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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| 1st Capital Bancorp (QX) | USOTC:FISB | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.00 | 13.90 | 14.41 | 0.00 | 00:00:00 |
From Nov 2019 to Nov 2024
Net income during the fourth quarter of 2012 was $748 thousand, equivalent to $0.23 diluted earnings per share. This compared favorably to net income of $257 thousand during the fourth quarter of 2011, equivalent to $0.08 diluted earnings per share. Earnings for the fourth quarter of 2012 also exceeded those in the immediately preceding quarter (the third quarter of 2012) of $539 thousand, equivalent to $0.16 diluted earnings per share.
The fourth quarter of 2012 earnings benefited from $699 thousand in tax-free life insurance benefits, as the Bank had obtained key man life insurance on its founding President and Chief Executive Officer, Fred Rowden, who passed suddenly and unexpectedly in November 2012. The fourth quarter 2012 earnings were restrained, however, by the Bank's establishing a $294 thousand reserve for deductions claimed under the State of California Enterprise Zone program in light of recent positions taken by the Franchise Tax Board. The establishment of the reserve was reflected in the Bank's fourth quarter 2012 provision for income taxes.
While income before provision for income taxes of $3.0 million during the full year of 2012 rose significantly from $2.2 million during the full year of 2011, net income for the full year of 2012 of $1.8 million, or $0.54 diluted earnings per share, declined from $3.1 million, or $0.97 diluted earnings per share for the full year of 2011. This decrease occurred due to the increase in 2011 earnings from the tax benefits related to the reversal of the valuation allowance against the Bank's net deferred tax assets.
Commenting on the fourth quarter and full year of 2012 financial performance, Mark Andino, the Bank's Interim President and Chief Executive Officer, stated: "We are very pleased to announce record levels of loans, assets, deposits, and shareholders' equity. These accomplishments resulted from our focus upon providing truly customized financial solutions that effectively meet the needs of our clients, enhanced by the Bank's commitment to providing a concierge level of client service." Mr. Andino then continued: "The Bank's orientation toward building long term client relationships also facilitated a strong flow of business during 2012, as we met more and more of our clients' aggregate financial needs."
Kurt Gollnick, the Bank's Chairman of the Board, stated: "The Board of Directors approved the purchase of Bank Owned Life Insurance ("BOLI") on key executives during 2012 as a means of ensuring that the potential costs of an unexpected transition would be covered, thereby protecting shareholder value. That investment proved wise with the untimely passing of President and Chief Executive Officer Fred Rowden, who successfully led the Bank through its organization, opening for business, and establishment as the premier community bank in Monterey County."
Performance Highlights
Financial Condition Analysis
Funds held at the Federal Reserve Bank of San Francisco decreased from $60.1 million at December 31, 2011 to $21.0 million at December 31, 2012. This reduction resulted from the Bank's decision to invest excess on-balance sheet liquidity into time deposits with other financial institutions and securities in order to augment interest income. Therefore, time deposits with other financial institutions increased from $3.8 million at December 31, 2011 to $9.3 million at December 31, 2012; and securities rose from $13.7 million at December 31, 2011 to $41.8 million at December 31, 2012.
A majority of the Bank's security portfolio at December 31, 2012 was comprised of AA+ rated mortgage backed securities (fixed and floating) and floating rate tranches of collateralized mortgage obligations issued by U.S. Agencies. The interest rates on the collateralized mortgage obligations float at a margin over 1 month LIBOR, subject to lifetime caps, rendering these securities highly interest rate sensitive. The fair value of the Bank's $41.8 million in securities at December 31, 2012 exceeded its amortized cost basis by $686 thousand.
The Bank concluded 2012 with a very strong liquidity profile, consisting of a significant volume of on-balance sheet assets (including cash & cash equivalents and securities available for sale) and over $100 million in off-balance sheet borrowing capacity.
Net loans increased from $197.3 million at December 31, 2011 to $238.9 million at December 31, 2012. This 21.1% increase constitutes a strong performance versus industry averages and reflects a return on the significant investment in staff and infrastructure the Bank made during the second half of 2011. That investment included hiring a number of well known, experienced local bankers and moving the Monterey Branch to a larger and better located facility.
The Bank commenced 2013 with a stronger loan pipeline than a year earlier, including a number of potential loans under various government guaranteed lending programs such as those available through the U.S. Small Business Administration ("SBA"). The Bank plans to allocate more of its marketing and promotion budget during 2013 to various government lending programs (including those through the U.S. Department of Agriculture or "USDA") in order to be able to offer increased and / or longer term financing to newer stage businesses than would otherwise be available and in order to take advantage of the current attractive secondary market prices for the guaranteed portion of such loans.
Commenting on the Bank's recent lending activity, Geoff Loftus, the Bank's Chief Credit Officer, stated: "The Bank was able to achieve meaningful growth in the loan portfolio during both the fourth quarter of 2012 and for the full year despite the limited pace of general economic growth, the continued de-leveraging by certain borrowers with strong cash flows in light of the historically low yields available on many fixed income investments, and the seasoning of the portfolio, which resulted in increased principal amortization." Mr. Loftus then continued: "While we forecast these factors continuing to provide a headwind during 2013, we are encouraged by the increasing visibility of the Bank in our local communities and the volume of referrals from existing clients."
The Bank's allowance for loan losses increased from $3.3 million, or 1.66% of total loans, at December 31, 2011 to $4.3 million, or 1.77% of total loans, at December 31, 2012. Factors that contributed to the increase in the ratio of allowance for loan losses to loans outstanding during 2012 included:
Just $1.4 million of the $4.3 million in impaired loans at December 31, 2012 were on non-accrual status and only $0.5 million of loans on non-accrual status were 30 or more days delinquent at December 31, 2012. The Bank's ratio of allowance for loan losses to non-accrual loans was 299.38% at December 31, 2012.
Premises and equipment, net, increased from $0.6 million at December 31, 2011 to $1.3 million at December 31, 2012. The majority of this increase was due to investments in furniture and leasehold improvements as the Bank relocated and expanded its Monterey Branch to serve its growing customer base in that market. Total deposits associated with the Monterey Branch have approximately doubled over the past two years.
During the third quarter of 2012, the Bank purchased $4.5 million in BOLI. That total decreased to $3.6 million at December 31, 2012 due to the effect of the principal repayment associated with the aforementioned claim more than offsetting the impact of dividends credited to the cash surrender value of these policies.
The $41.0 million increase in total assets by the Bank during 2012 to a record $329.3 million better leveraged its capital, with the ratio of total equity to total assets decreasing from 11.03% at December 31, 2011 to 10.32% at December 31, 2012. Over time, the Bank generally seeks to maintain this ratio at between 9.00% and 10.00% in order to present a well-capitalized profile on the one hand, but also support return on average shareholders' equity on the other hand.
Non-interest bearing demand deposits increased from $118.4 million at December 31, 2011 and $102.7 million at September 30, 2012 to $123.4 million at December 31, 2012. The Bank has historically experienced an increase in demand deposits during the fourth quarter of each year in conjunction with seasonal cash flow patterns associated with certain clients.
Interest bearing checking accounts increased from $12.2 million at December 31, 2011 to $17.5 million at December 31, 2012. The Bank introduced a significantly enhanced online banking platform during 2012 that has been well received by many of the Bank's checking account clients, as it offers easy customization, fully integrated ACH origination, and client-defined activity and balance alerts via text and / or email.
Money market deposits increased from $44.0 million at December 31, 2011 to $60.1 million at December 31, 2012. Money market deposits during 2012 benefited from:
Savings deposits increased from $38.6 million at December 31, 2011 to $62.4 million at December 31, 2012 in large part due to the success of the Bank's Premier Savings product. This account offers tiered interest rates for liquid funds and has been attractive to many clients in the current historically low interest rate environment.
Time deposits decreased from $42.5 million at December 31, 2011 to $31.3 million at December 31, 2012. Factors contributing to this decline included transfers from some maturing time deposits into transaction accounts and the Bank's moderating its time deposit pricing in response to its favorable liquidity position and the availability of alternative low cost funding.
The ratio of net loans to deposits rose from 77.2% at December 31, 2011 to 81.1% at December 31, 2012. In the current interest rate environment, the Bank is targeting this ratio at 85% to 90% in light of the comparatively low yields available on cash equivalents and high credit quality, low duration securities.
Commenting on the Bank's deposit performance, Marilyn Goode, the Bank's Chief Administrative Officer, stated: "We are very pleased to report record total deposits of $294.7 million at December 31, 2012, with a corresponding weighted average cost of funds of just 0.19%." Ms. Goode then continued: "We began 2013 with a strong momentum in new deposit account openings, supported by our high caliber cash management services. We plan to implement additional cash management technology during 2013 in order for the Bank to remain strongly positioned versus competitor offerings."
Shareholders' equity rose from $31.8 million at December 31, 2011 to $34.0 million at December 31, 2012. This increase was due to:
Nominal and tangible book values were $10.27 per share at December 31, 2012, versus $9.81 per share at December 31, 2011. The Bank's Board of Directors recently decided that all 2013 director compensation would be exclusively in the form of restricted share awards. This will support the Bank's regulatory capital ratios and capacity for growth; while at the same time emphasizing the directors' commitment to enhancing shareholder value. Similarly, the compensation package for the Interim President and Chief Executive Officer is comprised of a significant percentage of restricted stock (that vests over time), rather than being exclusively composed of cash compensation.
Operating Results Analysis
Net interest income before provision for loan losses increased from $2.7 million and $10.2 million during the three and twelve months ended December 31, 2011 to $3.1 million and $11.8 million during the three and twelve months ended December 31, 2012. The increases in net interest income were primarily generated by a rise in interest earning assets, as the Bank's net interest margin was lower during the three and twelve months ended December 31, 2012 than during the comparable periods during the prior year. This margin compression is a general trend facing the banking industry, as funding costs have already been reduced to historically low levels while asset yields continue to fall in conjunction with:
The Bank plans to support its net interest income during 2013 via the following strategies:
The provision for loan losses was $432 thousand during the fourth quarter of 2012, compared to $196 thousand during the fourth quarter of 2011 and $98 thousand during the third quarter of 2012 (the immediately preceding quarter). The provision for loan losses for 2012 totaled $994 thousand, compared to $665 thousand for 2011. Most of the provision for loan losses during 2012 was associated with loan portfolio growth, with a lesser amount stemming from increased reserves for a relatively small number of loans downgraded to a criticized (i.e. Special Mention) or classified (i.e. Substandard) credit rating.
Non-interest income increased from $42 thousand and $144 thousand during the three and twelve months ended December 31, 2011 to $786 thousand and $909 thousand during the three and twelve months ended December 31, 2012. The vast majority of this increase was due to the death benefit and dividend income received on the BOLI assets purchased during the third quarter of 2012. In regards to fee income, Jayme Fields, the Bank's Chief Financial Officer, stated: "We appreciate the importance of augmenting non-interest income during a period of historically low interest rates accompanied by pressure on net interest margins. We are currently reviewing our operations and fees and charges to identify opportunities for additional sources of non-interest income, with the objective of implementing changes during the second quarter of 2013."
Non-interest expense increased from $2.1 million and $7.4 million during the three and twelve months ended December 31, 2011 to $2.3 million and $8.7 million during the three and twelve months ended December 31, 2012. These increases stemmed from the Bank's investment in additional personnel and enhanced facilities; and from various costs that have risen in conjunction with the increase in the Bank's balance sheet and related higher volume of loan and deposit accounts. The Bank redesigned its health and welfare benefits effective January 1, 2013 to both provide good relative value to its employees and control related expenses. The Bank's efficiency ratio (operating costs compared to income from operations) improved to 68.74% for the full year of 2012 from 71.81% for the full year of 2011.
Looking forward in 2013, Kurt J. Gollnick commented: "The Board of Directors plans to reach a decision regarding naming a permanent President and Chief Executive Officer sometime in the next several months. The Bank is fortunate to have a deep and very experienced executive team that worked tirelessly and effectively to successfully bring us through the recent change in leadership." Mr. Gollnick then added: "We believe the Bank is well positioned heading into the new year, with favorable credit quality, ample liquidity, and a strong capital base. The Board of Directors is keenly focused on the importance of leveraging that position and the planned new investments in technology, products, and delivery channels to continue building franchise value and to generate a competitive return for our shareholders."
About 1st Capital Bank
The Bank's target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents in Monterey County. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration ("SBA") and the U.S. Department of Agriculture ("USDA"). A full suite of deposits accounts are also furnished, complemented by robust cash management services. The Bank operates full services branch offices in Monterey, Salinas, and King City. The Bank's corporate offices are located at 5 Harris Court, Building N, Suite 3, Monterey, California 93940. The Bank's website is www.1stcapitalbank.com and the main telephone number is 831.264.4000.
Member FDIC / Equal Opportunity Lender / SBA Preferred Lender
Forward-Looking Statements:
Certain of the statements contained herein that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may contain words or phrases including, but not limited, to: "believe," "expect," "anticipate," "intend," "estimate," "target," "plans," "may increase," "may fluctuate," "may result in," "are projected," and variations of those words and similar expressions. All such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that might cause such a difference include, among other matters, changes in interest rates; economic conditions including inflation and real estate values in California and the Bank's market areas; governmental regulation and legislation; credit quality; competition affecting the Bank's businesses generally; the risk of natural disasters and future catastrophic events including terrorist related incidents and other factors beyond the Bank's control; and factors discussed in the Bank's periodic reports under the Securities Exchange Act of 1934, as amended, on Forms 10-K, 10-Q and 8-K filed with the FDIC. The Bank does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
This news release is available at the www.1stcapitalbank.com Internet site for no charge.
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1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Percent
3 Months Ended Change
From:
December September December Sep Dec
31, 30, 31, 30, 31,
Operating Results Data 2012 2012 2011 2012 2011
----------- ----------- ----------- ---- ----
Interest income
Loans $ 3,110 $ 3,153 $ 2,836 (1%) 10%
Investment securities 101 103 88 (2%) 15%
Other 46 42 20 10% 130%
----------- ----------- -----------
Total interest income 3,257 3,298 2,944 (1%) 11%
----------- ----------- -----------
Interest expense
Interest bearing
checking accounts 20 7 6 186% 233%
Money market 54 89 70 (39%) (23%)
Savings 74 74 62 0% 19%
Time 35 39 64 (10%) (45%)
----------- ----------- -----------
Total interest expense 183 209 202 (12%) (9%)
----------- ----------- -----------
Net interest income 3,074 3,089 2,742 (0%) 12%
Provision for loan losses 432 98 196 341% 120%
----------- ----------- -----------
Net interest income after
provision for loan
losses 2,642 2,991 2,546 (12%) 4%
Noninterest income
Service charges on
deposits 22 20 27 10% (19%)
BOLI benefits 699 - - 100% 100%
BOLI dividend income 30 7 - 329% 100%
Other 35 21 15 67% 133%
----------- ----------- -----------
Total noninterest
income 786 48 42 1538% 1771%
Noninterest expenses
Salaries and benefits 1,324 1,290 1,243 3% 7%
Occupancy 195 173 138 13% 41%
Furniture and equipment 86 65 100 32% (14%)
Other 678 582 667 16% 2%
----------- ----------- -----------
Total noninterest
expenses 2,283 2,110 2,148 8% 6%
----------- ----------- -----------
Income before provision
for income taxes 1,145 929 440 23% 160%
Provision for (benefit
from) income taxes 397 390 183 2% 117%
----------- ----------- -----------
Net income $ 748 $ 539 $ 257 39% 191%
=========== =========== ===========
Common Share Data
--------------------------
Earnings per share
Basic $ 0.23 $ 0.17 $ 0.08 35% 188%
Diluted $ 0.23 $ 0.16 $ 0.08 44% 188%
Weighted average shares outstanding
Basic 3,228,689 3,248,690 3,220,853
Diluted 3,295,371 3,337,605 3,254,306
12 Months Ended
December 31, Percent
Operating Results Data 2012 2011 Change
----------- ----------- -------
Interest income
Loans $ 12,008 $ 10,671 13%
Investment securities 413 395 5%
Other 180 85 112%
----------- -----------
Total interest income 12,601 11,151 13%
----------- -----------
Interest expense
Interest bearing
checking accounts 40 40 0%
Money market 331 357 (7%)
Savings 282 251 12%
Time 171 332 (48%)
----------- -----------
Total interest expense 824 980 (16%)
----------- -----------
Net interest income 11,777 10,171 16%
Provision for loan losses 994 665 49%
----------- -----------
Net interest income after
provision for loan
losses 10,783 9,506 13%
Noninterest income
Service charges on
deposits 85 75 13%
BOLI benefits 699 - 100%
BOLI dividend income 37 - 100%
Other 88 69 28%
----------- -----------
Total noninterest
income 909 144 531%
Noninterest expenses
Salaries and benefits 5,159 4,272 21%
Occupancy 725 575 26%
Furniture and equipment 328 371 (12%)
Other 2,508 2,189 15%
----------- -----------
Total noninterest
expenses 8,720 7,407 18%
----------- -----------
Income before provision
for income taxes 2,972 2,243 33%
Provision for (benefit
from) income taxes 1,166 (895) (230%)
----------- -----------
Net income $ 1,806 $ 3,138 (42%)
=========== ===========
Common Share Data
--------------------------
Earnings per share
Basic $ 0.56 $ 0.97 (42%)
Diluted $ 0.54 $ 0.97 (44%)
Weighted average shares
outstanding
Basic 3,224,782 3,220,853
Diluted 3,319,925 3,244,921
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Percent
Change
From:
December September December Sep Dec
31, 30, 31, 30, 31,
Financial Condition Data 2012 2012 2011 2012 2011
-------------------------- ---------- ---------- ---------- ---- ----
Assets
Cash and due from banks $ 8,551 $ 7,444 $ 8,910 15% (4%)
Funds held at the
Federal Reserve Bank 21,042 27,430 60,062 (23%) (65%)
Time deposits at other
financial institutions 9,321 9,570 3,835 (3%) 143%
Available-for-sale
securities, at fair
value 41,762 17,384 13,685 140% 205%
Loans:
Commercial 89,834 89,117 78,504 1% 14%
Real estate-
construction 4,834 4,513 4,126 7% 17%
Real estate-other 147,320 138,641 115,902 6% 27%
Consumer 748 1,295 1,580 (42%) (53%)
Deferred loan fees and
costs, net 517 516 470 0% 10%
---------- ---------- ----------
Total loans 243,253 234,082 200,582 4% 21%
Allowance for loan
losses (4,314) (3,882) (3,320) 11% 30%
---------- ---------- ----------
Net loans 238,939 230,200 197,262 4% 21%
Premises and equipment,
net 1,282 1,325 615 (3%) 108%
Bank owned life
insurance 3,555 4,500 - (21%) 100%
Investment in Federal
Home Loan Bank stock,
at cost 1,026 1,026 918 0% 12%
Accrued interest
receivable and other
assets 3,871 3,805 3,028 2% 28%
---------- ---------- ----------
Total assets $ 329,349 $ 302,684 $ 288,315 9% 14%
========== ========== ==========
Liabilities and
Shareholders' Equity
Deposits:
Noninterest bearing
demand deposits $ 123,403 $ 102,745 $ 118,366 20% 4%
Interest bearing
checking accounts 17,482 13,442 12,188 30% 43%
Money market 60,091 59,508 43,983 1% 37%
Savings 62,364 58,260 38,558 7% 62%
Time 31,314 34,584 42,488 (9%) (26%)
---------- ---------- ----------
Total deposits 294,654 268,539 255,583 10% 15%
Accrued interest payable
and other liabilities 694 910 919 (24%) (24%)
Shareholders' equity 34,001 33,235 31,813 2% 7%
---------- ---------- ----------
Total liabilities and
shareholders' equity $ 329,349 $ 302,684 $ 288,315 9% 14%
========== ========== ==========
Shares outstanding at
end of period 3,310,503 3,251,003 3,243,293
Nominal and tangible
book value per share $ 10.27 $ 10.22 $ 9.81
Ratio of net loans to
total deposits 81.09% 85.72% 77.18%
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
Percent
Change
From:
December September December Sep Dec
31, 30, 31, 30, 31,
2012 2012 2011 2012 2011
--------- --------- --------- ---- ----
Asset Quality
-----------------------------
Loans past due 90 days or
more and accruing interest $ - $ - $ -
Nonaccrual restructured
loans 238 220 240 8% (1%)
Other nonaccrual loans 1,203 519 - 132%
Other real estate owned - - -
--------- --------- ---------
Total nonperforming
assets $ 1,441 $ 739 $ 240 95% 500%
========= ========= =========
Allowance for loan losses
to total loans 1.77% 1.66% 1.66% 7% 7%
Allowance for loan losses
to nonperforming loans 299.38% 525.59% 1,383.00% (43%) (78%)
Allowance for loan losses
to nonperforming assets 299.38% 525.59% 1,383.00% (43%) (78%)
Nonperforming assets to 1,48
total assets 0.44% 0.24% 0.08% 440% 5%
Regulatory Capital and Ratios
-----------------------------
Tier 1 regulatory capital $ 33,600 $ 32,793 $ 31,490 2% 7%
Total regulatory capital $ 36,646 $ 35,723 $ 33,985 3% 8%
Tier 1 leverage ratio 10.67% 10.81% 12.58% (1%) (15%)
Tier 1 capital ratio 13.87% 14.30% 15.82% (3%) (12%)
Total risk based capital
ratio 15.12% 15.50% 17.07% (2%) (12%)
Percent
3 Months Ended Change
From:
December September December Sep Dec
31, 30, 31, 30, 31,
2012 2012 2011 2012 2011
--------- --------- --------- ---- ----
Selected Financial Ratios
-----------------------------
Return on average total
assets 0.94% 0.71% 0.41% 34% 131%
Return on average
shareholders' equity 8.84% 6.49% 3.20% 36% 176%
Net interest margin 4.07% 4.20% 4.54% (3%) (10%)
Efficiency ratio 59.15% 67.26% 77.16% (12%) (23%)
Selected Average Balances
-----------------------------
Loans $ 235,680 $ 231,716 $ 201,594 2% 17%
Investment securities 22,081 17,866 12,377 24% 78%
Other 42,672 42,873 25,524 (0%) 67%
--------- --------- ---------
Total interest earning
assets $ 300,433 $ 292,455 $ 239,494 3% 25%
Total assets $ 315,501 $ 303,785 $ 250,032 4% 26%
Interest bearing checking
accounts $ 13,670 $ 13,170 $ 8,774 4% 56%
Money market 61,035 64,196 48,164 (5%) 27%
Savings 62,486 55,170 36,167 13% 73%
Time deposits 32,872 35,229 43,188 (7%) (24%)
--------- --------- ---------
Total interest bearing
liabilities $ 170,063 $ 167,765 $ 136,293 1% 25%
Noninterest bearing demand
deposits 111,670 102,719 80,932 9% 38%
--------- --------- ---------
Total deposits $ 281,733 $ 270,484 $ 217,225 4% 30%
Shareholders' equity $ 33,646 $ 33,031 $ 31,865 2% 6%
12 Months Ended
December 31, Percent
2012 2011 Change
--------- --------- -------
Selected Financial Ratios
-----------------------------
Return on average total
assets 0.60% 1.35% (55%)
Return on average
shareholders' equity 5.50% 10.31% (47%)
Net interest margin 4.11% 4.54% (9%)
Efficiency ratio 68.74% 71.81% (4%)
Selected Average Balances
-----------------------------
Loans $ 220,552 $ 189,421 16%
Investment securities 18,376 13,232 39%
Other 48,560 21,459 126%
--------- ---------
Total interest earning
assets $ 287,488 $ 224,112 28%
Total assets $ 299,207 $ 232,602 29%
Interest bearing checking
accounts $ 12,792 $ 8,573 49%
Money market 62,953 50,002 26%
Savings 51,902 32,724 59%
Time deposits 36,700 46,457 (21%)
--------- ---------
Total interest bearing
liabilities $ 164,347 $ 137,757 19%
Noninterest bearing demand
deposits 101,701 63,445 60%
--------- ---------
Total deposits $ 266,048 $ 201,202 32%
Shareholders' equity $ 32,836 $ 30,442 8%
For further information, please contact: Mark R. Andino Interim President and Chief Executive Officer 831.264.4028 office 831.915.6498 cellular Mark.Andino@1stcapitalbank.com Jayme Fields Chief Financial Officer 831.264.4011 office 831.917.8725 cellular Jayme.Fields@1stcapitalbank.com
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