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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

        As of November 3, 2003 there were 15,862,441 shares of the registrant's common stock 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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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 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 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-sized businesses through 32 full-service banking offices located in Los Angeles, Orange, Riverside, San Bernardino 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 seven 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. All acquisitions were undertaken for the purpose of increasing our market share and presence in the communities we serve in addition to the expectation that they will be accretive to our earnings once the acquired banks have been fully integrated with our operations.

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 and nine months ended September 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;

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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 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, deferred tax assets, goodwill and core deposit intangible.

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

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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. The total purchase price was approximately $24.5 million. 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 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. 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 August 22, 2003, we acquired Verdugo Banking Company. We paid approximately $34.3 million in cash for all outstanding shares of common stock and options. At the time of the merger, Verdugo Banking Company was merged into Pacific Western.

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Proforma Information for Purchase Acquisitions.

        The following table presents our unaudited pro forma results of operations for the three and nine months ended September 30, 2003 and 2002 as if the acquisitions of Pacific Western National Bank, WHEC, Upland Bank, Marathon Bancorp, First National Bank, Bank of Coronado and Verdugo Banking Company had been effective at the beginning of each period presented. The unaudited pro forma combined summary of operations is intended for informational purposes only, is not necessarily indicative of the operating results that would have occurred had these acquisitions been in effect for the periods presented and does not include any adjustments for cost savings.

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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 nine months ended September 30, 2003 and 2002:

NOTE 4—STOCK COMPENSATION

Stock Options.

        The Company adopted the fair value method of accounting for stock options effective January 1, 2003, using the prospective method of transition specified in Statement of Financial Accounting Standard ("SFAS") No. 148, Accounting for Stock-Based Compensation—Transition and Disclosure—an amendment of FASB Statement No. 123. The cost of all stock options granted on or after January 1, 2003, is based on their fair value and is included as a component of salaries and employee benefits expense over the vesting period for such options. The effect of adoption had no material effect on either the Company's financial condition or results of operations. For stock options granted prior to January 1, 2003, the Company continues to apply the intrinsic value-based method of accounting under Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees, under which compensation cost is recognized only when the option exercise price is less than the fair market value of the underlying stock on the date of grant.

        Had we determined compensation expense based on the fair value at the grant date for all of our stock options granted under SFAS No. 123, Accounting for Stock-Based Compensation, our net income

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and related earnings per share would have been reduced to the pro forma amounts indicated in the table below.

Restricted Stock.

        During the third quarter of 2003, the Compensation Committee of the Company's Board of Directors awarded aggregate grants of 200,000 shares of restricted common stock and 245,000 shares of performance common 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 common stock will vest over a service period of three to four years. The granted shares of performance common 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 common stock expire seven years from the date of grant. Prior to vesting of the restricted common stock or performance common 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.

        At the time the shares of restricted and performance common stock were granted, the fair market value of the common stock was approximately $14.3 million. Such amount was recorded within shareholders' equity by increasing common stock and recording unearned equity compensation. The unearned equity compensation is being amortized to compensation expense over the vesting periods by use of the straight-line method. Performance stock vesting could be over a shorter period if related financial targets are met earlier than anticipated. Compensation expense related to the restricted and performance stock awards approximated $446,000 during the three months ended September 30, 2003, and is included in salaries and employee benefits expense in the accompanying statement of income.

NOTE 5—BORROWINGS

Trust Preferred Securities.

        The Company had an aggregate of $58.0 million in trust preferred securities outstanding at September 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

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proceeds from the issuance of the securities were used primarily to fund several of our acquisitions. The following table summarizes the terms of each issuance.

Short-Term Borrowings.

        During the third quarter of 2003 we amended and restated our revolving credit facility, which has a limit of $12.5 million, and added a new revolving credit line, which has a limit of $17.5 million. The facilities mature in one year, include automatic renewal provisions, and carry floating rates of the lenders' Federal funds rate plus 1.50%. The Company borrowed an aggregate of $24.0 million from the facilities to help finance the Verdugo acquisition in August 2003. As of September 30, 2003 we had $14.0 million outstanding on these facilities.

NOTE 6—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 are no longer amortized, but instead are 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 was no impairment in our goodwill at that time.

        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, Bank of Coronado and Verdugo Banking Company. We recorded the

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aggregate value of the core deposit intangible separate from goodwill and we are amortizing these core deposit intangible assets over their estimated useful lives of 10 years. The amortization expense represents the estimated decline in the value of the underlying deposits acquired. We recorded an expense of $632,000 and $1.8 million for the three months and nine months ended September 30, 2003, and $238,000 and $577,000 for the three and nine months ended September 30, 2002. We estimate the expense for core deposit intangibles will range from $2.5 million to $2.7 million per year for the next five years.

        The changes in the carrying amounts of goodwill and core deposit intangible for the nine months ended September 30, 2003 are as follows:

NOTE 7—DIVIDEND APPROVAL

        On October 22, 2003, our Board of Directors declared a quarterly dividend of $0.1875 per common share payable on November 26, 2003 to shareholders of record on November 14, 2003.

NOTE 8—IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS

        The FASB issued Interpretation No. 46, Consolidation of Variable Interest Entities, an interpretation of ARB No. 51, in January, 2003. This Interpretation addressed the consolidation of variable interest entities as defined in the Interpretation. The Interpretation was effective immediately for variable interest entities either created or acquired after January 31, 2003, and the FASB recently announced that the Interpretation would be effective on December 31, 2003 for variable interest entities created or acquired before February 1, 2003. Application of this Interpretation is not expected to have a material effect on our financial statements. There has been some discussion in the accounting profession of trust preferred securities and whether this Interpretation would require companies that have issued trust preferred securities to deconsolidate the related entities. Although this matter of deconsolidation of trust preferred securities is not yet settled, we have determined that deconsolidation of our trust preferred securities entities would not have a material impact on either the Company's financial position or results of operations.

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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, and from time to time our management may make, statements that are "forward-looking statements" within the meaning of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. When we make statements that are not based on historical facts or are forward-looking, including when we use or incorporate by reference in this Quarterly Report the words "anticipate," "will," "estimate," "expect," "project," "intend," "commit," "believe" and similar expressions, such statements contain forward-looking information. Such statements are subject to certain risks and assumptions about future events, which by their nature are inherently uncertain and out of our control, that could cause actual results to differ materially from those in our forward-looking statements. Such risks, uncertainties and assumptions, include, but are not limited to, those discussed in our Form 10-K for fiscal year ended December 31, 2002, under Item 1 "Business—Certain Business Risks", as well as the following factors:

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Expected cost savings or revenue enhancements from completed 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 and legislation or regulatory changes which adversely affect the Company's operations or business.



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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, 2001 and the ongoing war on terrorism.



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Natural disasters which could reduce the value of real estate collateral securing our loans or impair the ability of our borrowers to repay our loans.

        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 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-sized

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businesses through 32 full-service banking offices located in Los Angeles, Orange, Riverside, San Bernardino 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.

        At September 30, 2003, we had total assets of $2,408.4 million, gross loans of $1,550.7 million, deposits of $1,971.4 million and shareholders' equity of $331.2 million. We have completed seven 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. All acquisitions were undertaken for the purpose of increasing our market share and presence in the communities we serve in addition to the expectation that they will be accretive to our earnings once the acquired banks have been fully integrated with our operations.

        The 2003 comparisons to 2002 are affected by the acquisitions of Upland Bank, Marathon Bancorp, First National Bank, Bank of Coronado, and Verdugo Banking Company, which were completed subsequent to the second quarter of 2002 and whereby First Community acquired aggregate assets totaling approximately $1.4 billion and aggregate deposits totaling $984.4 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 $447.3 million and aggregate deposits totaling $373.7 million.

        Since December 31, 2002, our total assets have increased by approximately $292.6 million, or 13.8%, which is attributable to the assets acquired in the Bank of Coronado and the Verdugo Banking Company acquisitions. Loans, net of deferred fees and costs, increased by $122.3 million, or 8.6%, since year-end 2002. This increase is due primarily to the acquisitions of Bank of Coronado and Verdugo Banking Company, offset by planned loan run-off. Our total deposits increased by approximately $232.8 million, or 13.4%, since year-end 2002 and represents deposits acquired in the Bank of Coronado and Verdugo Banking Company acquisitions plus organic growth of noninterest-bearing deposit balances of $54.1 million offset by a decline in interest-bearing balances of $62.1 million. The decline in interest-bearing balances was expected due to the lowering of interest rates paid on interest-bearing deposit accounts. Noninterest-bearing deposit accounts as a percentage of total deposits were 39.4% at September 30, 2003 compared to 37.8% at December 31, 2002 deposit mix. Our loan-to-deposit ratio at September 30, 2003 was 78.5% compared to 81.9% as of December 31, 2002.

        During the third quarter, the Company issued an aggregate of $20.0 million of trust preferred securities, via two $10.0 million offerings. The proceeds from the first offering were used to help finance the acquisition of Verdugo Banking Company. The proceeds from the second offering were used to pay down the Company's revolving lines of credit.

        The following sections contain tables and data setting forth certain statistical information relating to the Company as of September 30, 2003, and for the three and nine months ended September 30, 2003 and 2002, respectively. This discussion should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto as of September 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 and our estimates of the fair values of financial instruments and goodwill and other intangible assets as critical accounting policies. Please see the sections entitled "—Allowance for Loan Losses" and "Note 6—

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Goodwill and Other Intangible Assets" in the Notes to Unaudited Condensed Consolidated Financial Statements for information 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.

Results of Operations

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