8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report:  June 30, 2007

(Date of earliest event reported)

First Regional Bancorp

(Exact name of registrant as specified in its charter)

California	000-10232	95-3582843
(State of	(Commission File Number)	(IRS Employer
incorporation)		Identification No.)

1801 Century Park East, Suite 800

Los Angeles, California  90067

(Address of principal executive offices, including zip code)

(310) 552-1776

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02  Results of Operations and Financial Condition.

(a)           First Regional Bancorp issued a press release on July 18, 2007 announcing its financial results for the quarter and six months ended June 30, 2007.  The press release is furnished as Exhibit 99 and is hereby incorporated by reference in its entirety.

Item 7.01 Regulation FD Disclosure.

First Regional had no loans on nonaccrual status as of June 30, 2007.

As previously disclosed, the figure for Construction Loans in First Regional’s SEC filings differ from the Construction Loans total appearing in First Regional’s regulatory call reports.  This is because, for regulatory reporting purposes, First Regional has reported certain loans as Construction Loans in conformity with the Federal Home Loan Bank’s definition of Construction Loan, which includes certain loans where greater than 10% of the proceeds are to be used for renovation purposes.  First Regional does not consider all of such loans to be Construction Loans for financial accounting purposes.  The following table may help reconcile the composition of First Regional’s construction loan portfolio:

	Portfolio Balance* (000’s)		Number of Loans	Simple Average Loan-to-Value Ratio		Portfolio Balance (%)
Commercial real estate	$	267,948	102	65	%	13.94	%
Commercial business loans	233,915		679	NA		12.17	%
Construction and Land Development	869,005		225	60	%	45.20	%
Multifamily loans (5 or more families)	529,684		127	66	%	27.55	%
Residential loans (1 to 4 families)	16,798		9	67	%	0.87	%
Other consumer loans	4,975		64	NA		0.26	%
Other Loans	240		3	NA		0.01	%
Gross Loans	1,922,565
Less: Net Deferred loan fees	8,849
Loans	$	1,913,716

*The Call Report number differs from GAAP because First Regional has included as construction loans, for regulatory reporting purposes, and loans where greater than 10% of the proceeds are to be used for renovation purposes. Also, approximately $7 million in loan investments are treated as loans for regulatory reporting purposes and as investments for financial reporting purposes. The details are:

	(000’s)
Construction	$	511,641
Land	188,903
FHLB 10% Rehabilitation	138,925
Condominium Conversion	29,536
	$	869,005

The following table breaks out First Regional’s multifamily loan portfolio by dollar amount outstanding as of June 30, 2007:

Range	Multifamily Loans (000’s)		Number of  Loans	Simple Average Loan-to-Value
$0 to $1,000,000	$	7,951	13	66.46	%
$1,000,000 to $5,000,000	207,884		84	63.88	%
$5,000,000 to $10,000,000	106,002		16	70.45	%
$10,000,000 to $15,000,000	122,352		10	68.83	%
$15,000,000 to $20,000,000	36,058		2	70.43	%
$20,000,000 to $25,000,000	20,297		1	83.27	%
$25,000,000 & Over	29,140		1	79.26	%
	$	529,684

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The following table presents certain information relating to the largest 20 loans in First Regional’s multifamily (5 or more families) loan portfolio as of June 30, 2007:

Largest 20 Multifamily Credits
as of June 30,2007

Rank	Balance (000’s)		Renovation?	Zip Code	Loan-to-Value Ratio		Debt Service Coverage	Personal Guaranty?	Grade
1	$	29,140	yes	89156	79	%	1.14	No	Pass
2	20,297			95841	83	%	1.41	No	Pass
3	19,192		yes	32246	73	%	1.33	No	Pass
4	16,866			91304	68	%	1.02	No	Pass
5	14,625		yes	90024	80	%	0.40	No	Pass/In Escrow
6	14,419			32601	66	%	1.13	No	Pass
7	13,447			91402	69	%	1.00	No	Pass
8	12,780			90057	66	%	1.00	No	Paid-off 7/11
9	12,145			90650	75	%	1.18	Yes	Pass
10	12,000		Yes	89121	74	%	0.69	No	Pass
11	11,713		Yes	89129	67	%	0.94	No	Pass
12	10,824		Yes	89142	64	%	0.93	No	Pass
13	10,295		Yes	91605	63	%	1.00	No	Paid-off  7/11
14	10,104		Yes	90057	65	%	1.00	Yes	Pass
15	9,800			85033	80	%	1.45	yes	Pass
16	8,064			90291	67	%	1.00	yes	Pass
17	7,546		Yes	96815	69	%	0.95	yes	Pass
18	7,291			98092	80	%	1.06	yes	Pass
19	7,280		Yes	90004	68	%	0.63	yes	Pass
20	6,800		Yes	89102	72	%	0.87	yes	Pass
	$	254,628

The following table breaks out First Regional’s construction loan portfolio by dollar amount outstanding as of June 30, 2007:

Range	Construction Loans (000’s)		Number of Loans	Simple Average Loan-to-Value
$0 to $1,000,000	$	21,309	37	55	%
$1,000,000 to $5,000,000	321,893		126	60	%
$5,000,000 to $10,000,000	325,238		47	64	%
$10,000,000 to $15,000,000	105,666		9	66	%
$15,000,000 to $20,000,000	94,899		6	54	%
$20,000,000 to $25,000,000	0
$25,000,000 & Over	0
	$	869,005

The following table presents certain information relating to the largest 20 loans in First Regional’s construction loan portfolio as of June 30, 2007:

Largest 20 Construction Credits
as of June 30, 2007

Rank	Balance (000’s)		Zip Code	Loan-to-Value Ratio		Personal Guaranty?	Grade
1	$	16,900	91764	65	%	Yes	Pass
2	15,977		91978	72	%	No	Pass
3	15,926		93013	72	%	Yes	Pass
4	15,879		90068	60	%	No	Pass
5	15,115		90274	65	%	Yes	Pass
6	15,102		32210	81	%	No	Pass
7	13,096		32730	77	%	No	Pass
8	12,735		90077	58	%	Yes	Pass
9	12,056		96815	75	%	Yes	Pass
10	11,597		92274	49	%	Yes	Pass
11	11,587		91302	75	%	Yes	Pass
12	11,522		98383	84	%	Yes	Pass
13	11,466		91301	75	%	Yes	Pass
14	11,091		90272	53	%	Yes	Pass
15	10,515		93292	66	%	Yes	Pass
16	9,863		91212	76	%	Yes	Pass
17	9,834		94115	72	%	Yes	Pass
18	9,575		93021	74	%	Yes	Pass
19	9,375		91607	69	%	No	Pass
20	9,344		90210	60	%	Yes	Pass
	$	248,555

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The following table breaks out First Regional’s non-residential commercial real estate loan portfolio by dollar amount outstanding as of June 30, 2007:

Range	Non-Residential  Commercial Real Estate Loans (000’s)		Number of Loans	Simple  Average Loan-to-Value
$0 to $1,000,000	$	20,082	32	60	%
$1,000,000 to $5,000,000	142,569		60	68	%
$5,000,000 to $10,000,000	58,950		8	68	%
$10,000,000 to $15,000,000	0		0	N/A
$15,000,000 to $20,000,000	0		0	N/A
$20,000,000 to $25,000,000	46,347		2	48	%
$25,000,000 & Over	0		0	N/A
	$	267,948

The following table presents certain information relating to the largest 20 loans in First Regional’s non-residential commercial real estate loan portfolio as of June 30, 2007:

Largest 20 Non-residential Commercial Real Estate Credits
as at June 30, 2007

Rank	Balance (000’s)		Zip Code	Loan-to-Value Ratio		Personal Guaranty?	Grade
1	$	24,126	90023	60	%	Yes	Pass
2	22,221		90038	35	%	No	Pass
3	9,180		84123	60	%	Yes	Pass
4	9,000		92509	48	%	Yes	Pass
5	9,000		93101	70	%	No	Pass
6	8,209		91790	74	%	Yes	Pass
7	6,366		90402	71	%	Yes	Pass
8	6,206		92647	67	%	Yes	Pass
9	5,635		90404	72	%	Yes	Pass
10	5,356		98168	53	%	Yes	Pass
11	4,999		90401	73	%	Yes	Pass
12	4,784		89109	62	%	Yes	Pass
13	4,480		90025	80	%	No	Pass
14	4,379		92037	53	%	No	Pass
15	4,366		85015	70	%	Yes	Pass
16	4,305		99335	75	%	Yes	Pass
17	4,000		26201	63	%	Yes	Pass
18	3,999		89512	79	%	Yes	Pass
19	3,975		93101	75	%	Yes	Pass
20	3,900		85363	75	%	Yes	Pass
	$	148,486

Item 9.01  Financial Statements and Exhibits.

(d)           Exhibits.

99Press Release of First Regional Bancorp, dated June 30, 2007, announcing financial results for the quarter and six months ended June 30, 2007

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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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 hereunto duly authorized.

Dated:  July 23, 2007

FIRST REGIONAL BANCORP
By:	/s/ Thomas E. McCullough
	Thomas E. McCullough
	Corporate Secretary

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Exhibit Index

99Press Release of First Regional Bancorp, dated June 30, 2007, announcing financial results for the quarter and six months ended June 30, 2007

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EX-99

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 ANNOUNCES FINANCIAL RESULTS FOR THE SECOND QUARTER AND FIRST HALF OF 2007

Financial Highlights include the following:

·Company continues strong profitability

·Total assets, deposits and loans increase to new record highs

·First half revenues from earning assets post 10% increase to $83.7 million

·Total capital grows 32% to $165.9 million

·Credit quality remains exceptionally strong

CENTURY CITY, CALIF. (July 18, 2007) – First Regional Bancorp (NasdaqGM: FRGB) today reported strong net income for the second quarter ended June 30, 2007.   Total assets, deposits and net loans all posted increases over the prior year, although net income for the first six months of 2007 was approximately 2.4% below last year’s record first half.

Net income for the second quarter of 2007 was $8.6 million, equal to 66 cents per diluted share, compared with $9.6 million or 74 cents per diluted share in the corresponding quarter of 2006.  For the six months ended June 30, 2007, net income totaled $17.6 million, equal to $1.35 per diluted share, compared with $18.1 million or $1.39 per diluted share in the same months last year.  Results for all periods have been adjusted to reflect the 3-for-1 stock split effected in August 2006.  Revenues from earning assets for the first half of 2007 totaled $83.7 million, up 10% from $76.4 million in the first half of 2006.

At June 30, 2007, total assets amounted to $2.058 billion, approximately 3% higher than $1.999 billion a year earlier.  Total deposits grew 7% to $1.640 billion from $1.537 billion on the same date in 2006.   Net loans were $1.885 billion, a 7% increase from $1.761 billion in the prior year.

Jack A. Sweeney, chairman and CEO, commented:  “First Regional continues to achieve solid profitability despite a challenging environment.  Our results represent another strong and profitable quarter, although they reflect a modest decline from the record profits of last year’s corresponding quarter.   Throughout the industry, financial institutions are presently beset by slower growth, higher expenses and shrinking net interest margins.  While we continue to outperform others in the industry, we are not immune from these pressures.

Mr. Sweeney continued:  “Our management philosophy remains fundamentally conservative and risk-averse. We have always placed primary emphasis on financial strength and the maintenance of high credit quality.  For example, we have taken care to avoid such risky areas of the real estate market as subprime

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lending.  In the present environment, these attributes serve us well and represent the basis of our optimism regarding First Regional’s future.”

To keep pace with loan growth, First Regional added $300,000 to its loan loss reserve in the second quarter of 2007.  This brought the balance of the reserve to $21.1 million at June 30, 2007, compared with nonperforming assets of just $13,000 as of the same date.  With respect to financial strength, total capital at the close of the second quarter amounted to $165.9 million, up 32% from $125.5 million at June 30, 2006.

Mr. Sweeney concluded:  “For the past several years, our bank has achieved an exceptional record of sound, profitable growth, and despite current challenges, we remain confident of First Regional’s positioning and prospects for long-term success.  Our talented management and staff have a wealth of experience and has demonstrated the ability to manage successfully in good times and bad.  We remain constantly vigilant and, should conditions warrant, are prepared to take swift, decisive action to meet any challenges that may arise as well as to capitalize on opportunities that present themselves.

“As always, we remain dedicated to building long-term shareholder value, maintaining financial strength and high credit quality, and providing our customers with excellence in service.”

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 June 30	2007			2006
ASSETS:
Cash and due from banks	$	76,508		$	167,224
Federal funds sold	0			0
Cash and cash equivalents	76,508			167,224
Investment securities	31,685			17,646
Federal Home Loan Bank stock - at cost	9,326			12,581
Loans - net	1,885,288			1,760,931
Premises and equipment - net	5,012			3,821
Other real estate owned	0			0
Accrued interest receivable and other assets	50,479			37,741
Total assets	$	2,058,298		$	1,999,944
LIABILITIES AND CAPITAL:
Demand deposits	$	416,961		$	482,458
Savings deposits	58,049			50,160
Money market deposits	938,029			816,585
Time deposits	226,701			188,170
Total deposits	1,639,740			1,537,373
Funds purchased	0			0
Federal Home Loan Bank advances	140,000			230,000
Subordinated debentures	92,785			92,785
Accrued interest payable and other liabilities	19,923			14,317
Total liabilities	1,892,448			1,874,475
Stated capital	53,597			50,974
Retained earnings	112,502			74,611
Net unrealized gains (losses) on available-for-sale securities	(249		)	(116		)
Total capital	165,850			125,469
Total liabilities and capital	$	2,058,298		$	1,999,944
Book value per share outstanding	$	13.54		$	10.31
Total shares outstanding	12,250,728			12,166,170

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	(000’s omitted)				(000’s omitted)
	Three Months Ended				Six Months Ended
	June 30				June 30
	2007		2006		2007		2006
Interest on loans	$	41,814	$	39,669	$	82,752	$	76,176
Interest on federal funds sold	121		43		212		75
Interest on investment securities	422		129		718		197
Total interest income	42,357		39,841		83,682		76,448
Interest on deposits	12,355		8,839		23,878		16,212
Interest on subordinated debentures	1,716		1,641		3,399		2,684
Interest on FHLB advances	1,599		2,459		3,194		4,895
Interest on other borrowings	3		1		9		4
Total interest expense	15,673		12,940		30,480		23,795
Net interest income	26,684		26,901		53,202		52,653
Provision for loan losses	300		1,500		300		3,891
Net interest income after provision for loan losses	26,384		25,401		52,902		48,762
Other operating income	2,048		2,498		4,415		4,450
Salaries and related benefits	8,627		6,983		17,648		13,779
Occupancy expenses	962		682		1,781		1,304
Other expenses	3,830		3,389		7,309		6,372
Total other operating expenses	13,419		11,054		26,738		21,455
Income before provision for income taxes	15,013		16,845		30,579		31,757
Provision for income taxes	6,369		7,252		12,944		13,680
Net income	$	8,644	$	9,593	$	17,635	$	18,077

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	(000’s omitted)					(000’s omitted)
	Three Months Ended					Six Months Ended
	June 30					June 30
	2007		2006			2007		2006
Net income per share
Basic	$	0.71	$	0.79		$	1.44	$	1.49
Diluted	$	0.66	$	0.74		$	1.35	$	1.39
Average shares outstanding	12,242,692		12,156,933			12,228,402		12,141,054
Diluted average shares	13,063,210		12,993,282			13,073,395		12,967,884
Average equity	$	161,537	$	119,992		$	156,725	$	115,267
Average assets	$	2,016,344	$	1,926,284		$	1,996,948	$	1,897,332
Return on average equity (%)	21.46		32.07			22.69		31.63
Return on average assets (%)	1.72		2.00			1.78		1.92
Efficiency ratio (%)	46.70		37.60			46.41		37.57
Number of employees	279		243
Assets per employee (000s)	$	7,377	$	8,230
CREDIT QUALITY
Beginning reserve for loan losses (000s)	$	20,694	$	18,975		$	20,624	$	17,577
Loan loss provisions	300		1,500			300		3,891
Loan recoveries	15		0			94		0
Loan chargeoffs	50		0			50		941
Net change in allowance for unfunded loan commitments	164		(162		)	155		(214		)
Ending reserve for loan losses (000s)	$	21,123	$	20,313		$	21,123	$	20,313
Nonperforming assets (000s)	$	13	$	62
Nonperforming assets / gross loans (%)	0.00		0.00
Reserve for loan losses / nonperforming assets (%)	162484.62		32762.90
Reserve for loan losses / gross loans (%)	1.11		1.14

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	(000s omitted)
	For the Three Months Ended June 30,
	2007					2006
	Average				Average	Average				Average
	Balance		Interest		Yield/Cost (%)	Balance		Interest		Yield/Cost (%)
Gross loans	$	1,868,461	$	41,814	8.98	$	1,806,214	$	39,669	8.81
Funds sold	7,285		121		6.66	3,620		43		4.76
Investment securities	30,913		422		5.48	13,762		129		3.76
Total earning assets	$	1,906,659	$	42,357	8.91	$	1,823,596	$	39,841	8.76
Deposits	$	1,629,011	$	12,355	3.04	$	1,507,316	$	8,839	2.35
Federal Home Loan Bank advances	121,575		1,599		5.28	197,341		2,459		5.00
Subordinated debentures	92,785		1,716		7.42	92,785		1,641		7.09
Funds purchased	145		3		8.30	99		1		4.05
Total bearing liabilities	$	1,843,516	$	15,673	3.41	$	1,797,541	$	12,940	2.89
Net interest spread (1)					5.50					5.88
Net interest margin (2)					5.61					5.85

(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 Six Months Ended June 30,
	2007					2006
	Average				Average	Average				Average
	Balance		Interest		Yield/Cost (%)	Balance		Interest		Yield/Cost (%)
Gross Loans	$	1,849,854	$	82,752	9.02	$	1,780,873	$	76,176	8.63
Funds Sold	7,025		212		6.09	3,483		75		4.34
Investment Securities	29,739		718		4.87	11,367		197		3.49
Total Earning Assets	$	1,886,618	$	83,682	8.94	$	1,795,723	$	76,448	8.59
Deposits	$	1,613,775	$	23,878	2.98	$	1,486,307	$	16,212	2.20
Federal Home Loan Bank Advances	120,085		3,194		5.36	207,746		4,895		4.75
Subordinated Debentures	92,785		3,399		7.39	77,577		2,684		6.98
Other Borrowings	283		9		6.41	90		4		8.96
Total Bearing Liabilities	$	1,826,928	$	30,480	3.36	$	1,771,720	$	23,795	2.71
Net Interest Spread (1)					5.58					5.88
Net Interest Margin (2)					5.69					5.91

(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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The following is a schedule of new loans booked (not including loan renewals) by First Regional’s subsidiary, First Regional Bank, during each month of the second quarter of 2007:

Month	New Loans Booked
	(000’s omitted)
April	$	62,094
May	123,274
June	183,665
Total For Second Quarter	$	369,033

The following schedule describes the primary components of First Regional Bank’s loan portfolio as of June 30, 2007 and 2006:

	Disbursed Balance as of		Percentage		Disbursed Balance as of		Percentage
	June 30, 2007		of Total		June 30, 2006		of Total
	(000’s omitted)				(000’s omitted)
Commercial Real Estate Loans
Construction Loans	$	511,641	26.7	%	$	300,545	16.8	%
Mini-Perm Loans	268,728		14.0	%	266,735		14.9	%
Bridge Loans	869,329		45.4	%	1,018,430		56.9	%
Other	31,808		1.7	%	24,370		1.4	%
	1,681,506		87.8	%	1,610,080		90.0	%
Commercial Non-Real Estate
Secured Loans	$	233,754	12.2	%	$	179,354	10.0	%
					$
Total loans	$	1,915,260	100.0	%	1,789,434		100.0	%
Less - Allowance for loan losses	21,123				20,313
- Deferred loan fees	8,849				8,190
Net Loans	1,885,288				1,760,931

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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