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First Regional Bancorp Posts Record Second Quarter Results.

Article Excerpt
Quarterly Operating Highlights Include:

- Net income increases 229% year-to year

- Total assets climb 48% to all time high

- Total deposits rise 44% to all time high

- Net loans jump 49% to all time high

- Company added to prestigious Russell 2000 stock index

CENTURY CITY, Calif., July 7 /PRNewswire-FirstCall/ -- First Regional Bancorp today reported that net income for the second quarter of 2005 climbed 229 percent from the comparable period one year ago, reaching the single-highest quarterly level in the institution's history.

For the three months ended June 30, 2005, net income totaled $6.4 million versus $1.9 million registered in last year's second quarter. This translates to $1.49 per diluted share, an increase of nearly three-fold from $0.48 per diluted share in the second quarter of 2004. Net income for the first half of 2005 advanced more than 223 percent to $11.6 million, equal to $2.72 per diluted share, eclipsing the $3.6 million, or $0.95 per diluted share, in the corresponding six-months last year.

Jack A. Sweeney, chairman and chief executive officer, stated: "First Regional's outstanding operating performance continued in the second period and first half of 2005. We are deeply gratified to have registered strong gains and all-time highs in net income, total assets, total deposits and net loans."...