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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% | 12.14 | 11.94 | 12.10 | 2 | 20:54:44 |
Net income during the second quarter of 2013 was $359 thousand, equivalent to $0.11 per diluted common share. This compares favorably to both: (i) net income of $209 thousand, equivalent to $0.06 per diluted common share, for the second quarter of 2012; and (ii) net income of $263 thousand, equivalent to $0.08 per diluted common share, for the first quarter of 2013 (the immediately preceding quarter).
Net income for the first six months of 2013 was $622 thousand, equivalent to $0.19 per diluted common share, compared to net income of $519 thousand, equivalent to $0.16 per diluted common share, for the first six months of 2012.
The improved earnings during the 2013 periods primarily arose from increased net interest income, which in turn was produced by higher average balances of interest earning assets. The Bank's total assets expanded by 21.7% during the twelve months ended June 30, 2013; and average interest earning assets were 19.1% higher during the second quarter of 2013 compared to the second quarter of 2012.
Commenting on the second quarter of 2013 financial performance, Mark Andino, the Bank's President and Chief Executive Officer, stated: "We are very pleased to again announce record levels of loans, assets, deposits, and shareholders' equity; complemented by improved earnings. The Bank continues to attract a broad range of local businesses and professionals who are seeking the combination of client service, technology, customization, timeliness, and experienced bankers offered by 1st Capital Bank." Mr. Andino then continued: "The increase in earnings, despite the challenging interest rate environment prevalent during the first half of 2013, was supported by a series of initiatives implemented over the past six months, including new commercial loan products and pricing, a revised fee and service charge schedule, new delivery features and channels, enhanced liquidity management, and targeted reductions in certain operating costs."
Kurt Gollnick, the Bank's Chairman of the Board, added: "The initial cost savings from the Bank's voluntary deregistration of its common shares under the Securities Exchange Act of 1934 were realized during the second quarter of 2013. The Board of Directors continued its focus on enhancing shareholder value during recent months, resulting in new officer hires receiving a greater percentage of their aggregate compensation in the form of multiple-year, time-based restricted share awards. This practice should even more closely align officer interests with the generation of long term shareholder value." Mr. Gollnick then commented: "We were very pleased to announce last week the addition of Francis Giudici to the Board of Directors effective August 16, 2013. Mr. Giudici is a well-known local businessman in South Monterey County who shares our commitment to effectively representing the Bank's shareholders and who plans to contribute to the Bank's goal of gaining market share in that region."
Susan Freeland, a Bank director and Chairperson of the Board Asset / Liability Management Committee, added: "1st Capital Bank once again recently received a 5 Star, Superior rating from Bauer Financial, Inc. This is Bauer's highest possible rating and reflects the financial soundness of the Bank, including its strong capital position."
Performance Highlights
Financial Condition Analysis
Funds held at the Federal Reserve Bank of San Francisco ("FRB-SF") decreased from $21.0 million at December 31, 2012 to $12.0 million at June 30, 2013. This reduction resulted from the Bank's decision to invest excess on-balance sheet liquidity primarily into variable rate mortgage backed securities ("MBS") and floating rate tranches of collateralized mortgage obligations ("CMOs") issued by the Federal National Mortgage Association ("FNMA"), the Government National Mortgage Association ("GNMA"), or the Federal Home Loan Mortgage Corporation ("FHLMC") (collectively, "U.S. Agencies") in order to augment interest income. Funds held at the FRB-SF earned a yield of 0.25% during the second quarter of 2013, compared to a yield of 0.66% for the U.S. Agency variable rate MBS and 0.39% for the U.S. Agency floating rate CMOs.
Time deposits at other financial institutions declined from $9.3 million at December 31, 2012 to $8.8 million at June 30, 2013, as funds from maturing time deposits were reinvested into securities.
Securities categorized as available for sale increased from $41.8 million at December 31, 2012 to $79.7 million at June 30, 2013. During the first half of 2013, the Bank invested deposit inflows in excess of loan portfolio growth, maturing time deposit funds, plus some of its balances at the FRB-SF into:
The MBS and CMOs were all rated at least AA+ by a nationally recognized ratings agency and float at a margin over 1 month LIBOR, with some of these securities subject to lifetime caps. The fair value of the Bank's $79.7 million in securities at June 30, 2013 exceeded its amortized cost basis by $275 thousand.
At June 30, 2013, the Bank maintained 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. The increase in the Bank's liquidity profile during the first half of 2013 is reflected in the ratio of net loans to deposits, which decreased from 81.1% at December 31, 2012 to 74.5% at June 30, 2013. Commenting on the Bank's liquidity, Jon Ditlevsen, the Bank's Chief Lending Officer, stated: "The Bank concluded the second quarter of 2013 with ample funds for lending. We continue to extensively market to local businesses and professionals. We recognize that increasing the Bank's ratio of net loans to deposits via quality lending is a key objective for the Bank during the second half of 2013, as we aim to build a greater stream of net interest income."
Net loans increased from $238.9 million at December 31, 2012 to $248.5 million at June 30, 2013. While the Bank originated or purchased an aggregate $40.8 million in new credit commitments during the first half of 2013, loan payoffs and curtailments, principal reductions on lines of credit, and scheduled principal amortization combined to limit net portfolio growth. During the second quarter of 2013, the Bank purchased $7.6 million of seasoned, closed end, hybrid residential mortgages secured by first deeds of trust from another California community bank in order to deploy excess liquidity and diversify the Bank's credit portfolio. Commenting on this acquisition, Dale Diederick, the Bank's Chief Credit Officer, stated: "All of the purchased mortgages were individually underwritten by the Bank and met the Bank's normal credit criteria. In fact, the weighted average loan to value ratio was 51%. All of the collateral real properties are located in the Central Coast Region of California."
During April 2013, the Bank relocated its expanded government guaranteed lending department to the Monterey branch office. This provided more office and client meeting space for that team. The Bank has been allocating more of its marketing and promotion budget during 2013 to various government lending programs (including those through the U.S. Small Business Administration or "SBA" and 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.
The Bank's allowance for loan losses increased from $4.3 million, or 1.77% of total loans, at December 31, 2012 to $4.6 million, or 1.81% of total loans, at June 30, 2013. The allowance was increased by $779 thousand in loan loss provision during the first half of 2013, and decreased by the charge-off during the first quarter of 2013 of a $500 thousand impaired commercial loan. The Bank continues to pursue recovery of that loan charge-off.
Non-accrual loans decreased from $1.4 million at December 31, 2012 to $0.9 million at June 30, 2013, reflective of the charge-off of the $500 thousand commercial loan described above and, to a lesser extent, payments received on non-accrual loans. All but one of the non-accrual loans were current or less than 30 days delinquent in scheduled payments as of June 30, 2013. Loans graded Substandard increased from $5.1 million at December 31, 2012 to $7.7 million at June 30, 2013 primarily due to the downgrade of one credit relationship from Special Mention. Loans graded as Special Mention increased from $4.2 million at December 31, 2012 to $6.6 million at June 30, 2013, primarily due to the downgrade of one credit relationship in response to weaker farming results over the past two years. Both of the aforementioned downgraded credit relationships were current in their scheduled payments at June 30, 2013.
The ratio of the Bank's allowance for loan losses to non-performing loans rose from 299.38% at December 31, 2012 to 517.81% at June 30, 2013. The Bank has never owned any foreclosed real estate.
Premises and equipment, net of accumulated depreciation, increased from $1.3 million at December 31, 2012 to $1.4 million at June 30, 2013. The majority of this increase was due to a minor remodeling of the Salinas branch office and the purchase of new hardware in support of the Bank's technology platform.
The $40.2 million increase in total assets by the Bank during the first half of 2013 to a record $369.5 million better leveraged its capital, with the ratio of total equity to total assets decreasing from 10.32% at December 31, 2012 to 9.49% at June 30, 2013. 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. Commenting in this regard, Clay Larson, the Bank's Regional President, stated: "The Bank is well positioned to increase its loan portfolio without needing to further increase its total assets by shifting funds from excess cash equivalents and the security portfolio to loans. We plan to have an even greater level of visibility throughout Monterey County during the second half of 2013 as the Bank sponsors or participates in a wide range of community events."
The Bank's investment in the capital stock of the Federal Home Loan Bank ("FHLB") increased from $1.0 million at December 31, 2012 to $1.5 million at June 30, 2013 due to the standard asset-based investment requirement applicable to FHLB members.
Non-interest bearing demand deposits increased from $123.4 million at December 31, 2012 to $129.8 million at June 30, 2013. The Bank continues to enhance and market its suite of electronic banking and cash management services, with the recent addition of a new service that allows qualified businesses to make deposits to their 1st Capital Bank accounts at over 400 locations along the West Coast.
Interest bearing checking accounts increased from $17.5 million at December 31, 2012 to $18.6 million at June 30, 2013. Given the historically low interest rate environment, the Bank has attracted these consumer, sole proprietor, and non-profit organization checking accounts by its focus on a concierge level of service rather than based upon interest rate.
Money market deposits increased from $60.1 million at December 31, 2012 to $85.2 million at June 30, 2013. Money market deposits during 2013 benefited from:
Savings deposits rose from $62.4 million at December 31, 2012 to $71.7 million at June 30, 2013. The Bank realized balance increases in both consumer and business savings products, which have been an attractive alternative for liquid funds in the current historically low interest rate environment.
Time deposits decreased from $31.3 million at December 31, 2012 to $28.3 million at June 30, 2013. Factors contributing to this decline included transfers from certain 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. $6.0 million of the $28.3 million in time deposits at June 30, 2013 were comprised of low cost state term funds.
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 $333.7 million at June 30, 2013. This deposit growth was achieved without pursuing institutional or wholesale deposits in light of the Bank's strong liquidity position." Ms. Goode then continued: "The Bank's weighted average cost of deposits during the second quarter of 2013 was just 0.19%, representing a reduction from 0.22% during the first quarter of 2013. We welcomed a notable number of new cash management clients during the first half of 2013, many of whom selected multiple services from our product set of ACH origination, online wire request, sweep, online banking, electronic bill payment, lockbox, positive payment, person to person payment, and remote deposit capture."
Shareholders' equity rose from $34.0 million at December 31, 2012 to $35.1 million at June 30, 2013. The first half net income, $164 thousand in equity compensation expense, and $533 thousand from the exercise of vested stock options more than offset a $241 thousand reduction in the accumulated other comprehensive income associated with securities classified as available for sale.
During the second quarter of 2013, the Board of Directors approved the following administrative changes to the Bank's 2007 Equity Incentive Plan:
The Bank views all of the above changes to the 2007 Equity Incentive Plan as being favorable to shareholders. All directors and executive officers with outstanding restricted share awards or stock options executed documents consenting to the applicability of the above changes to their existing unvested restricted share awards and outstanding stock options. In addition, these revisions impacted the disclosure treatment for unvested restricted share awards. Unvested restricted share awards are not included in the count of outstanding common shares effective with June 30, 2013 financial reporting.
Commenting on the revisions to the 2007 Equity Incentive Plan, Daniel Hightower, the Vice Chairman of the Board, stated: "Upon comparison of the Bank's Equity Incentive Plan to similar programs maintained by other publicly traded financial institutions, the directors identified the opportunity to amend the Plan to have an even stronger shareholder value orientation. We view these Plan changes as one component of the Board's ongoing commitments to generating shareholder value and maintaining a high caliber of corporate governance."
Commencing on January 1, 2013, director compensation was shifted to consist solely of time-based restricted share awards. Similarly, the compensation packages for recently hired Bank officers have included a restricted share award component that vests over time, rather than being exclusively composed of cash compensation. The stock option exercises and the equity based compensation, in addition to retained earnings, are supporting the Bank's regulatory capital ratios and capacity for growth. The more extensive use of restricted share awards as a form of compensation emphasizes the directors' and officers' commitment to enhancing shareholder value.
Nominal and tangible book values were a record $10.61 per share at June 30, 2013, versus $10.27 per share at December 31, 2012.
Operating Results Analysis
Net interest income before provision for loan losses of $3.1 million during the three months ended June 30, 2013 increased from both: (i) $2.9 million during the three months ended June 30, 2012; and (ii) $3.0 million during the three months ended March 31, 2013 (the immediately preceding quarter). These increases in net interest income were primarily generated by a rise in interest earning assets, as the Bank's net interest margin declined from 4.04% during the second quarter of 2012 to 3.82% during the first quarter of 2013 to 3.64% during the second quarter of 2013.
Net interest income before provision for loan losses rose from $5.6 million during the six months ended June 30, 2012 to $6.1 million during the six months ended June 30, 2013. The Bank's net interest margin declined from 4.04% during the first six months of 2012 to 3.73% during the first six months of 2013.
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's recent net interest margin was particularly impacted by the decline in the ratio of average loans to average deposits to 77.6% during the second quarter of 2013 from 79.7% during the immediately preceding quarter.
The Bank plans to support its net interest income during 2013 via the following strategies:
The provision for loan losses was $319 thousand during the second quarter of 2013, compared to $424 thousand during the second quarter of 2012 and $460 thousand during the first quarter of 2013 (the immediately preceding quarter). Factors contributing to the provision for loan losses during the second quarter of 2013 included:
The provision for loan losses increased from $464 thousand during the first six months of 2012 to $779 thousand during the first six months of 2013. Factors contributing to the provision for loan losses during the first quarter of 2013 (i.e. in addition to those specified above) included:
Non-interest income of $76 thousand during the three months ended June 30, 2013 represented an increase from both: (i) $36 thousand during the three months ended June 30, 2013; and (ii) $64 thousand during the three months ended March 31, 2013 (the immediately preceding quarter). Non-interest income of $140 thousand during the first six months of 2013 almost doubled the $73 thousand recognized during the first six months of 2012. The Bank implemented a revised fee and service charge schedule effective May 1, 2013 that included some new fees as well as increases to certain existing fees for various services the Bank provides. In addition, during the third quarter of 2012, the Bank made its initial investment into Bank Owned Life Insurance ("BOLI"). This investment generates monthly dividend income that increases its cash surrender value and is accounted for as a component of non-interest income.
Non-interest expense increased from $2.2 million during both the second quarter of 2012 and the first quarter of 2013 (the immediately preceding quarter) to $2.3 million during the second quarter of 2013. Non-interest expense rose from $4.3 million during the first six months of 2012 to $4.4 million during the first six months of 2013.
Salaries and benefits costs increased from $1.24 million during the second quarter of 2012 to $1.36 million during the second quarter of 2013. Salary and benefits costs during the first quarter of 2013 (the immediately preceding quarter) were $1.32 million. Salaries and benefits costs rose from $2.55 million during the first six months of 2012 to $2.68 million during the first six months of 2013. The year over year increases primarily resulted from expenses for new positions created in support of the Bank's growth, including Information Technology Manager, Relationship Manager, Credit Administrator, and Business Development Officer. The increase from the immediately preceding quarter was primarily caused by a lower level of capitalized loan origination costs (recorded as a reduction in salaries and benefits expenses). 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. As a result, health and welfare expenses were slightly lower during the first six months of 2013 versus the same period the prior year despite the Bank's increased staffing and the general upward trend for such costs.
Occupancy expenses increased slightly from $180 thousand during the second quarter of 2012 to $186 thousand during the second quarter of 2013. Occupancy expenses during the first quarter of 2013 (the immediately preceding quarter) were $193 thousand. Occupancy expenses rose from $357 thousand during the first six months of 2012 to $379 thousand during the first six months of 2013 primarily due to the incremental costs associated with the new location for the Monterey branch office, which opened in March 2012. In addition, in response to an expanding client base, the Bank enlarged its King City branch office in March 2013, resulting in a monthly rent increase of $2 thousand. As of June 30, 2013, the King City branch office housed over $63 million in deposits.
Other non-interest expense during the second quarter of 2013 totaled $627 thousand, down from $645 thousand during the second quarter of 2012, but up from $577 thousand during the first quarter of 2013 (the immediately preceding quarter). The Bank's aggregate costs for software and technology have been trending upward in conjunction with an increased client base with more accounts and more transactions, and with the implementation of new technologies. As one example, the Bank recently implemented remote service technology whereby clients with questions regarding online banking or cash management services may permit Bank employees to view their computer desktops / screens over the Internet and thereby provide immediate and highly specific assistance.
The Bank's efficiency ratio (operating costs compared to income from operations) improved to 70.69% for the second quarter of 2013 from 73.25% for the second quarter of 2012. The Bank's efficiency ratio for the first six months of 2013 was 70.50%, compared to 76.06% during the first six months of 2012. These improvements in the Bank's efficiency ratio would have been even more pronounced if the Bank had not experienced the margin compression described above. The progress in the Bank's efficiency ratio reflects the 21.7% rise in total assets during the twelve months ended June 30, 2013 without adding additional branch locations. Technology has been utilized to perform an increasing volume of client transactions without adding new physical locations or hiring a significant volume of additional branch staff. The Bank offers both qualified businesses and consumers check deposit processing via scanner, with check deposit via smartphone planned for later in 2013.
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 service 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 other factors. 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.
1ST CAPITAL BANK CONDENSED FINANCIAL DATA (Unaudited) (Dollars in thousands, except per share data) Financial Condition June 30, March 31, December 31, June 30, Data(1) 2013 2013 2012 2012 ---------- ---------- ------------ ---------- Assets Cash and due from banks $ 10,474 $ 6,455 $ 8,551 $ 6,324 Funds held at the Federal Reserve Bank 11,960 17,623 21,042 42,060 Time deposits at other financial institutions 8,823 9,321 9,321 6,823 Available-for-sale securities, at fair value 79,673 62,903 41,762 18,245 Loans receivable held for investment: Construction / land (including farmland) 22,149 19,014 18,207 16,912 Residential 1 to 4 units 32,922 24,454 22,711 21,071 Home equity lines of credit 10,033 10,548 12,243 12,244 Multifamily 5,011 5,615 2,397 3,964 Owner occupied commercial real estate 49,780 48,646 47,917 47,930 Investor commercial real estate 64,272 62,945 65,733 50,782 Commercial and industrial 62,902 67,024 71,848 72,205 Other loans 6,053 5,785 2,197 2,726 ---------- ---------- ------------ ---------- Total loans 253,122 244,031 243,253 227,834 Allowance for loan losses (4,593) (4,274) (4,314) (3,784) ---------- ---------- ------------ ---------- Net loans 248,529 239,757 238,939 224,050 Premises and equipment, net 1,386 1,402 1,282 1,314 Bank owned life insurance 3,603 3,579 3,555 -- Investment in FHLB(2) stock, at cost 1,494 1,026 1,026 1,026 Accrued interest receivable and other assets 3,586 3,238 3,871 3,678 ---------- ---------- ------------ ---------- Total assets $ 369,528 $ 345,304 $ 329,349 $ 303,520 ========== ========== ============ ========== Liabilities and shareholders' equity Deposits: Noninterest bearing demand deposits $ 129,840 $ 120,780 $ 123,403 $ 99,883 Interest bearing checking accounts 18,611 15,533 17,482 12,218 Money market 85,224 73,671 60,091 69,806 Savings 71,690 70,478 62,364 51,620 Time 28,307 29,391 31,314 36,649 ---------- ---------- ------------ ---------- Total deposits 333,672 309,853 294,654 270,176 Accrued interest payable and other liabilities 777 1,147 694 781 Shareholders' equity 35,079 34,304 34,001 32,563 ---------- ---------- ------------ ---------- Total liabilities and shareholders' equity $ 369,528 $ 345,304 $ 329,349 $ 303,520 ========== ========== ============ ========== Shares outstanding(3) 3,306,861 3,310,503 3,310,503 3,245,903 Nominal and tangible book value per share $ 10.61 $ 10.36 $ 10.27 $ 10.03 Ratio of net loans to total deposits 74.48% 77.38% 81.09% 82.93%
1 = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation. Loans held for investment are presented according to definitions applicable to the regulatory Call Report.
2 = Federal Home Loan Bank
3 = The Bank revised its 2007 Equity Incentive Plan during the second quarter of 2013. Those revisions resulted in a lower number of outstanding common shares being reported at June 30, 2013 due to the elimination of voting and other rights for unvested restricted share awards.
1ST CAPITAL BANK CONDENSED FINANCIAL DATA (Unaudited) (Dollars in thousands, except per share data) 3 Months Ended ----------------------------------- June 30, March 31, June 30, Operating Results Data 2013 2013 2012 ----------- ----------- ----------- Interest and dividend income Loans $ 3,089 $ 2,992 $ 2,966 Investment securities 141 132 106 Federal Home Loan Bank stock 16 6 1 Other 31 36 50 ----------- ----------- ----------- Total interest and dividend income 3,277 3,166 3,123 ----------- ----------- ----------- Interest expense Interest bearing checking accounts 7 7 11 Money market 72 64 100 Savings 56 60 69 Time 21 28 44 ----------- ----------- ----------- Total interest expense 156 159 224 ----------- ----------- ----------- Net interest income 3,121 3,007 2,899 Provision for loan losses 319 460 424 ----------- ----------- ----------- Net interest income after provision for loan losses 2,802 2,547 2,475 Noninterest income Service charges on deposits 29 22 21 BOLI dividend income 24 24 -- Other 23 18 15 ----------- ----------- ----------- Total noninterest income 76 64 36 Noninterest expenses Salaries and benefits 1,360 1,317 1,243 Occupancy 186 193 180 Furniture and equipment 87 72 82 Other 627 577 645 ----------- ----------- ----------- Total noninterest expenses 2,260 2,159 2,150 ----------- ----------- ----------- Income before provision for income taxes 618 452 361 Provision for income taxes 259 189 152 ----------- ----------- ----------- Net income $ 359 $ 263 $ 209 =========== =========== =========== Common Share Data Earnings per share Basic $ 0.11 $ 0.08 $ 0.06 Diluted $ 0.11 $ 0.08 $ 0.06 Weighted average shares outstanding Basic 3,269,382 3,251,003 3,223,836 Diluted 3,359,011 3,332,108 3,317,799 1ST CAPITAL BANK CONDENSED FINANCIAL DATA (Unaudited) (Dollars in thousands, except per share data) 6 Months Ended --------------------------- June 30, June 30, Operating Results Data 2013 2012 ------------- ------------- Interest and dividend income Loans $ 6,081 $ 5,745 Investment securities 273 209 Federal Home Loan Bank stock 22 2 Other 67 92 ------------- ------------- Total interest and dividend income 6,443 6,048 ------------- ------------- Interest expense Interest bearing checking accounts 14 22 Money market 136 180 Savings 116 134 Time 49 96 ------------- ------------- Total interest expense 315 432 ------------- ------------- Net interest income 6,128 5,616 Provision for loan losses 779 464 ------------- ------------- Net interest income after provision for loan losses 5,349 5,152 Noninterest income Service charges on deposits 51 43 BOLI dividend income 48 -- Other 41 30 ------------- ------------- Total noninterest income 140 73 Noninterest expenses Salaries and benefits 2,677 2,545 Occupancy 379 357 Furniture and equipment 159 177 Other 1,204 1,248 ------------- ------------- Total noninterest expenses 4,419 4,327 ------------- ------------- Income before provision for income taxes 1,070 898 Provision for income taxes 448 379 ------------- ------------- Net income $ 622 $ 519 ============= ============= Common Share Data Earnings per share Basic $ 0.19 $ 0.16 Diluted $ 0.19 $ 0.16 Weighted average shares outstanding Basic 3,260,406 3,222,982 Diluted 3,344,682 3,313,647 1ST CAPITAL BANK CONDENSED FINANCIAL DATA (Unaudited) (Dollars in thousands) June 30, March 31, December 31, June 30, Asset Quality 2013 2013 2012 2012 --------- --------- ------------ --------- Loans past due 90 days or more and accruing interest $ -- $ -- $ -- $ -- Nonaccrual restructured loans 233 235 238 226 Other nonaccrual loans 654 678 1,203 534 Other real estate owned -- -- -- -- --------- --------- ------------ --------- $ 887 $ 913 $ 1,441 $ 760 ========= ========= ============ ========= Allowance for loan losses to total loans 1.81% 1.75% 1.77% 1.66% Allowance for loan losses to nonperforming loans 517.81% 468.13% 299.38% 497.89% Nonaccrual loans to total loans 0.35% 0.37% 0.59% 0.33% Nonperforming assets to total assets 0.24% 0.26% 0.44% 0.25% Regulatory Capital and Ratios Tier 1 regulatory capital $ 34,918 $ 33,949 $ 33,600 $ 32,192 Total regulatory capital $ 38,141 $ 37,035 $ 36,646 $ 35,001 Tier 1 leverage ratio 9.79% 10.15% 10.67% 10.80% Tier 1 risk based capital ratio 13.64% 13.82% 13.87% 14.40% Total risk based capital ratio 14.90% 15.08% 15.12% 15.70% 3 Months Ended 6 Months Ended ------------------------------- -------------------- Selected Financial June 30, March 31, June 30, June 30, June 30, Ratios(1) 2013 2013 2012 2013 2012 --------- --------- --------- --------- --------- Return on average total assets 0.40% 0.32% 0.28% 0.36% 0.36% Return on average shareholders' equity 4.14% 3.10% 2.59% 3.63% 3.23% Net interest margin 3.64% 3.82% 4.04% 3.73% 4.04% Net interest income to average total assets 3.51% 3.64% 3.92% 3.57% 3.91% Efficiency ratio 70.69% 70.30% 73.25% 70.50% 76.06% Selected Average Balances Loans $ 249,169 $ 238,456 $ 214,583 $ 243,842 $ 207,261 Investment securities 70,398 51,172 17,790 60,838 16,761 Federal Home Loan Bank stock 1,366 1,026 996 1,198 957 Other interest earning assets 22,654 28,775 55,218 25,697 54,412 --------- --------- --------- --------- --------- Total interest earning assets $ 343,587 $ 319,429 $ 288,587 $ 331,575 $ 279,391 Total assets $ 356,775 $ 334,594 $ 297,159 $ 345,746 $ 288,697 Interest bearing checking accounts $ 17,431 $ 15,594 $ 14,469 $ 16,478 $ 13,806 Money market 81,289 68,202 66,699 74,821 61,646 Savings 67,991 66,658 48,242 67,328 44,899 Time deposits 28,000 29,969 37,704 28,979 39,377 --------- --------- --------- --------- --------- Total interest bearing deposits $ 194,711 $ 180,423 $ 167,114 $ 187,606 $ 159,728 Noninterest bearing demand deposits 126,349 118,835 96,972 122,612 96,146 --------- --------- --------- --------- --------- Total Deposits $ 321,060 $ 299,258 $ 264,086 $ 310,218 $ 255,874 Shareholders' equity $ 34,775 $ 34,354 $ 32,513 $ 34,566 $ 32,327
1 = All Selected Financial Ratios are annualized other than the Efficiency ratio.
For further information, please contact: Mark R. Andino President and Chief Executive Officer 831.264.4028 office 831.915.6498 cellular Mark.Andino@1stcapitalbank.com Or Jayme C. Fields Chief Financial Officer 831.264.4011 office 831.917.8725 cellular Jayme.Fields@1stcapitalbank.com
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