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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

Commission File Number: 00-30747

FIRST COMMUNITY BANCORP
(Exact name of registrant as specified in its charter)

        Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

        Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b.2 of the Exchange Act). Yes ý    No o

        At August 7, 2003: 15,802,372 shares of the registrant's common stock, no par value, were outstanding.

TABLE OF CONTENTS

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PART I—FINANCIAL INFORMATION

ITEM 1. Consolidated Financial Statements (Unaudited)

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

See "Notes to Unaudited Condensed Consolidated Financial Statements."

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

See "Notes to Unaudited Condensed Consolidated Financial Statements."

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

See "Notes to Unaudited Condensed Consolidated Financial Statements."

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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Supplemental Disclosure of Acquisitions:

See "Notes to Unaudited Condensed Consolidated Financial Statements."

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2003

NOTE 1—BASIS OF PRESENTATION

Organization and Nature of Operations.

        First Community Bancorp ("First Community" on a parent-only basis and the "Company", "we" or "our" on a consolidated basis) is the holding company for First National Bank ("First National") and Pacific Western National Bank ("Pacific Western" and together with First National, the "Banks"). The Banks are full-service community banks offering a broad range of banking products and services including: originating commercial loans, real estate and construction loans, Small Business Administration ("SBA") loans and consumer loans, along with accepting demand and time deposits and providing other services including foreign exchange and escrow services. We extend credit to customers located primarily in the counties we serve and, through certain programs, we also extend credit to businesses located in Mexico. We focus on providing commercial banking services to small and medium-size businesses through 31 full-service banking offices located in Los Angeles, Orange, Riverside, San Bernadino and San Diego counties. The Company, through the Banks, derives its income primarily from the interest received on the various loan products, interest on investment securities, and fees from providing deposit services and extending credit.

        We have completed six acquisitions since December 31, 2001. All the acquisitions were accounted for using the purchase accounting method and accordingly the results of operations for each acquisition have been included in the consolidated financial statements since the dates of the respective acquisitions.

Consolidation and Basis of Presentation.

        The consolidated financial statements include the accounts of First Community and its subsidiaries. The unaudited condensed consolidated financial statements of the Company included herein have been prepared in conformity with accounting principles generally accepted in the United States of America. Our financial statements reflect all adjustments, which are, in the opinion of management, necessary to present a fair statement of the results for the interim periods indicated. Certain reclassifications have been made to the consolidated financial statements for 2002 to conform to the 2003 presentation. Certain information and note disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. The results of operations for the three months and six months ended June 30, 2003 are not necessarily indicative of the results of operations to be expected for the remainder of the year.

        The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2002.

Use of Estimates.

        The preparation of consolidated financial statements requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates and assumptions based upon historical experience and various other factors and circumstances. We believe that our estimates and assumptions are reasonable for such circumstances; however, actual results may differ significantly from these estimates and assumptions which could have a material impact on the carrying value of assets and liabilities at the balance sheet dates and our

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results of operations for the reporting periods. Material estimates subject to change include, among other items, the allowance for loan losses and the carrying value of other real estate owned, the deferred tax asset and goodwill.

NOTE 2—ACQUISITIONS

        The Company has made the following acquisitions since January 1, 2002:

Pacific Western National Bank Acquisition.

        On January 31, 2002, we acquired Pacific Western National Bank. References to Pacific Western National Bank refer to the bank acquired on January 31, 2002. The shareholders and option holders of Pacific Western National Bank were paid approximately $36.6 million in cash. Upon completion of the acquisition, Pacific Western National Bank and First Community Bank of the Desert were merged with First Professional Bank. The resulting bank operates as Pacific Western and is headquartered in Santa Monica, California. When we refer to Pacific Western, we are referring to the surviving bank formed through the merger of Pacific Western National Bank, First Community Bank of the Desert and First Professional Bank.

W.H.E.C., Inc. Acquisition.

        On March 7, 2002, we acquired W.H.E.C., Inc. ("WHEC"), the holding company of Capital Bank of North County ("Capital Bank"). The Company issued 1,043,999 shares of our common stock in exchange for all of the outstanding common shares and options of WHEC. At the time of the merger, Capital Bank was merged into Rancho Santa Fe National Bank, First National's predecessor.

Upland Bank Acquisition.

        On August 22, 2002, we acquired Upland Bank. We issued 419,059 shares of our common stock and $6.8 million in cash in exchange for all of the outstanding shares and options of Upland Bank. The aggregate purchase price of Upland Bank amounted to $19.5 million. At the time of the merger, Upland Bank was merged into Pacific Western.

Marathon Bancorp Acquisition.

        On August 23, 2002, we acquired Marathon Bancorp, the holding company of Marathon Bank. We issued 537,770 shares of our common stock and $6.7 million in cash in exchange for all of the outstanding shares and options of Marathon Bancorp. The aggregate purchase price of Marathon

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Bancorp amounted to $22.8 million. At the time of the merger, Marathon Bank was merged into Pacific Western.

First National Bank Acquisition.

        On September 10, 2002, we acquired First National Bank. We issued 2,762,540 shares of our common stock and $74.5 million in cash in exchange for all of the outstanding preferred shares, common shares, warrants and options of First National Bank. The aggregate purchase price of First National Bank amounted to approximately $155.6 million. At the time of the merger, First National Bank was merged into Rancho Santa Fe National Bank and renamed First National Bank. When we refer to First National, we are referring to the surviving bank formed through the merger of First National Bank and Rancho Santa Fe National Bank.

Bank of Coronado Acquisition.

        On January 9, 2003, we acquired Bank of Coronado, an $80.1 million-asset bank with three branches located in San Diego County. We paid $11.6 million in cash in exchange for all of the outstanding common shares and options of Bank of Coronado. At the time of the merger, Bank of Coronado was merged into First National.

Verdugo Banking Company Acquisition.

        On April 17, 2003, we announced the signing of a definitive agreement and plan of merger to acquire Verdugo Banking Company, a one branch bank located in Glendale, California with approximately $179.0 million in assets as of March 31, 2003. We agreed to pay approximately $34.9 million in cash for all of the outstanding capital stock, and options to acquire any capital stock, of Verdugo Banking Company. The transaction is currently expected to close in mid-August 2003. First Community and Verdugo have received all regulatory and shareholder approvals necessary to complete the transaction. Upon the closing of the transaction, Verdugo will merge with and into Pacific Western, with Pacific Western remaining as the surviving bank.

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NOTE 3—NET INCOME PER SHARE

        The following is a summary of the calculation of basic and diluted net income per share for the three and six months ended June 30, 2003 and 2002:

NOTE 4—STOCK OPTIONS

        The Company applies the intrinsic value-based method of accounting prescribed by Accounting Principles Board ("APB") Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations, in accounting for its fixed plan stock options. Under APB No. 25, compensation expense is recorded on the date of grant only if the current market price of the underlying stock exceeded the exercise price. Statement of Financial Accounting Standards ("SFAS") No. 123, Accounting for Stock-Based Compensation, established accounting and disclosure requirements using a fair value-based method of accounting for stock-based employee compensation plans. Under the fair value method, compensation expense is recorded over the vesting period based on the fair value of the equity instrument granted to employees. As allowed by SFAS No. 123, the Company has elected to continue to apply the intrinsic value-based method of accounting described above, and has provided below the pro forma disclosures required by SFAS No. 148, Accounting for Stock-Based Compensation—Transition Disclosure—an amendment of FASB Statement No. 123.

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        Had we determined compensation expense based on the fair value at the grant date for our stock options under SFAS No. 123, our net income would have been reduced to the pro forma amounts indicated below:

        In July 2003, the Compensation Committee of the Company's Board of Directors awarded aggregate grants of 155,000 shares of restricted stock and 250,000 shares performance stock to officers of the Company and its subsidiaries, pursuant to the Company's 2003 Stock Incentive Plan (the "Plan"). The granted shares of restricted stock will vest over four years. The granted shares of performance stock will vest in full or in part on the date the Compensation Committee, as Administrator of the Plan, determines that the Company achieved certain financial targets determined by the Compensation Committee. The granted shares of performance stock expire seven years from the date of grant. Prior to vesting of the restricted stock or performance stock, each grant recipient, is entitled to dividend and voting rights with respect to the shares of granted stock, subject to termination of such rights under the terms of the Plan.

NOTE 5—LONG-TERM DEBT

Trust Preferred Securities

        The Company had an aggregate of $38.0 million in trust preferred securities outstanding at June 30, 2003. Each of the series of trust preferred securities issued has a maturity of thirty years from its date of issue. These securities are considered Tier 1 capital for regulatory purposes and the proceeds from the issuance of the securities were issued primarily to fund several of our acquisitions.

        In September 2000, we issued $8.0 million of trust preferred securities bearing a fixed interest rate of 10.60%. In November 2001, we issued $10.0 million of trust preferred securities bearing a variable interest rate, which is reset semi-annually, at the 6-Month LIBOR plus 3.75%, provided the rate will not exceed 11.00% through December 2006. The current rate is 4.81% and the next interest rate reset date is December 8, 2003. In December 2001, we issued another $10.0 million of trust preferred securities bearing a variable interest rate, which is reset quarterly, at the 3-Month LIBOR plus 3.60%, provided the rate will not exceed 12.50% through December 2006. The current interest rate is 4.66% and the next interest rate reset date is September 18, 2003. In June 2002, we issued $10.0 million of trust preferred securities bearing a variable interest rate, which is reset quarterly, at the 3-Month

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LIBOR plus 3.55%, provided the rate will not exceed 11.95% through June 2007. The current rate is 4.56% and the next interest rate reset date is September 26, 2003.

Convertible Debt

        In January 2001, we acquired $679,000 of convertible debt in the acquisition of Professional Bancorp. As of June 30, 2002, the amount of convertible debt outstanding was $654,000. We exercised our right to redeem this convertible debt effective September 1, 2002. Each holder of the convertible debt had the option to elect to receive, upon redemption, (i) one share of Company common stock for each $23.088 of principal outstanding held by such holder or (ii) an amount in cash equal to such holder's redemption amount. Based on the election of each convertible debt holder, we issued 23,374 shares of common stock and paid approximately $114,000 to redeem this convertible debt.

NOTE 6—PRO FORMA INFORMATION FOR PURCHASE ACQUISITIONS

        The following table presents our unaudited pro forma results of operations for the three and six months ended June 30, 2002 as if the acquisitions of Pacific Western National Bank, WHEC, Upland Bank, Marathon Bancorp, First National Bank, and Bank of Coronado had been effective on January 1, 2002. The unaudited pro forma combined summary of operations is intended for informational purposes only and is not necessarily indicative of the operating results that would have occurred had these acquisitions been in effect for the periods presented. The unaudited pro forma

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results of operations for the three and six months ended June 30, 2003 for the effect of the Bank of Coronado acquisition is not presented because it is immaterial.

NOTE 7—GOODWILL AND OTHER INTANGIBLE ASSETS

        We adopted Statement of Financial Accounting Standards, No. 142 Goodwill and Other Intangible Assets, or SFAS No. 142, on January 1, 2002. Goodwill and intangible assets arise from purchase business combinations and SFAS No. 142 requires all business combinations to be accounted for under the purchase method of accounting. SFAS No. 142 addresses the initial recognition and measurement of goodwill and other intangible assets acquired as a result of a business combination and the recognition and measurement of those assets subsequent to acquisition. Under SFAS No. 142, goodwill and other intangible assets deemed to have indefinite lives will no longer be amortized, but instead will be tested for impairment annually, or more frequently, whenever certain events occur. We performed our annual test for impairment as of June 30, 2003, and concluded that there is no impairment in our goodwill.

        SFAS No. 142 also requires intangible assets with definite lives, such as core deposit intangibles, to be amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment in accordance with SFAS No. 144, Accounting for Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of. We determined the value of a core deposit intangible related to each of the acquisitions of Pacific Western National Bank, WHEC, Upland Bank, Marathon Bancorp, First National Bank, and Bank of Coronado. We recorded the aggregate value of the core

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deposit intangible separate from goodwill and we are amortizing it over its estimated useful life of 10 years. The amortization expense represents the estimated decline in the value of the underlying deposits acquired. We recorded an expense of approximately $587,000 and $1.2 million for the three months and six months ended June 30, 2003, and $339,000 for both the three and six months ended June 30, 2002. We estimate the expense related to this core deposit intangible will range from $2.0 million to $2.3 million per year for the next five years.

        The changes in the carrying amount of goodwill and core deposit intangible for the six months ended June 30, 2003 are as follows:

NOTE 8—DIVIDEND APPROVAL

        On July 23, 2003, our Board of Directors approved a quarterly dividend of $0.1875 per common share which is payable on August 29, 2003 to shareholders of record on August 15, 2003.

NOTE 9—IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS

        Statement of Financial Accounting Standards, No. 149 Amendment of Statement 133 on Derivative Instruments and Hedging Activities, or SFAS No. 149, amends and clarifies accounting for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities under SFAS No. 133. In particular, SFAS No. 149 clarifies under what circumstances a contract within an initial net investment meets the characteristic of a derivative and when a derivative contains a financing component that warrants special reporting in the statement of cash flows. SFAS No. 149 is generally effective for contracts entered into or modified after June 30, 2003, and is not expected to have a material impact on the Company's consolidated financial statements.

        Statement of Financial Accounting Standards, No. 150 Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity, or SFAS No. 150, establishes standards for how an issuer classifies and measures certain financial instruments with characteristics of both liabilities and equity. SFAS No. 150 requires that an issuer classify a financial instrument that is within its scope as a liability (or an asset in some circumstances). Many of those instruments were previously classified as equity. SFAS No. 150 is effective for financial instruments entered into or modified after May 31, 2003, and otherwise is effective at the beginning of the first interim period beginning after June 15, 2003 and is not expected to have a material impact on the Company's consolidated financial statements.

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ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Information

        This Quarterly Report on Form 10-Q (the "Quarterly Report") includes forward-looking information, which is subject to the "safe harbor" set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When we make statements that are not based on historical information or are forward-looking, including when we use or incorporate by reference in this Quarterly Report the words "anticipate," "estimate," "expect," "project," "intend," "commit," "believe" and similar expressions, we are making forward-looking statements. Such statements are subject to certain risks, uncertainties and assumptions, including those described in this Quarterly Report. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, expected, projected, intended, committed or believed. Such risks and uncertainties include, but are not limited to, the following factors:

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Expected cost savings or revenue enhancements from the completed or pending acquisitions may not be fully realized or realized within the expected time frame.



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Successful completion and integration of acquisitions.



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Competitive pressure in the banking industry and changes in the regulatory environment.



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Changes in the interest rate environment and volatility of rate sensitive loans and deposits.



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A decline in the health of the economy nationally or regionally which could reduce the demand for loans or reduce the value of real estate collateral securing most of our loans.



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Credit quality deterioration, which could cause an increase in the provision for loan losses.



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Dividend restrictions.



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Regulatory discretion.



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Changes in the securities markets.



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Asset/liability repricing risks and liquidity risks.



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Continuing effects on the economy from the terrorist attacks in the United States on September 11, 2002 and the ongoing war on terrorism.

        We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements.

Overview

        First Community Bancorp ("First Community" on a parent-only basis and the "Company", "we" or "our" on a consolidated basis) is the holding company for First National Bank ("First National") and Pacific Western National Bank ("Pacific Western" and together with First National, the "Banks"). The Banks are full-service community banks offering a broad range of banking products and services including: originating commercial loans, real estate and construction loans, Small Business Administration ("SBA") loans, and consumer loans, along with accepting demand and time deposits and providing other services including foreign exchange and escrow services. We extend credit to customers located primarily in the counties we serve and, through certain programs, we also extend credit to businesses located in Mexico. We focus on providing commercial banking services to small and medium-size businesses through 31 full-service banking offices located in Los Angeles, Orange, Riverside, San Bernadino and San Diego counties. The Company, through the Banks, derives its

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income primarily from the interest received on the various loan products, interest on investment securities, and fees from providing deposit services and extending credit.

        At June 30, 2003, we had total assets of $2,163.0 million, gross loans of $1,435.9 million, deposits of $1,782.9 million and equity of $328.0 million. We have completed six acquisitions since December 31, 2001. All acquisitions were accounted for using the purchase accounting method and accordingly the results of operations from each acquisition have been included in the consolidated financial statements since the date of the respective acquisition.

        Since December 31, 2002, our total assets have increased by approximately $47.1 million, or 2%, which is attributable to both the increase in assets due to the Bank of Coronado acquisition consummated in the first quarter of 2003 and second quarter deposit growth, offset by the planned elimination of lower quality loans still remaining from our 2002 and 2003 acquisitions. Loans, net of deferred fees and costs, increased by $8.0 million, or 0.6%, since year-end 2002. This increase is due primarily to the acquisition of Bank of Coronado, offset by the above mentioned planned reductions of acquired loans. Our total deposits increased by approximately $44.3 million, or 2.5%, since year-end 2002 and represents deposits acquired in the Bank of Coronado acquisition along with organic growth of $17.6 million in the second quarter, offset by expected deposit run-off due to the lowering of interest rates paid on interest-bearing deposit accounts. Noninterest-bearing deposit accounts as a percentage of total deposits was 39% at June 30, 2003 which is comparable to our December 31, 2002 deposit mix. Our loan-to-deposit ratio at June 30, 2003 was 80.3% compared to 81.9% as of December 31, 2002.

        The following sections contain tables and data setting forth certain statistical information relating to the Company as of June 30, 2003, and for the three and six months ended June 30, 2003 and June 30, 2002. This discussion should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto as of June 30, 2003 included herein, and the consolidated financial statements and notes thereto included in our consolidated financial statements filed on Form 10-K for the year ended December 31, 2002.

Critical Accounting Policies.

        The accounting policies that involve significant estimates and assumptions by management and which may have a material impact on the carrying value of certain assets and liabilities are considered critical accounting policies. We have identified our policy for the allowance for loan losses, our estimate of the fair value of financial instruments and our calculation of goodwill and other intangible assets as critical accounting policies. Please see the sections entitled "—Allowance for Loan Losses" and "Note 7—Goodwill and Other Intangible Assets" in the Notes to Unaudited Condensed Consolidated Financial Statements for a discussion related to these policies. Our significant and critical accounting policies and practices are also described in further detail in Note 1 to our consolidated financial statements filed on Form 10-K for the year ended December 31, 2002 and incorporated herein by reference.

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Results of Operations

        The following table presents our key performance indicators for the three and six months ended June 30, 2003 and 2002 and the basis for calculating these indicators:

        The 2003 comparisons to 2002 are affected by the acquisitions of Upland Bank, Marathon Bancorp, First National Bank and Bank of Coronado, which were completed subsequent to the second quarter of 2002 whereby First Community acquired aggregate assets totaling approximately $1.0 billion and aggregate deposits totaling $816.6 million. Further, the year over year comparisons are also affected by the acquisitions of Pacific Western National Bank and WHEC accomplished during the first quarter of 2002, through which First Community acquired aggregate assets totaling $407.0 million and aggregate deposits totaling $373.7 million.

        Second quarter analysis.    Consolidated net income for the three months ended June 30, 2003 was $8.6 million, or $0.55 per diluted share, an increase of $4.8 million, or 124%, for the same period of 2002. Net income for the three months ended June 30, 2002 was $3.9 million or $0.49 per diluted share. Our return on average assets was 1.60% for the second quarter of 2003 versus 1.27% for the second quarter of 2002. Average assets increased $954.6 million, or 78.5%, for the second quarter of 2003 when compared to the same period of 2002. The efficiency ratio is a measure of how effective we are at managing our expense dollars. A lower or declining ratio indicates improving efficiency. The efficiency ratio improved to 52.0% during the second quarter of 2003 compared to 63.6% for the same period in 2002. The improvement resulted from our revenues increasing 73.7% while our noninterest expense grew only 41.8% for the second quarter of 2003 when compared to the second quarter of 2002.

        Noninterest income for the second quarter of 2003 includes securities gains of $1.8 million, or $1.0 million net of tax. The Company realized these gains as part of the restructuring of the securities portfolio of acquired banks. Noninterest income for the second quarter of 2002 included a gain related to the sale of our merchant card portfolio of $934,000, or $542,000 net of tax.

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        Six month analysis.    Consolidated net income for the six months ended June 30, 2003 was $15.9 million, or $1.01 per diluted share, an increase of $9.9 million, or 164%, for the same period of 2002. Net income for the six months ended June 30, 2002 was $6.0 million or $0.82 per diluted share. Our return on average assets was 1.47% for the six months ended June 30, 2003 versus 1.10% for the same period of 2002. Again, the increase in diluted net income per share and return on average assets for the six month period ended June 30, 2003 compared to the same period of 2002 relates primarily to the accretive nature of our acquisition activity. The efficiency ratio improved to 54.3% for the six month period ended June 30, 2003 versus 67.1% for the same period in 2002. The improvement in our efficiency ratio for the six month period ended June 30, 2003 when compared to the same period of 2002, is a result of increasing our revenues by 93.6% while controlling the increase in our noninterest expense to 56.6%.

        Net Interest Income.    Net interest income is the difference between interest earned on assets and interest paid on liabilities. Net interest margin is net interest income expressed as a percentage of average interest-earning assets. Our balance sheet is asset sensitive and as such, a falling interest rate environment places downward pressure on our net interest margin while conversely, our net interest margin tends to expand in a rising interest rate environment. The majority of our earning assets are tied to market rates, such as the prime rate, and therefore rates on our earning assets generally reprice along with a movement in market rates while interest-bearing liabilities, mainly deposits, tend to reprice more slowly and usually incorporate only a portion of the movement in market rates.

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        The following table provides information concerning average interest-earning assets and interest-bearing liabilities and yields and rates thereon for the three months ended June 30, 2003 and June 30, 2002. Nonaccrual loans are included in the average interest-earning assets amounts.