1st Capital Bank (OTCQB: FISB) (the "Bank") today announced
first quarter financial results through March 31, 2013. The Bank
achieved record levels of loans, assets, deposits, and
shareholders' equity at March 31, 2013.
Net income during the first quarter of 2013 was $263 thousand,
equivalent to $0.08 diluted earnings per share. This decreased from
net income of $310 thousand during the first quarter of 2012,
equivalent to $0.09 diluted earnings per share, primarily due to a
greater provision for loan losses during the first quarter of 2013.
The first quarter of 2013 net income also declined from $748
thousand during the fourth quarter of 2012, equivalent to $0.23
diluted earnings per share. Earnings during the fourth quarter of
2012 reflected two financially significant, but infrequent, events:
(i) the recognition of $699 thousand in tax-free life insurance
death benefits; and (ii) the Bank established a $294 thousand
reserve for tax deductions claimed under the State of California
Enterprise Zone program in light of positions taken by the
California Franchise Tax Board.
Commenting on the first 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. The Bank
continues to attract an increasing number of local businesses and
professionals who are seeking a concierge level of service,
customized financial solutions, long term relationships with their
community financial institution, and ready access to experienced
bankers." Mr. Andino then continued: "Pre-tax income during the
first quarter of 2013 was consistent with that of the immediately
preceding quarter after adjusting for the life insurance benefits
received during the fourth quarter of 2012. This was achieved
despite there being two fewer days during the first quarter, which
restrained net interest income on a comparative basis."
Kurt Gollnick, the Bank's Chairman of the Board added: "The
Board of Directors worked extensively with the management team to
identify opportunities to enhance shareholder value during the
first quarter of 2013. Initiatives implemented during the first
three months of 2013 included revamping the Bank's benefits
program, investing more of the Bank's excess on balance sheet
liquidity, further improving the Bank's commercial lending products
and pricing, and increasing the use of equity compensation in lieu
of cash compensation. As previously announced, we followed these
initiatives with the decision on April 22, 2013 to file a Form 15
with the Federal Deposit Insurance Corporation ("FDIC") and thereby
voluntarily deregister the Bank's common shares under the
Securities Exchange Act of 1934 in order to reduce prospective
professional fees while also saving internal resources."
Performance Highlights
- The Bank continued to present an excellent credit profile at
March 31, 2013, with a non-performing asset ratio of 0.26%. The
Bank did, however, record its first charge-off in several quarters
during the first three months of 2013, as further discussed
below.
- Non-accrual loans totaled $0.9 million at March 31, 2013,
equivalent to 0.37% of loans outstanding.
- Total deposits rose 5.2% during the first quarter of 2013,
while transaction accounts increased from 89.4% of total deposits
at December 31, 2012 to 90.5% of total deposits at March 31,
2013.
- At March 31, 2013, the Bank maintained a regulatory total
risk-based capital ratio of 15.08%, substantially in excess of the
10.00% threshold to be categorized in the highest regulatory
capital classification of "well capitalized."
- Tangible book value per share rose to $10.36 as of March 31,
2013.
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
$17.6 million at March 31, 2013. This reduction resulted from the
Bank's decision to invest excess on-balance sheet liquidity
primarily into floating rate tranches of collateralized mortgage
obligations ("CMOs") issued by the Federal National Mortgage
Association ("FNMA") and the Federal Home Loan Mortgage Corporation
("FHLMC") in order to augment interest income. During the second
quarter of 2013, the Bank is targeting funds held at the FRB-SF in
the $5.0 million to $10.0 million range in order to further
increase interest income. Funds held at the FRB-SF earned a yield
of 0.25% during the first quarter of 2013, compared to a yield of
0.43% for the U.S. Agency floating rate CMOs.
Time deposits at other financial institutions remained constant
at $9.3 million between December 31, 2012 and March 31, 2013, as
there were no time deposit maturities and no new time deposit
investments during the first quarter of 2013. Time deposits at
other financial institutions of $4.7 million mature by the end of
2013.
Securities categorized as available for sale increased from
$41.8 million at December 31, 2012 to $62.9 million at March 31,
2013. During the first quarter of 2013, the Bank invested deposit
inflows in excess of loan portfolio growth plus some of its
balances at the FRB-SF into variable rate tranches of U.S. Agency
CMOs. The CMOs were all AA+ rated and float at a margin over 1
month LIBOR, subject to lifetime caps. The loans underlying the
CMOs are residential or multifamily mortgages. The fair value of
the Bank's $62.9 million in securities at March 31, 2013 exceeded
its amortized cost basis by $605 thousand.
At March 31, 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 quarter of 2013 is reflected in the ratio of net
loans to deposits, which decreased from 81.1% at December 31, 2012
to 77.4% at March 31, 2013. Commenting on the Bank's liquidity,
Dale Diederick, the Bank's Chief Credit Officer, stated: "The Bank
concluded the first quarter of 2013 with ample funds for lending.
We continue to proactively market to local businesses and
professionals, some of whom have been recently impacted by
ownership, technology, and operational changes at their current
financial institutions."
Net loans increased from $238.9 million at December 31, 2012 to
$239.8 million at March 31, 2013. While the Bank originated $16.1
million in new credit commitments during the first quarter of 2013,
loan payoffs and curtailments, principal reductions on lines of
credit, and scheduled principal amortization combined to limit net
portfolio growth.
During April 2013, the Bank relocated its expanded government
guaranteed lending department to the Monterey Branch. This will
provide more office and client meeting space for that team, which
recently added Helen Dunston as a Business Development Officer. Ms.
Dunston is an experienced financial services professional who is
well-known throughout Monterey County. 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 decreased slightly from
$4.31 million, or 1.77% of total loans, at December 31, 2012 to
$4.27 million, or 1.75% of total loans, at March 31, 2013. The
primary factor that led to the small decrease in the allowance for
loan losses, despite the growth in the loan portfolio, was the
charge-off during the first quarter of 2013 of a $500 thousand
impaired commercial loan that had a specific reserve of $223
thousand at December 31, 2012. The borrower experienced a number of
financial setbacks in recent periods, leading to the Bank's
decision that the loan should no longer be carried as an asset. In
April 2013, the Bank obtained a legal judgment in its favor. The
Bank is now pursuing collection from the borrower. Any payments
received from the borrower, up to the amount of the charge-off,
would be recorded as a recovery and thereby add to the Bank's
allowance for loan losses.
Non-accrual loans decreased from $1.4 million at December 31,
2012 to $0.9 million at March 31, 2013, reflective of the
charge-off of the $500 thousand commercial loan described above.
All of the Bank's non-accrual loans at March 31, 2013 were current
or less than 30 days delinquent in their scheduled monthly
payments. Loans graded Substandard decreased from $5.1 million at
December 31, 2012 to $4.5 million at March 31, 2013. Loans graded
as Special Mention fell from $4.2 million at December 31, 2012 to
$2.2 million at March 31, 2013, primarily due to client seasonal
borrowing fluctuations. The ratio of the Bank's allowance for loan
losses to non-performing loans rose from 299.38% at December 31,
2012 to 468.13% at March 31, 2013. The Bank has never owned any
foreclosed real estate.
Premises and equipment, net, increased from $1.3 million at
December 31, 2012 to $1.4 million at March 31, 2013. The majority
of this increase was due to a minor remodeling of the Salinas
Branch and the purchase of new hardware in support of the Bank's
technology platform.
The $16.0 million increase in total assets by the Bank during
the first quarter of 2013 to a record $345.3 million better
leveraged its capital, with the ratio of total equity to total
assets decreasing from 10.32% at December 31, 2012 to 9.93% at
March 31, 2013. 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. Commenting in
this regard, Clay Larson, the Bank's Regional President, stated:
"We are aiming to increase the ratio of loans to total assets in
order to support our net interest margin while also continuing the
Bank's longstanding commitment to making credit available to the
communities we serve. Ideally, we'd like to shift funds from excess
cash equivalents and the security portfolio into high quality loans
extended in support of local businesses and professionals."
Non-interest bearing demand deposits decreased from $123.4
million at December 31, 2012 to $120.8 million at March 31, 2013.
This $2.6 million reduction was much less than the Bank's
historical pattern, as seasonal outflows during the first quarter
of 2013 were largely offset with inflows from new clients.
Interest bearing checking accounts decreased from $17.5 million
at December 31, 2012 to $15.5 million at March 31, 2013. Given the
historically low interest rate environment, most new consumer, sole
proprietor, and non-profit organization checking accounts are being
opened in the non-interest bearing products, as clients prefer the
lower minimum balance requirements to the interest earnings.
As a further benefit to its checking account clients, the Bank
recently joined the Allpoint ATM network. Allpoint is the world's
largest surcharge-free ATM network, offering over 55,000 ATMs
worldwide. The Bank also implemented a number of upgrades to its
online banking and cash management services during the first
quarter of 2013, including making online wire request available to
qualified businesses.
Money market deposits increased from $60.1 million at December
31, 2012 to $73.7 million at March 31, 2013. Money market deposits
during 2013 benefited from:
- low (often, near zero) interest rates being paid on brokerage
accounts and money market mutual funds, thereby encouraging clients
to transfer their funds to higher yielding and FDIC insured
accounts;
- the expiration of the FDIC Transaction Account Guaranty Program
on December 31, 2012, whereby non-interest bearing checking
accounts (as defined under the Program) received unlimited FDIC
deposit insurance coverage (the expiration thereby encouraged
certain clients to reallocate funds back to money market accounts
under the FDIC's unified Standard Maximum Deposit Insurance
Amount);
- the Bank's cross-selling money market accounts to new checking
account clients given the easy integration and customization via
the Bank's online banking service;
- the conversion of certain deposits from certificates of deposit
to money market accounts given the limited yield differential
between the products in the current interest rate environment;
and
- the Bank's offering tiered pricing on money market accounts,
whereby clients receive a higher interest rate on their entire
account balance as each successively higher balance tier level is
attained.
Savings deposits rose from $62.4 million at December 31, 2012 to
$70.5 million at March 31, 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 $29.4 million at March 31, 2013. 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.
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 $309.9 million at March 31,
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 first quarter of 2013 was
0.22%, which derives in part from the success of our high caliber
cash management services. We welcomed a notable number of new cash
management clients during the first quarter 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 $34.3 million at March 31, 2013. The first quarter net
income plus $86 thousand in equity compensation expense more than
offset a $46 thousand reduction in the accumulated other
comprehensive income associated with securities classified as
available for sale.
Nominal and tangible book values were $10.36 per share at March
31, 2013, versus $10.27 per share at December 31, 2012. Commencing
on January 1, 2013, director compensation was shifted to consist
solely of time-based 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 packages for
recently hired officers has included a restricted stock award
component 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 during the three months ended March 31, 2012 to
$3.0 million during the three months ended March 31, 2013. This
increase in net interest income was primarily generated by a rise
in interest earning assets, as the Bank's net interest margin
declined from 4.04% during the first quarter of 2012 to 3.82%
during the first quarter 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 Federal Reserve's continuing to implement aggressive
monetary policies (including quantitative easing) in an effort to
reduce the national unemployment rate;
- strong price competition among financial institutions for high
quality loans; and
- older, higher yielding loans and securities maturing and
amortizing and being replaced by new, lower yielding loans and
securities reflective of current market interest rates.
The Bank plans to support its net interest income during 2013
via the following strategies:
- continuing to focus upon the growth the Bank's balance sheet,
particularly the loan portfolio;
- seeking to allocate a greater percentage of excess on-balance
sheet liquidity to securities versus cash equivalents in order to
obtain incremental yield; and
- pursuing a further migration in deposit mix away from
certificates of deposit and toward non-interest bearing checking
accounts.
The provision for loan losses was $460 thousand during the first
quarter of 2013, compared to $40 thousand during the first quarter
of 2012 and $432 thousand during the fourth quarter of 2012 (the
immediately preceding quarter). Factors contributing to the
provision for loan losses during the first quarter of 2013
included:
- additional loan loss reserves of $277 thousand associated with
the $500 thousand impaired commercial loan that was charged off
during the first quarter of 2013;
- an increase in hospitality industry related loans (a primary
industry in the Bank's market area), which are reserved at a higher
ratio than most other types of investor real estate;
- a rise in the amount of loan loss reserves designated for the
Bank's qualitative adjustment factors, which in turn primarily
resulted from the Bank's recognition that new (but highly
experienced) officers were recently installed into the Chief
Executive Officer and Chief Credit Officer positions; and
- the quarter's increase in outstanding loan balances.
The above factors more than offset reduced reserve requirements
stemming from:
- a decrease in criticized and classified loans; and
- lower specific reserve requirements for impaired loans that
were paid down by borrowers during the first quarter.
Non-interest income increased from $37 thousand during the three
months ended March 31, 2012 to $64 thousand during the three months
ended March 31, 2013. The majority of this increase was due to the
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 are aiming to increase
the percentage of total revenue comprised of fee income. This
objective is particularly important during the current extended
period of historically low interest rates. The Bank is implementing
a revised fee and service charge schedule effective May 1, 2013.
This schedule includes some new fees as well as increases to
certain existing fees for the many services the Bank provides."
Non-interest expense totaled $2.2 million during both the first
quarter of 2012 and the first quarter of 2013. Non-interest expense
during the fourth quarter of 2012 (the immediately preceding
quarter) was $2.3 million.
Salaries and benefits costs were consistent at approximately
$1.3 million during the first quarter of 2012, the fourth quarter
of 2012, and the first quarter of 2013, despite the Bank's having
seven more full-time equivalent employees at March 31, 2013 versus
a year earlier. 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. In addition, because of
the greater number of loans funded or renewed during the first
quarter of 2013 versus the first quarter of 2012, capitalized loan
origination costs (recorded as a reduction in salaries and benefits
expenses) were greater during the 2013 period.
Occupancy expenses increased from $177 thousand during the first
quarter of 2012 to $193 thousand during the first quarter of 2013
primarily due to the incremental costs associated with the new
location for the Monterey Branch, which opened in March 2012.
The Bank's efficiency ratio (operating costs compared to income
from operations) improved to 70.30% for the first quarter of 2013
from 79.05% for the first quarter of 2012. The Bank's efficiency
ratio for the full year of 2012 was 68.74%, with that figure
benefiting from $699 thousand in tax-free BOLI benefits.
Daniel Hightower, the Bank's Vice Chairman of the Board,
commented: "The Board of Directors remains strongly focused on the
generation of shareholder value. For 2013, we implemented an
employee incentive compensation plan that incorporates the Bank's
performance across eleven key metrics that closely align with
shareholder value. In addition, the Board of Directors has adopted
a 2013 strategic plan that seeks to enhance core earnings and the
value of our franchise. We very much appreciate the longstanding
support of our shareholders, a great many of whom are also clients
of the Bank."
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.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
March 31, December 31, March 31,
Financial Condition Data 2013 2012 2012
----------- ------------ -----------
Assets
Cash and due from banks $ 6,455 $ 8,551 $ 5,674
Funds held at the Federal Reserve
Bank 17,623 21,042 55,417
Time deposits at other financial
institutions 9,321 9,321 8,068
Available-for-sale securities, at
fair value 62,903 41,762 18,048
Loans:
Commercial 86,122 89,834 78,484
Real estate-construction 5,014 4,834 3,845
Real estate-other 151,629 147,320 118,027
Consumer 746 748 1,146
Deferred loan fees and costs,
net 520 517 478
----------- ------------ -----------
Total loans 244,031 243,253 201,980
Allowance for loan losses (4,274) (4,314) (3,360)
----------- ------------ -----------
Net loans 239,757 238,939 198,620
Premises and equipment, net 1,402 1,282 1,355
Bank owned life insurance 3,579 3,555 --
Investment in Federal Home Loan
Bank stock, at cost 1,026 1,026 918
Accrued interest receivable and
other assets 3,238 3,871 3,063
----------- ------------ -----------
Total assets $ 345,304 $ 329,349 $ 291,163
=========== ============ ===========
Liabilities and shareholders' equity
Deposits:
Noninterest bearing demand
deposits $ 120,780 $ 123,403 $ 90,466
Interest bearing checking
accounts 15,533 17,482 12,648
Money market 73,671 60,091 67,548
Savings 70,478 62,364 48,158
Time 29,391 31,314 39,677
----------- ------------ -----------
Total deposits 309,853 294,654 258,497
Accrued interest payable and other
liabilities 1,147 694 468
Shareholders' equity 34,304 34,001 32,198
----------- ------------ -----------
Total liabilities and shareholders'
equity $ 345,304 $ 329,349 $ 291,163
=========== ============ ===========
Shares outstanding at end of period 3,310,503 3,310,503 3,244,568
Nominal and tangible book value per
share $ 10.36 $ 10.27 $ 9.92
Ratio of net loans to total deposits 77.38% 81.09% 76.84%
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
3 Months Ended
---------------------------------------
March 31, December 31, March 31,
Operating Results Data 2013 2012 2012
------------ ------------- ------------
Interest and dividend income
Loans $ 2,992 $ 3,110 $ 2,779
Investment securities 132 101 103
Federal Home Loan Bank stock 6 8 1
Other 36 46 42
------------ ------------- ------------
Total interest income 3,166 3,265 2,925
------------ ------------- ------------
Interest expense
Interest bearing checking accounts 7 20 7
Money market 64 54 85
Savings 60 74 65
Time 28 35 51
------------ ------------- ------------
Total interest expense 159 183 208
------------ ------------- ------------
Net interest income 3,007 3,082 2,717
Provision for loan losses 460 432 40
------------ ------------- ------------
Net interest income after provision
for loan losses 2,547 2,650 2,677
Noninterest income
Service charges on deposits 22 22 22
BOLI benefits -- 699 --
BOLI dividend income 24 30 --
Other 18 27 15
------------ ------------- ------------
Total noninterest income 64 778 37
Noninterest expenses
Salaries and benefits 1,317 1,324 1,302
Occupancy 193 195 177
Furniture and equipment 72 86 95
Other 577 678 603
------------ ------------- ------------
Total noninterest expenses 2,159 2,283 2,177
------------ ------------- ------------
Income before provision for income
taxes 452 1,145 537
Provision for income taxes 189 397 227
------------ ------------- ------------
Net income $ 263 $ 748 $ 310
============ ============= ============
Common Share Data
Earnings per share
Basic $ 0.08 $ 0.23 $ 0.10
Diluted $ 0.08 $ 0.23 $ 0.09
Weighted average shares outstanding
Basic 3,251,003 3,251,003 3,220,947
Diluted 3,332,108 3,317,811 3,308,773
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
March 31, December 31, March 31,
Asset Quality 2013 2012 2012
----------- ------------ -----------
Loans past due 90 days or more and
accruing interest $ -- $ -- $ --
Nonaccrual restructured loans 235 238 232
Other nonaccrual loans 678 1,203 --
Other real estate owned -- -- --
----------- ------------ -----------
Total nonperforming assets $ 913 $ 1,441 $ 232
=========== ============ ===========
Allowance for loan losses to total
loans 1.75% 1.77% 1.66%
Allowance for loan losses to
nonperforming loans 468.13% 299.38% 1448.28%
Nonaccrual loans to total loans 0.37% 0.59% 0.11%
Nonperforming assets to total
assets 0.26% 0.44% 0.08%
Regulatory Capital and Ratios
Tier 1 regulatory capital $ 33,949 $ 33,600 $ 31,892
Total regulatory capital $ 37,035 $ 36,646 $ 34,383
Tier 1 leverage ratio 10.15% 10.67% 11.39%
Tier 1 capital ratio 13.82% 13.87% 16.08%
Total risk based capital ratio 15.08% 15.12% 17.33%
3 Months Ended
--------------------------------------
March 31, December 31, March 31,
Selected Financial Ratios 2013 2012 2012
----------- ------------ -----------
Return on average total assets 0.32% 0.94% 0.44%
Return on average shareholders'
equity 3.10% 8.84% 3.88%
Net interest margin 3.82% 4.07% 4.04%
Net interest income to average
total assets 3.64% 3.89% 3.90%
Efficiency ratio 70.30% 59.15% 79.05%
Selected Average Balances
Loans $ 238,456 $ 235,680 $ 199,939
Investment securities 51,172 22,081 15,732
Federal Home Loan Bank stock 1,028 1,027 918
Other interest earning assets 28,775 42,672 53,605
----------- ------------ -----------
Total interest earning assets $ 319,431 $ 301,460 $ 270,194
Total assets $ 334,594 $ 315,501 $ 280,238
Interest bearing checking accounts $ 15,594 $ 13,670 $ 11,486
Money market 68,202 61,035 58,250
Savings 66,658 62,486 41,557
Time deposits 29,969 32,872 41,051
----------- ------------ -----------
Total interest bearing deposits $ 180,423 $ 170,063 $ 152,344
Noninterest bearing demand
deposits 118,835 111,670 95,320
----------- ------------ -----------
Total Deposits $ 299,258 $ 281,733 $ 247,664
Shareholders' equity $ 34,354 $ 33,646 $ 32,141
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 Fields Chief Financial Officer 831.264.4011 office
831.917.8725 cellular Jayme.Fields@1stcapitalbank.com
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