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| FRGB > SEC Filings for FRGB > Form 8-K on 5-Aug-2009 | All Recent SEC Filings |
5-Aug-2009
Results of Operations and Financial Condition, Regulation FD Disclosure, F
(a) First Regional Bancorp issued a press release on July 30, 2009 announcing its financial results for the quarter and six months ended June 30, 2009. The press release is furnished as Exhibit 99 and is hereby incorporated by reference in its entirety.
Executive management of First Regional Bancorp has provided the following information in response to questions received from securities analysts and others.
First Regional has stated that it meets all financial ratio requirements for "Well Capitalized" status. What are those standards, and how do First Regional's capital ratios compare to the standards?
Under the Prompt Corrective Action program, banking regulators have established different levels of capital adequacy based on the capital ratios of financial institutions. The highest capital level under this program is "Well Capitalized." As First Regional has no material intangible assets, all of First Regional's equity capital, and its equity capital ratios, are tangible. The computation of the June 30, 2009 capital ratios of First Regional Bancorp and its subsidiary, First Regional Bank, along with the Well Capitalized ratio standards are as follows:
Well First First
Capitalized Regional Regional
Standard Bancorp Bank
Equity Capital 129,582,022 222,304,953
Less: Unrealized Gains -604,000 0
Plus: Trust Preferred Securities
Qualifying as Tier I Capital 42,992,674 0
Line 1 Tier I Capital 171,970,696 222,304,953
Plus: Trust Preferred Securities
Qualifying as Tier II Capital 54,507,326 0
Plus: Portion of Loan Loss
Reserve Qualifying as Tier II
Capital 29,320,151 29,593,351
Line 2 Total Capital 255,798,173 251,898,304
Line 3 Average Total Assets 2,401,772,786 2,401,772,786
Line 4 Total Risk-weighted Assets 2,324,637,000 2,322,466,000
Tier I Leverage Ratio
(Line 1 / Line 3) 5.00 % 7.16 % 9.26 %
Tier I Capital Ratio
(Line 1 / Line 4) 6.00 % 7.40 % 9.57 %
Total Capital Ratio
(Line 2 / Line 4) 10.00 % 11.00 % 10.85 %
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First Regional has reported its total "non-performing assets" and loans past due 30 to 89 days. Can you provide an update on the composition and status of these items?
Per banking industry convention, non-performing assets consist of loans past due 90 or more days and still accruing interest, loans on non-accrual status, and other real estate owned ("OREO"). As of June 30, 2009 First Regional's non-performing assets were as follows:
NON-PERFORMING ASSETS
Amount Status Asset Type Collateral
786,900 OREO 105 acres of residential land in Homeland
(Riverside County), California
1,162,050 OREO 18 acres of residential land in Menifee
(Riverside County), California
3,118,920 OREO Residential land (for 34 units) in Glendale
(Los Angeles County), California
6,299,697 OREO Condominium project in Spring Valley (San
Diego County) California
3,930,467 OREO Luxury residence in Tarzana (Los Angeles
County) California
1,098,000 OREO 23 acres of residential land in Silverdale
(Kitsap County), Washington
1,990,000 Non-accrual Loan to Unsecured
Individual
3,085,214 Non-accrual Construction Condominium project in Bakersfield (Kern
Loan County), California
16,516,297 Non-accrual Land Loan 9 acres of residential land in Palos Verdes
(Los Angeles County), California
1,316,000 OREO 11.62 acres of residential land in San
Bernardino (San Bernardino County),
California
814,703 Non-accrual Land Loan 1.95 acres of residential land in Corona
(Riverside County), California
1,100,000 Non-accrual CRE Loan 13.74 Acres of industrial land in Bellingham
(Whatcom County), Washington
1,968,037 Non-accrual Loan to Unsecured
Individual
1,609,617 Non-accrual Loan to Unsecured
Company
1,284,636 Non-accrual CRE Loan 110,000 sq. ft. warehouse in Bellingham
(Whatcom County), Washington
23,479,400 Non-accrual Construction Apartment building in Carpenteria (Santa
Loan Barbara County), California
2,211,572 Non-accrual Construction 3 single family residences in Carpenteria
Loan (Santa Barbara County), California
9,180,000 Non-accrual CRE Loan 29 Acre Commercial Property in Murray (Salt
Lake County), Utah
14,282,842 Non-accrual Construction Condominium Project in Sparks (Washoe
Loan County), Nevada
12,442,772 Non-accrual Construction Condominium project in Oceanside (San Diego
Loan County), California
2,369,550 Non-accrual Construction Luxury residence in Palm Springs (Riverside
Loan County), California
1,642,000 Non-accrual Land Loan 16,000 sq. ft. of residential land in Santa
Monica (Los Angeles County), California
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9,375,000 Non-accrual Land Loan 100,000 sq. ft. of residential land in
Valley Village (Los Angeles County),
California
7,068,259 Non-accrual Land Loan 62,000 sq. ft. of residential land in Valley
Village (Los Angeles County), California
800,000 Non-accrual Land Loan 4.76 acres of residential land in Sunland
(Los Angeles County), California
2,898,600 Non-accrual Land Loan 5.5 acres of residential land in Henderson
(Clark County), California
4,852,852 Non-accrual Land 24 acres of commercial and residential land
Development in Ontario (San Bernardino County),
California
2,593,713 Non-accrual Construction 22 unit condominium project in Los Angeles
Loan (Los Angeles County), California
735,000 Non-accrual Land Loan 30,000 sq. ft. residential land in Thousand
Oaks, (Ventura County), California
9,193,419 Non-accrual CRE Loan 180 Unit Apartment in North Hollywood (Los
Angeles County), California
530,225 Non-accrual CRE Loan 98 Unit Apartment in Las Vegas (Clark
County), Nevada
1,217,250 Non-accrual Land Loan 6 Unit Apartment in Valley Village (Los
Angeles County), California
1,217,250 Non-accrual Land Loan 6 Unit Apartment in Valley Village (Los
Angeles County), California
1,217,250 Non-accrual Land Loan 6 Unit Apartment in Valley Village (Los
Angeles County), California
1,565,000 Non-accrual Land Loan 14,000 sq. ft. of residential land in Los
Angeles (Los Angeles County), California
5,311,000 OREO 128 Unit Apartment in Daphne (Baldwin
County), Alabama
3,508,093 Non-accrual CRE Loan Restaurant in Summerland (Santa Barbara
County), California
8,512,500 Non-accrual Land Loan 82,000 sq. ft. of residential land in Valley
Village (Los Angeles County), California
3,562,024 Non-accrual Land Loan 29,000 sq. ft. of residential land in Valley
Village (Los Angeles County), California
14,935,906 Non-accrual Construction 29 Unit condominium project in Beverly Hills
Loan (Los Angeles County), California
199,829 Non-accrual Loan to Unsecured
Individual
3,469,308 Non-accrual Construction 7 Unit condominium project in Los Angeles
Loan (Los Angeles County), California
7,090,000 Non-accrual Construction Condominium project in Los Angeles County,
Loan California
8,149,789 Non-accrual Construction 22 unit condominium project in Thousand Oaks
Loan (Ventura County), California
5,874,484 Non-accrual Construction 18 unit condominium project in South
Loan Pasadena (Los Angeles County), California
1,265,841 Non-accrual Land Loan 15,000 sq. ft. lot in Santa Monica (Los
Angeles County) California
1,257,564 Non-accrual Land Loan 16,000 sq. ft. lot in Santa Monica (Los
Angeles County) California
5,068,000 Non-accrual Land Loan 5.2 acres of commercial land in Las Vegas
(Clark County) Nevada
5,399,685 Non-accrual Construction Luxury residence in Irvine (Orange County)
Loan California
1,520,000 Non-accrual CRE Loan 4 unit apartment in Los Angeles (Los Angeles
County), California
4,251,115 90+ days CRE Loan Medical office building in Newport Beach
past due (Orange County) California
3,975,000 Non-accrual CRE Loan 56 room hotel in Santa Barbara (Santa
Barbara County) California
408,326 Non-accrual Loan to Unsecured
Individual
500,000 Non-accrual Loan to Unsecured
Individual
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75,000 Non-accrual Loan to Unsecured
Individual
13,772,079 Non-accrual CRE Loan 272 Unit apartment in Fern Park (Seminole
County), Florida
3,186,170 Non-accrual CRE Loan 96 unit mobile home park in San Diego,
California
6,160,000 Non-accrual CRE Loan 15,000 sq.ft. bldg. In Los Angeles (Los
Angeles County), California
13,904,421 Non-accrual Construction 27 Unit condo project in Los Angeles (Los
Loan Angeles County), California
17,898,574 Non-accrual Construction 42 unit Condo project in Los Angeles (Los
Loan Angeles County), California
1,439,797 Non-accrual Construction 15,000 sq. ft. lot in West Hollywood (Los
Loan Angeles County) California
5,634,677 Non-accrual Land Loan 56 acres of land in Cedar Park, Texas
249,962 Non-accrual Loan to Unsecured
Company
46,489 Non-accrual Loan to Unsecured
Company
23,500 Non-accrual Loan to Unsecured
Individual
3,400,000 90+ days past due Land Loan 31,000 sq. ft. residential lot in Brentwood
(Los Angeles County) California
80,666 90+ days past due Loan to Unsecured
Company
362,933 90+ days past due Loan to Unsecured
Company
4,205,850 90+ days past due CRE Loan 97 unit apartment in Federal Heights,
Colorado
4,779,492 90+ days past due Land Loan 320 Acres of land in Bullhead City, Arizona
70,597 90+ days past due Loan to Federally guaranteed
Company
77,083 90+ days past due Loan to Federally guaranteed
Company
499,000 90+ days past due Loan to Unsecured
Individual
. . .
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(d) Exhibits
99 Press Release of First Regional Bancorp, dated July 30, 2009, announcing financial results for the year ended June 30, 2009.
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.
Statements made herein are made as of the date hereof only. The Company shall have no obligation to update information and forward-looking statements presented herein.
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