On May 11, Zacks Investment Research upgraded
First Pactrust Bancorp, Inc.
) to a Zacks Rank #1 (Strong Buy).
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Why the Upgrade?
First Pactrust Bancorp has been witnessing rising earnings
estimates on the back of strong first-quarter 2013 results. This
regional banking services provider has delivered a 400.0%
earnings surprise in the quarter. Further, the long-term expected
earnings growth rate for this stock is 15.0%.
The company reported its first-quarter 2013 results on May 8 with
earnings per share of 5 cents, easily beating the Zacks Consensus
Estimate of 1 cent. This compared favorably with the
prior-quarter loss of 30 cents.
Robust results were primarily aided by higher non-interest as
well as net interest income, and lower provision for loan losses.
However, higher expenses were among the negatives.
Net interest income came in at $15.4 million, up 3.5% from the
prior quarter. Non-interest income jumped 12.3% sequentially to
$17.9 million. Provision for loan losses decreased to $2.2
million as compared with $3.5 million in the prior quarter.
However, on the downside, non-interest expense rose 2.1% from the
prior quarter to $29.6 million.
Credit quality continued to improve. Non-accrual loans were $16.5
million, falling 28.1% sequentially. Net charge-offs were $0.6
million, down from $1.4 million in the prior quarter.
Following first-quarter results, the Zacks Consensus Estimate for
2013 increased 8.3% to 78 cents per share over the last 30 days.
For 2014, the Zacks Consensus Estimate rose by 2.4% to $1.42 per
Other Stocks to Consider
Other stocks in the same sector with a Zacks Rank #1 include
American National Bankshares Inc.