4		11.88	155		4		3.45
Total Bearing Liabilities	$	1,789,358	$	38,423	2.87	$	1,312,874	$	14,343	1.46
Net Interest Spread (1)					5.88					5.93
Net Interest Margin (2)					5.92					5.95

(1) Net interest spread represents the average yield earned on earning assets less the average cost of bearing liabilities.

(2) Net interest margin represents net interest income divided by average earning assets.

This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements, other than statements of historical fact, included herein may constitute forward-looking statements.  Although First Regional believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.  Important factors that could cause actual results to differ materially from First Regional’s expectations include fluctuations in interest rates, inflation, government regulations, and economic conditions and competition in the geographic and business areas in which First Regional conducts its operations.

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