1st Capital Bank Announces: Fourth Quarter and Year to Date 2013
Financial Results; Record Loans, Assets, Deposits, and
Shareholders' Equity; Third Consecutive Increase in Quarterly
Earnings
MONTEREY, CA--(Marketwired - Jan 30, 2014) - 1st Capital Bank
(OTCQB: FISB) (the "Bank") today announced fourth quarter and year
to date financial results through December 31, 2013. Net
income during the fourth quarter of 2013 was $612 thousand,
equivalent to $0.18 per diluted common share. This compares to
net income of $748 thousand, equivalent to $0.23 per diluted common
share, during the fourth quarter of 2012. The fourth quarter
of 2012 included $699 thousand in tax-free benefits from bank owned
life insurance ("BOLI"), partially offset by the establishment of
$294 thousand in tax reserves. Net income for the third
quarter of 2013 (the immediately preceding quarter) was $457
thousand, equivalent to $0.13 per diluted common share. The
fourth quarter of 2013 represented the third consecutive increase
in quarterly earnings.
Net income for 2013 was $1.7 million, equivalent to $0.50 per
diluted common share. This compares to net income for 2012 of
$1.8 million, equivalent to $0.54 per diluted common
share. The reduction in net income from 2012 to 2013 was
primarily associated with the BOLI benefits received during
2012.
The Bank reported record levels of net loans, total assets,
total deposits, and shareholders' equity at December 31, 2013. The
Bank's total assets expanded by 17.5% during 2013; and average
interest earning assets were 19.9% higher during the fourth quarter
of 2013 compared to the fourth quarter of 2012.
Commenting on the fourth quarter of 2013 financial performance,
Mark Andino, the Bank's President and Chief Executive Officer,
stated: "We are pleased to report a third consecutive quarter of
increased earnings and a record balance sheet. The Bank
concluded 2013 with a favorable credit profile, a well-positioned
loan loss reserve relative to non-performing loans, and a strong
pipeline of potential new business." Mr. Andino then
continued: "Along with much of the banking industry, our current
challenges include the continuation of a historically low interest
rate environment and ongoing aggressive loan pricing competition
for quality borrowers. Both of those factors contributed to
the margin compression experienced by the Bank over the past
year. However, the Bank also enjoys many opportunities,
including future revenue from the recent hire of Stuart Tripp as
our Regional President covering the coastal area from the Monterey
Peninsula north to the City of Santa Cruz. Mr. Tripp is an
experienced, professional banker who is well known throughout this
market area. This hire complements the Bank's recent success
in gaining market share in counties adjacent to Monterey
County."
Kurt Gollnick, the Bank's Chairman of the Board, stated: "The
Board of Directors continued its focus on shareholder value during
the fourth quarter of 2013. Following the vesting and issuance
of the prior annual restricted share awards in November 2013, new
annual director restricted share awards were postponed, resulting
in the directors not receiving any compensation for the month of
December 2013. In addition, in light of the Bank's return on
equity and other shareholder focused metrics, executive bonuses for
2013 were a fraction of the levels paid during 2012. The Board
of Directors and the executive team recently adopted an updated
strategic plan for the Bank that incorporates multiple initiatives
aimed at increasing the Bank's franchise value and augmenting long
term shareholder value."
Performance
Highlights
- The Bank presented a high quality credit profile at
December 31, 2013, with a nonperforming asset ratio of
0.22% and a ratio of allowance for loan losses to
nonperforming loans of 562.47%. These figures compare to a
non-performing asset ratio of 0.44% and a ratio of allowance
for loan losses to non-performing loans of 299.38% as
of December 31, 2012.
- Non-accrual loans totaled $0.8 million at December 31,
2013, equivalent to 0.33% of loans outstanding. No new loans
were transferred to non-accrual status during the fourth
quarter of 2013, and the inventory of non-accrual loans at
September 30, 2013 continued to pay down.
- At December 31, 2013, the Bank maintained a regulatory
total risk-based capital ratio of 15.63%, substantially
in excess of the 10.00% threshold to be categorized in the
highest regulatory capital classification of "well
capitalized." The Bank's regulatory capital ratios at
December 31, 2013 benefited from an increase of $945
thousand in Tier 1 Regulatory Capital from payments received
for the exercise of vested stock options during the fourth
quarter of 2013. An additional $56 thousand in Tier 1
Regulatory Capital from the exercise of vested stock options
was obtained during early January 2014.
- Tangible book value per share rose to a record $10.79 as
of December 31, 2013, as compared to $10.27 per share
at December 31, 2012.
Financial Condition
Analysis
Funds held at the Federal Reserve Bank of San Francisco
("FRB-SF") decreased from $26.7 million at December 31, 2012 to
$15.5 million at December 31, 2013. This reduction resulted
from the Bank's decision to invest excess on-balance sheet
liquidity primarily into higher yielding variable rate mortgage
backed securities ("MBS") and floating rate tranches of
collateralized mortgage obligations ("CMO") 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.
Time deposits at other financial institutions declined from $9.3
million at December 31, 2012 to $4.6 million at December 31, 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 $104.0 million at December
31, 2013. During 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 securities, resulting in
the following security portfolio profile at December 31, 2013:
|
|
|
|
|
|
|
December 31, |
|
$ In
Thousands |
|
2013 |
|
|
|
Fair Value |
|
Type of Security |
|
(Unaudited) |
|
SBA
fixed rate loan pools |
|
$ |
2,929 |
|
Municipal fixed rate securities |
|
|
2,141 |
|
Agency variable rate residential MBS |
|
|
3,184 |
|
Agency fixed rate residential MBS |
|
|
5,997 |
|
Agency variable rate commercial MBS |
|
|
23,272 |
|
Agency variable rate residential CMO |
|
|
60,157 |
|
Agency variable rate commercial CMO |
|
|
6,281 |
|
|
|
|
|
|
Total |
|
$ |
103,961 |
|
|
|
|
|
|
|
|
|
|
The municipal securities were all rated at least AA by a
nationally recognized ratings agency. The majority of the
Bank's security purchases during 2013 were adjustable rate assets,
as the Bank has allocated most of its balance sheet duration to
loans in response to client demand for fixed rate financing in the
current interest rate environment. The fair value of the
Bank's $104.0 million in securities at December 31, 2013 was $69
thousand less than its amortized cost basis.
At December 31, 2013, the Bank maintained a strong liquidity
profile, consisting of a significant volume of on-balance sheet
assets (including cash & cash equivalents and securities
available for sale) and significant off-balance sheet borrowing
capacity. The increase in the Bank's liquidity profile during
2013 is reflected in the ratio of net loans to deposits, which
decreased from 81.1% at December 31, 2012 to 72.0% at December 31,
2013. The Bank's liquidity profile at the end of 2013 was
impacted by a particularly favorable agricultural harvest in the
Bank's primary market area during 2013, contributing to reduced
utilization of borrowing lines and the inflow of
deposits. Undrawn credit commitments at December 31, 2013
totaled $57.4 million, up from $51.3 million at December 31,
2012.
Commenting on the Bank's liquidity, Jon Ditlevsen, the Bank's
Chief Lending Officer, stated: "The Bank concluded 2013 with ample
funds for lending. We continue to extensively market to local
businesses and professionals throughout the Central Coast of
California. We recognize that increasing the Bank's ratio of
net loans to deposits via quality lending is a key objective for
the Bank for 2014; as we aim to build a greater stream of net
interest income."
Clay Larson, the Bank's Regional President for the greater
Monterey Peninsula area, added: "The Bank improved its competitive
lending position in multiple regards during the fourth quarter of
2013, including increasing its lending limits to the largest
amounts for any community bank headquartered in Monterey or Santa
Cruz Counties. The addition of Senior Relationship Manager
Thomas Anderson has already led to increased lending activity in
San Luis Obispo County, where the Bank aims to continue increasing
market share."
Net loans increased from $238.9 million at December 31, 2012 to
$250.8 million at December 31, 2013. While the Bank originated
or purchased over $95 million in new credit commitments during
2013, loan payoffs and curtailments, principal reductions on lines
of credit, and scheduled principal amortization combined to limit
net portfolio growth.
The Bank's loan mix shifted during 2013. At December 31,
2013, the Bank did not have any loans that were financing active
building construction, compared to $4.8 million outstanding in such
loans at December 31, 2012. Residential 1 to 4 unit loans
approximately doubled during 2013, supported by the purchase of two
seasoned mortgage pools. The loans in the pools were seasoned
5/1 or 7/1 mortgages that reprice based upon a margin over the 1
year LIBOR index. These mortgages met the Bank's standard
underwriting criteria and are secured by first deeds of trust on
homes in California. Commercial and industrial loans
outstanding declined during 2013 in part due to relatively low
client utilization of lines of credit at the end of 2013.
The Bank's allowance for loan losses increased from $4.3
million, or 1.77% of total loans, at December 31, 2012 to $4.7
million, or 1.84% of total loans, at December 31, 2013. The
allowance was increased by $868 thousand in loan loss provision
during 2013, and decreased by net charge-offs of $491 thousand,
almost all of which occurred during the first quarter of 2013 in
conjunction with a $500 thousand impaired commercial
loan. During the fourth quarter of 2013, the Bank recorded $11
thousand in charge-offs and $16 thousand in recoveries. The
$11 thousand charged off during the fourth quarter of 2013 was
fully recovered in January 2014.
Non-accrual loans decreased by $607 thousand from December 31,
2012 to December 31, 2013, primarily reflective of the charge-off
of the $500 thousand commercial loan described above and payments
received on non-accrual loans. All of the Bank's non-accrual
loans were current or less than 30 days delinquent in scheduled
payments as of December 31, 2013.
Loans graded Substandard increased from $5.1 million at December
31, 2012 to $8.7 million at December 31, 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 $5.9 million at December 31, 2013,
primarily due to the downgrade of one credit relationship in
response to weaker farming results for 2012. Both of the
aforementioned downgraded credit relationships were current in
their scheduled payments at December 31, 2013 and the borrowers
have continued to be cooperative with the Bank.
The ratio of the Bank's allowance for loan losses to
non-performing loans rose from 299.38% at December 31, 2012 to
562.47% at December 31, 2013. The Bank has never owned any
foreclosed real estate.
Commenting on the Bank's credit profile, Dale Diederick, the
Bank's Chief Credit Officer, stated: "The Bank concluded 2013 in
excellent condition from a credit perspective, with comparatively
few problem loans. In addition, the borrower associated with
the one larger loan charged off by the Bank during 2013 has
continued to make monthly restitution payments consistent with his
agreement with the Bank."
Premises and equipment, net of accumulated depreciation,
increased from $1.3 million at December 31, 2012 to $1.5 million at
December 31, 2013. The majority of this increase was due to
remodeling of the Salinas branch office and the purchase of new
hardware in support of the Bank's technology platform. At the
end of 2013, the Bank was in the process of upgrading its entire
network to provide much greater bandwidth and support faster
processing speeds.
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 December 31, 2013 due to the standard
asset-based investment requirement applicable to FHLB members.
Commenting on the Bank's asset profile at December 31, 2013,
Marilyn Goode, the Bank's Interim Chief Financial Officer, stated:
"We continue to seek to increase loans as a percentage of total
assets as a means to augment net interest income and even better
support the credit needs of our local communities. The new
commercial lenders hired by the Bank during 2013 are now well
integrated with our team, with Senior Relationship Manager Chris
Illig experiencing particular success in serving a wide range of
professionals throughout Monterey County." Ms. Goode then
continued: "The Bank's safety and soundness continues to be a
competitive advantage when marketing to local businesses and
professionals."
Total deposits increased 18.2% from $294.7 million at December
31, 2012 to a record $348.4 million at December 31, 2013. The
Bank experienced particularly strong deposit inflows during the
fourth of quarter of 2013, when the deposit portfolio increased by
$24.4 million. The weighted average interest rate on the
Bank's deposits at December 31, 2013 was 0.15%.
Non-interest bearing demand deposits increased from $123.4
million at December 31, 2012 to $144.2 million at December 31,
2013. The Bank continues to enhance and market its suite of
electronic banking and cash management services, with a dedicated
Cash Management Department led by Brooks Kohne, who recently
announced: "We are now working on check deposit via smartphone and
look forward to providing this service to our clients during
2014. In addition, we are currently upgrading our deposit
statement features, with a planned introduction in mid-2014."
Interest bearing checking accounts increased from $15.7 million
at December 31, 2012 to $20.3 million at December 31,
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 $61.9 million at December
31, 2012 to $81.3 million at December 31, 2013. Savings
deposits rose from $62.4 million at December 31, 2012 to $75.7
million at December 31, 2013. Both money market and savings
deposits 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 $27.0 million at December 31, 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 $27.0 million in time deposits at December 31, 2013 were
comprised of low cost state term funds. None of the Bank's
deposits at December 31, 2013 were brokered deposits or sourced
from deposit listing services.
Commenting on the Bank's deposit performance, Irene Shippee, the
Bank's Operations Administrator, stated: "The Bank enjoyed an
outstanding deposit performance during the fourth quarter of 2013,
including inflows across all transaction account product types and
a quarterly weighted average cost of just 0.16%. We concluded
2013 with a solid pipeline of new deposit relationships and
continue to attract new clients with our personalized service and
highly customizable suite of cash management products." Ms.
Shippee then continued: "Having a dedicated Cash Management
Department has clearly helped attract new deposit
clients. It's been rewarding to receive client compliments
regarding the timeliness and quality of our customer service,
including live technical assistance directly to their
desktops."
Shareholders' equity rose from $34.0 million at December 31,
2012 to a record $37.7 million at December 31, 2013. The 2013
year to date net income of $1.7 million, $333 thousand in equity
compensation expense, and $2.2 million from the exercise of vested
stock options more than offset a $441 thousand reduction in the
accumulated other comprehensive income associated with changes in
unrealized gains and losses on securities classified as available
for sale.
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.
Operating Results
Analysis
Net interest income before provision for loan losses of $3.2
million during the three months ended December 31, 2013 increased
from $3.1 million during the three months ended December 31, 2012;
and was consistent with the amount generated during the three
months ended September 30, 2013 (the immediately preceding
quarter). The year over year increase in net interest income
was primarily generated by a rise in interest earning assets, as
the Bank's net interest margin declined from 3.97% during the
fourth quarter of 2012 to 3.40% during the fourth quarter of
2013.
Net interest income before provision for loan losses rose from
$11.8 million during 2012 to $12.5 million during 2013. The
Bank's net interest margin declined from 4.00% during 2012 to 3.55%
during 2013.
This aforementioned 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 net interest margin over the prior comparable periods was
particularly impacted by a decline in the ratio of average loans to
average deposits. Average gross loans equaled 83.7% of average
deposits during the fourth quarter of 2012 versus 74.8% during the
fourth quarter of 2013.
The Bank plans to support its net interest income in upcoming
quarters via the following strategies:
- continuing to focus upon the size and mix of the Bank's
balance sheet, particularly with the goal of originating
a greater volume of loans (while maintaining credit standards)
in order to support growth in the loan portfolio;
- seeking to acquire additional residential loan pools that
meet the Bank's credit criteria as a means of
further diversifying the loan portfolio and as an alternative
to purchasing additional investment securities; and
- pursuing a further migration in deposit mix away from
certificates of deposit and toward non-interest bearing
checking accounts.
The Bank did not record any provision for loan losses during the
fourth quarter of 2013 in light of the net recoveries recorded
during the quarter and because of the credit profile of the loan
portfolio, including no loans 30 or more days delinquent. The
provision for loan losses was $432 thousand during the fourth
quarter of 2012 and $89 thousand during the third quarter of 2013
(the immediately preceding quarter).
The provision for loan losses decreased from $994 thousand
during 2012 to $868 thousand during 2013. Factors contributing
to the provision for loan losses during 2013 included:
- the growth in the size of the loan portfolio;
- 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;
- increased specific reserves associated with two credit
relationships where the borrowers are current in their payments to
the Bank, but are experiencing financial stress in their
businesses;
- increased formula general reserves associated with: (i) a
credit relationship which was downgraded to Special Mention during
the second quarter of 2013; and (ii) a small number of credit
relationships downgraded to Watch during 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; and
- a rise in the amount of loan loss reserves designated for the
Bank's qualitative adjustment factors.
During the fourth quarter of 2012, the Bank received $699
thousand in tax-free BOLI benefits associated with key man life
insurance carried on its former President and Chief Executive
Officer.
Non-interest income, excluding the aforementioned BOLI death
benefits, declined from $80 thousand during the fourth quarter of
2012 and $100 thousand during the third quarter of 2013 (the
immediately preceding quarter) to $67 thousand during the fourth
quarter of 2013. Non-interest income during the fourth quarter
of 2013 was restrained by a lack of loan sales (compared to the
third quarter of 2013), a $3 thousand loss on disposition of
certain technology assets, and the termination of a residential
mortgage loan referral program in mid-2013 that had been generating
$5 thousand per quarter in fees. In addition, BOLI dividend
income was $8 thousand lower in the fourth quarter of 2013 compared
to the fourth quarter of 2012, in part due to a lower investment
balance.
Non-interest income excluding the aforementioned BOLI death
benefits increased from $200 thousand during 2012 to $307 thousand
during 2013. Factors contributing to this increase in
non-interest income included:
- 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.
- Fee waivers during 2013 have been more selective, based upon
the client's profitability to the Bank.
- Late in 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.
- The management team has increased the Bank's focus on
generating non-interest income during 2013 through a variety of
sources, including merchant bankcard services, check printing, and
wire transfers.
- The Bank recorded a $21 thousand gain during the third quarter
of 2013 from its initial sale of the guaranteed portion of an SBA
7(a) Program loan. The Bank has implemented software that
supports this secondary marketing and related servicing; and
intends to pursue additional such sales in the future should
secondary market prices continue at attractive levels.
Non-interest expense decreased from $2.3 million during the
fourth quarter of 2012 and $2.4 million during the third quarter of
2013 (the immediately preceding quarter) to $2.2 million during the
fourth quarter of 2013. Factors impacting non-interest expense
during these time periods included:
- The third quarter of 2013 included $120 thousand in severance
expense.
- The accrual for incentive compensation was $56 thousand lower
during the fourth quarter of 2013 than the fourth quarter of 2012
(with the reduction primarily associated with lower bonuses for
executive officers).
- Non-interest expense during the fourth quarter of 2013 included
$20 thousand for professional recruiter fees associated with the
sourcing of a permanent Chief Financial Officer for the Bank.
Non-interest expense rose from $8.7 million during 2012 to $9.1
million during 2013. Most of this increase was associated with
base salaries and restricted share award expense, as reflected in
salaries and benefits costs rising from $5.2 million during 2012 to
$5.5 million during 2013. While the Bank's total assets
expanded by 17.5% during 2013, the number of full-time equivalents
rose by just one. Compensation packages for certain new hires
during 2013 were higher than those of the predecessors in the
positions, as the Bank recruited experienced and high caliber
bankers.
During 2013, the Bank implemented multiple initiatives in order
to moderate the pace of increase in operating costs despite the
ongoing growth of the Bank. These initiatives have
included:
- Linking the Bank's incentive compensation accrual more directly
to performance on key metrics which closely align with the
generation of shareholder value. Incentive compensation costs
for 2013 were $80 thousand, down from $216 thousand during 2012.
The lower incentive compensation costs partially offset higher
expenses associated with new positions created during 2013 in
support of the Bank's growth, including Information Technology
Manager, Relationship Manager, and Credit Administrator.
- 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 2013 versus 2012
despite the Bank's increased staffing and the general upward trend
for such costs. The Bank took further initiative in this
regard effective January 1, 2014 in restructuring its employer paid
group term life insurance program.
- During the second quarter of 2013, the Bank deregistered its
common shares under the Securities Exchange Act of 1934, as
amended. This has led to savings in external expenses for
legal and accounting services, while also freeing internal
resources for other projects in support of the Bank's strategic
plan.
Salaries and benefits costs totaled $1.3 million during both the
fourth quarter of 2012 and the fourth quarter of 2013. The
Bank anticipates a rise in aggregate salary and benefits costs
during the first quarter of 2014 in conjunction with periodic
salary increases and the hire of two to three additional positions
in support of further growth. The Bank has restructured its
compensation program for officers to incorporate a greater
percentage of restricted share awards in order to more closely
align employee interests with those of shareholders and to support
the Bank's regulatory capital formation.
Occupancy expenses increased slightly from $195 thousand during
the fourth quarter of 2012 to $198 thousand during the fourth
quarter of 2013. Occupancy expenses during the third quarter
of 2013 (the immediately preceding quarter) were $191
thousand. Occupancy expenses rose from $725 thousand during
2012 to $768 thousand during 2013 primarily due to the incremental
costs associated with the new location for the Monterey branch
office, which opened in March 2012. In response to an
expanding client base, the Bank also enlarged its King City branch
office in March 2013, resulting in a monthly rent increase of $2
thousand.
Furniture and equipment expense increased slightly from $74
thousand during the fourth quarter of 2012 to $77 thousand during
the fourth quarter of 2013. Furniture and equipment expense
during the third quarter of 2013 (the immediately preceding
quarter) was $71 thousand. Furniture and equipment expense during
2013 totaled $273 thousand, down from $306 thousand during 2012
primarily due to lower levels of depreciation
expense. Furniture and equipment expense is projected to
increase in future periods in conjunction with the planned
technology upgrades by the Bank over the forthcoming six
months. These technology upgrades include new laptops and
workstations, as the Bank completes the replacement of Windows XP
devices in light of the upcoming suspension of vendor support for
that operating system.
Other non-interest expense during the fourth quarter of 2013
totaled $607 thousand, down from $689 thousand during the fourth
quarter of 2012 and $657 thousand during the third quarter of 2013
(the immediately preceding quarter). Other non-interest
expense during 2013 decreased slightly from the total for
2012. Areas of higher costs for the Bank during 2013
included:
- software and technology, which have been trending upward in
conjunction with an increased client base with more accounts and
more transactions, and with the implementation of new
technologies;
- FDIC insurance and state banking assessments deriving from the
larger size of the Bank; and
- provision for unfunded liabilities, stemming from the greater
volume of credit commitments maintained by the Bank.
The above sources of increases in operating costs were largely
offset during 2013 with expense reductions in the following
areas:
- director related costs;
- professional fees (largely resulting from the deregistration of
the Bank's common stock from SEC reporting);
- more efficient management of check printing and other deposit
account supplies; and
- more effective utilization of a lower amount of marketing and
advertising related expenditures.
The Bank's efficiency ratio (operating costs compared to income
from operations), excluding the BOLI benefits received during the
fourth quarter of 2012, improved from 72.23% during the fourth
quarter of 2012 to 68.16% during the fourth quarter of 2013; and
from 72.75% during 2012 to 70.82% during 2013. This
improvement in the Bank's efficiency ratio would have been even
more pronounced if the Bank had not: (i) experienced a narrower net
interest margin; and (ii) incurred $120 thousand in severance costs
during the third quarter of 2013 and $20 thousand in recruiting
costs during the fourth quarter of 2013. The progress in the
Bank's efficiency ratio reflects the 17.5% rise in total assets
during 2013 without adding additional branch office
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 office staff. The Bank offers both qualified businesses
and consumers check deposit processing via scanner, with check
deposit via smartphone planned for introduction in coming
months.
Dr. Daniel Hightower, the Bank's Vice Chairman of the Board and
the Chairman of the Bank's Information Technology Steering
Committee, commented: "We are excited about the technology
enhancements scheduled at the Bank over the forthcoming several
months. We expect this new hardware and software to facilitate
even better client service while improving employee productivity
and job satisfaction. In conformity with our strategic plan,
we aim to utilize technology as a competitive advantage and as a
means of improving the Bank's efficiency ratio over time. Next
up are planned enhancements to the Bank's teller and new accounts
platforms combined with much faster network speeds."
The Bank's effective book tax rate increased from 39.2% during
2012 to 41.0% during 2013 primarily due to the effect of the
tax-free BOLI benefits received during the fourth quarter of 2012,
which was partially offset by the establishment of a tax reserve
associated with deductions under the State of California Enterprise
Zone program. The Bank purchased its first tax qualified
municipal bonds during 2013.
About 1st Capital Bank
The Bank's primary target markets are commercial enterprises,
professionals, real estate investors, family business entities, and
residents along the Central Coast Region of California. 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 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.
--- financial data
follows ---
|
|
|
|
1ST CAPITAL BANK |
|
CONDENSED FINANCIAL DATA |
|
(Unaudited) |
|
(Dollars in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Condition Data1 |
|
December 31, 2013 |
|
|
September 30, 2013 |
|
|
June 30, 2013 |
|
|
December 31, 2012 |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
1,734 |
|
|
$ |
1,688 |
|
|
$ |
1,561 |
|
|
$ |
2,872 |
|
|
Funds held at the Federal Reserve Bank2 |
|
|
15,548 |
|
|
|
18,521 |
|
|
|
20,873 |
|
|
|
26,721 |
|
|
Time deposits at other financial institutions |
|
|
4,582 |
|
|
|
4,582 |
|
|
|
8,823 |
|
|
|
9,321 |
|
|
Available-for-sale securities, at fair value |
|
|
103,961 |
|
|
|
86,623 |
|
|
|
79,673 |
|
|
|
41,762 |
|
|
Loans receivable held for investment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction / land (including farmland) |
|
|
15,555 |
|
|
|
15,175 |
|
|
|
22,149 |
|
|
|
18,207 |
|
|
|
Residential 1 to 4 units |
|
|
44,322 |
|
|
|
32,300 |
|
|
|
32,922 |
|
|
|
22,711 |
|
|
|
Home equity lines of credit |
|
|
9,092 |
|
|
|
10,506 |
|
|
|
10,033 |
|
|
|
12,243 |
|
|
|
Multifamily |
|
|
5,963 |
|
|
|
5,127 |
|
|
|
5,011 |
|
|
|
2,397 |
|
|
|
Owner occupied commercial real estate |
|
|
49,747 |
|
|
|
49,712 |
|
|
|
49,780 |
|
|
|
47,917 |
|
|
|
Investor commercial real estate |
|
|
67,019 |
|
|
|
65,223 |
|
|
|
64,272 |
|
|
|
65,733 |
|
|
|
Commercial and industrial |
|
|
56,564 |
|
|
|
65,989 |
|
|
|
62,902 |
|
|
|
71,848 |
|
|
|
Other loans |
|
|
7,268 |
|
|
|
6,842 |
|
|
|
6,053 |
|
|
|
2,197 |
|
|
|
|
Total
loans |
|
|
255,530 |
|
|
|
250,874 |
|
|
|
253,122 |
|
|
|
243,253 |
|
|
|
Allowance for loan losses |
|
|
(4,691 |
) |
|
|
(4,686 |
) |
|
|
(4,593 |
) |
|
|
(4,314 |
) |
|
Net loans |
|
|
250,839 |
|
|
|
246,188 |
|
|
|
248,529 |
|
|
|
238,939 |
|
|
Premises and equipment, net |
|
|
1,484 |
|
|
|
1,387 |
|
|
|
1,386 |
|
|
|
1,282 |
|
|
Bank owned life insurance |
|
|
3,648 |
|
|
|
3,626 |
|
|
|
3,603 |
|
|
|
3,555 |
|
|
Investment in FHLB3 stock, at cost |
|
|
1,494 |
|
|
|
1,494 |
|
|
|
1,494 |
|
|
|
1,026 |
|
|
Accrued interest receivable and other assets |
|
|
3,774 |
|
|
|
3,987 |
|
|
|
3,586 |
|
|
|
3,871 |
|
Total assets |
|
$ |
387,064 |
|
|
$ |
368,096 |
|
|
$ |
369,528 |
|
|
$ |
329,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest bearing demand deposits |
|
$ |
144,173 |
|
|
$ |
127,132 |
|
|
$ |
129,840 |
|
|
$ |
123,403 |
|
|
|
Interest bearing checking accounts |
|
|
20,268 |
|
|
|
18,167 |
|
|
|
18,611 |
|
|
|
15,701 |
|
|
|
Money market |
|
|
81,266 |
|
|
|
78,221 |
|
|
|
85,224 |
|
|
|
61,872 |
|
|
|
Savings |
|
|
75,685 |
|
|
|
72,991 |
|
|
|
71,690 |
|
|
|
62,364 |
|
|
|
Time |
|
|
26,983 |
|
|
|
27,423 |
|
|
|
28,307 |
|
|
|
31,314 |
|
|
|
|
Total
deposits |
|
|
348,375 |
|
|
|
323,934 |
|
|
|
333,672 |
|
|
|
294,654 |
|
|
Borrowings |
|
|
-- |
|
|
|
7,000 |
|
|
|
-- |
|
|
|
-- |
|
|
Accrued interest payable and other liabilities |
|
|
947 |
|
|
|
988 |
|
|
|
777 |
|
|
|
694 |
|
|
Shareholders' equity |
|
|
37,742 |
|
|
|
36,174 |
|
|
|
35,079 |
|
|
|
34,001 |
|
Total liabilities and shareholders' equity |
|
$ |
387,064 |
|
|
$ |
368,096 |
|
|
$ |
369,528 |
|
|
$ |
329,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding4 |
|
|
3,497,190 |
|
|
|
3,377,672 |
|
|
|
3,306,861 |
|
|
|
3,310,503 |
|
Nominal and tangible book value per share |
|
$ |
10.79 |
|
|
$ |
10.71 |
|
|
$ |
10.61 |
|
|
$ |
10.27 |
|
Ratio of net loans to total deposits |
|
|
72.00 |
% |
|
|
76.00 |
% |
|
|
74.48 |
% |
|
|
81.09 |
% |
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 = Includes cash letters in the process of collection settled
through the Federal Reserve Bank.
3 = Federal Home Loan Bank
4 = 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
(and prospectively) 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 share and per share
data) |
|
|
|
|
|
|
|
|
|
3 Months Ended |
Operating
Results Data1 |
|
December 31, 2013 |
|
September 30, 2013 |
|
December 31, 2012 |
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
3,078 |
|
$ |
3,137 |
|
$ |
3,110 |
|
Investment securities |
|
|
188 |
|
|
151 |
|
|
101 |
|
Federal Home Loan Bank stock |
|
|
25 |
|
|
21 |
|
|
8 |
|
Other |
|
|
20 |
|
|
27 |
|
|
46 |
|
|
Total
interest and dividend income |
|
|
3,311 |
|
|
3,336 |
|
|
3,265 |
Interest expense |
|
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts |
|
|
6 |
|
|
6 |
|
|
7 |
|
Money market deposits |
|
|
53 |
|
|
68 |
|
|
67 |
|
Savings deposits |
|
|
58 |
|
|
57 |
|
|
74 |
|
Time deposits |
|
|
17 |
|
|
17 |
|
|
35 |
|
Borrowings |
|
|
-- |
|
|
1 |
|
|
-- |
|
|
Total
interest expense |
|
|
134 |
|
|
149 |
|
|
183 |
Net interest income |
|
|
3,177 |
|
|
3,187 |
|
|
3,082 |
Provision for loan losses |
|
|
-- |
|
|
89 |
|
|
432 |
Net interest income after provision for loan
losses |
|
|
3,177 |
|
|
3,098 |
|
|
2,650 |
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
Service charges on deposits |
|
|
30 |
|
|
31 |
|
|
22 |
|
BOLI benefits |
|
|
-- |
|
|
-- |
|
|
699 |
|
BOLI dividend income |
|
|
22 |
|
|
23 |
|
|
30 |
|
Gain on sale of loans |
|
|
-- |
|
|
21 |
|
|
-- |
|
Other |
|
|
15 |
|
|
25 |
|
|
28 |
|
|
Total
noninterest income |
|
|
67 |
|
|
100 |
|
|
779 |
|
|
|
|
|
|
|
|
|
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
Salaries and benefits |
|
|
1,329 |
|
|
1,516 |
|
|
1,326 |
|
Occupancy |
|
|
198 |
|
|
191 |
|
|
195 |
|
Furniture and equipment |
|
|
77 |
|
|
71 |
|
|
74 |
|
Other |
|
|
607 |
|
|
657 |
|
|
689 |
|
|
Total
noninterest expenses |
|
|
2,211 |
|
|
2,435 |
|
|
2,284 |
Income before provision for income taxes |
|
|
1,033 |
|
|
763 |
|
|
1,145 |
Provision for income taxes |
|
|
421 |
|
|
306 |
|
|
397 |
Net income |
|
$ |
612 |
|
$ |
457 |
|
$ |
748 |
|
|
|
|
|
|
|
|
|
|
Common Share
Data |
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.18 |
|
$ |
0.14 |
|
$ |
0.23 |
|
|
Diluted |
|
$ |
0.18 |
|
$ |
0.13 |
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
3,411,109 |
|
|
3,348,041 |
|
|
3,228,689 |
|
|
Diluted |
|
|
3,474,389 |
|
|
3,420,215 |
|
|
3,295,371 |
1 = Certain reclassifications have been made to prior period
financial statements to conform them to the current period
presentation.
|
|
1ST CAPITAL BANK |
CONDENSED FINANCIAL DATA |
(Unaudited) |
(Dollars in thousands, except share and per share
data) |
|
|
|
12 Months Ended |
Operating
Results Data1 |
|
December 31, 2013 |
|
December 31, 2012 |
Interest and dividend income |
|
|
|
|
|
|
|
Loans |
|
$ |
12,296 |
|
$ |
12,008 |
|
Investment securities |
|
|
612 |
|
|
413 |
|
Federal Home Loan Bank stock |
|
|
68 |
|
|
10 |
|
Other |
|
|
114 |
|
|
181 |
|
|
Total
interest and dividend income |
|
|
13,090 |
|
|
12,612 |
Interest expense |
|
|
|
|
|
|
|
Interest bearing checking accounts |
|
|
26 |
|
|
27 |
|
Money market deposits |
|
|
257 |
|
|
344 |
|
Savings deposits |
|
|
230 |
|
|
282 |
|
Time deposits |
|
|
83 |
|
|
171 |
|
Borrowings |
|
|
1 |
|
|
-- |
|
|
Total
interest expense |
|
|
597 |
|
|
824 |
Net interest income |
|
|
12,493 |
|
|
11,788 |
Provision for loan losses |
|
|
868 |
|
|
994 |
Net interest income after provision for loan
losses |
|
|
11,625 |
|
|
10,794 |
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
Service charges on deposits |
|
|
112 |
|
|
85 |
|
BOLI benefits |
|
|
-- |
|
|
699 |
|
BOLI dividend income |
|
|
93 |
|
|
37 |
|
Gain on sale of loans |
|
|
21 |
|
|
-- |
|
Other |
|
|
81 |
|
|
78 |
|
|
Total
noninterest income |
|
|
307 |
|
|
899 |
|
|
|
|
|
|
|
Noninterest expenses |
|
|
|
|
|
|
|
Salaries and benefits |
|
|
5,522 |
|
|
5,160 |
|
Occupancy |
|
|
768 |
|
|
725 |
|
Furniture and equipment |
|
|
273 |
|
|
306 |
|
Other |
|
|
2,502 |
|
|
2,530 |
|
|
Total
noninterest expenses |
|
|
9,065 |
|
|
8,721 |
Income before provision for income taxes |
|
|
2,867 |
|
|
2,972 |
Provision for income taxes |
|
|
1,175 |
|
|
1,166 |
Net income |
|
$ |
1,692 |
|
$ |
1,806 |
|
|
|
|
|
|
|
Common Share
Data |
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.51 |
|
$ |
0.56 |
|
|
Diluted |
|
$ |
0.50 |
|
$ |
0.54 |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
3,319,990 |
|
|
3,224,782 |
|
|
Diluted |
|
|
3,395,126 |
|
|
3,319,925 |
1 = Certain reclassifications have been made to prior period
financial statements to conform them to the current period
presentation.
|
|
|
|
1ST CAPITAL BANK |
|
CONDENSED FINANCIAL DATA |
|
(Unaudited) |
|
(Dollars in thousands) |
|
|
|
Asset
Quality |
|
December 31, 2013 |
|
|
September 30, 2013 |
|
|
June 30, 2013 |
|
|
December 31, 2012 |
|
|
Loans
past due 90 days or more and accruing interest |
|
$ |
-- |
|
|
$ |
-- |
|
|
$ |
-- |
|
|
$ |
-- |
|
|
Nonaccrual restructured loans |
|
|
230 |
|
|
|
230 |
|
|
|
233 |
|
|
|
238 |
|
|
Other
nonaccrual loans |
|
|
604 |
|
|
|
628 |
|
|
|
654 |
|
|
|
1,203 |
|
|
Other
real estate owned |
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
-- |
|
|
|
$ |
834 |
|
|
$ |
858 |
|
|
$ |
887 |
|
|
$ |
1,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans |
|
|
1.84 |
% |
|
|
1.87 |
% |
|
|
1.81 |
% |
|
|
1.77 |
% |
|
Allowance for loan losses to nonperforming loans |
|
|
562.47 |
% |
|
|
546.15 |
% |
|
|
517.81 |
% |
|
|
299.38 |
% |
|
Nonaccrual loans to total loans |
|
|
0.33 |
% |
|
|
0.34 |
% |
|
|
0.35 |
% |
|
|
0.59 |
% |
|
Nonperforming assets to total assets |
|
|
0.22 |
% |
|
|
0.23 |
% |
|
|
0.24 |
% |
|
|
0.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory
Capital and Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier
1 regulatory capital |
|
$ |
37,783 |
|
|
$ |
36,152 |
|
|
$ |
34,918 |
|
|
$ |
33,600 |
|
|
Total
regulatory capital |
|
$ |
41,087 |
|
|
$ |
39,450 |
|
|
$ |
38,141 |
|
|
$ |
36,646 |
|
|
Tier
1 leverage ratio |
|
|
10.04 |
% |
|
|
9.88 |
% |
|
|
9.79 |
% |
|
|
10.67 |
% |
|
Tier
1 risk based capital ratio |
|
|
14.38 |
% |
|
|
13.78 |
% |
|
|
13.64 |
% |
|
|
13.87 |
% |
|
Total
risk based capital ratio |
|
|
15.63 |
% |
|
|
15.04 |
% |
|
|
14.90 |
% |
|
|
15.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended |
|
Selected
Financial Ratios1 |
|
December 31, 2013 |
|
|
September 30, 2013 |
|
|
December 31, 2012 |
|
|
Return on average total assets |
|
0.65 |
% |
|
0.50 |
% |
|
0.94 |
% |
|
Return on average shareholders' equity |
|
6.57 |
% |
|
5.06 |
% |
|
8.84 |
% |
|
Net
interest margin |
|
3.40 |
% |
|
3.51 |
% |
|
3.97 |
% |
|
Net
interest income to average total assets |
|
3.35 |
% |
|
3.45 |
% |
|
3.89 |
% |
|
Efficiency ratio |
|
68.16 |
% |
|
74.08 |
% |
|
59.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Months Ended |
|
Selected
Financial Ratios1 |
|
December 31, 2013 |
|
|
December 31, 2012 |
|
|
Return on average total assets |
|
0.47 |
% |
|
0.60 |
% |
|
Return on average shareholders' equity |
|
4.77 |
% |
|
5.50 |
% |
|
Net
interest margin |
|
3.55 |
% |
|
4.00 |
% |
|
Net
interest income to average total assets |
|
3.48 |
% |
|
3.94 |
% |
|
Efficiency ratio |
|
70.82 |
% |
|
68.74 |
% |
1 = All Selected Financial Ratios are annualized other than the
Efficiency ratio.
|
|
1ST CAPITAL BANK |
CONDENSED FINANCIAL DATA |
(Unaudited) |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
3 Months Ended |
Selected
Average Balances1 |
|
December 31, 2013 |
|
September 30, 2013 |
|
December 31, 2012 |
|
Gross loans |
|
$ |
251,916 |
|
$ |
253,739 |
|
$ |
235,680 |
|
Investment securities |
|
|
90,490 |
|
|
79,497 |
|
|
22,081 |
|
Federal Home Loan Bank stock |
|
|
1,494 |
|
|
1,494 |
|
|
1,027 |
|
Other interest earning assets |
|
|
26,283 |
|
|
25,205 |
|
|
49,953 |
|
|
Total
interest earning assets |
|
$ |
370,183 |
|
$ |
359,935 |
|
$ |
308,741 |
|
Total assets |
|
$ |
376,265 |
|
$ |
366,011 |
|
$ |
315,501 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts |
|
$ |
18,924 |
|
$ |
17,326 |
|
$ |
13,545 |
|
Money market |
|
|
81,571 |
|
|
83,730 |
|
|
61,159 |
|
Savings |
|
|
74,422 |
|
|
72,088 |
|
|
62,486 |
|
Time deposits |
|
|
27,151 |
|
|
27,664 |
|
|
32,872 |
|
|
Total
interest bearing deposits |
|
$ |
202,068 |
|
$ |
200,808 |
|
$ |
170,062 |
|
Noninterest bearing demand deposits |
|
|
134,626 |
|
|
127,941 |
|
|
111,670 |
|
|
Total
deposits |
|
$ |
336,694 |
|
$ |
328,749 |
|
$ |
281,732 |
|
Borrowings |
|
|
1,517 |
|
|
576 |
|
|
-- |
|
Shareholders' equity |
|
$ |
36,950 |
|
$ |
35,858 |
|
$ |
33,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Months Ended |
Selected
Average Balances1 |
|
December 31, 2013 |
|
December 31, 2012 |
|
Gross loans |
|
$ |
248,372 |
|
$ |
220,552 |
|
Investment securities |
|
|
73,015 |
|
|
18,376 |
|
Federal Home Loan Bank stock |
|
|
1,347 |
|
|
992 |
|
Other interest earning assets |
|
|
29,428 |
|
|
54,817 |
|
|
Total
interest earning assets |
|
$ |
352,162 |
|
$ |
294,737 |
|
Total assets |
|
$ |
358,546 |
|
$ |
299,207 |
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts |
|
$ |
17,308 |
|
$ |
12,654 |
|
Money market |
|
|
78,768 |
|
|
63,092 |
|
Savings |
|
|
70,316 |
|
|
51,902 |
|
Time deposits |
|
|
28,187 |
|
|
36,700 |
|
|
Total
interest bearing deposits |
|
$ |
194,579 |
|
$ |
164,348 |
|
Noninterest bearing demand deposits |
|
|
126,984 |
|
|
101,701 |
|
|
Total
deposits |
|
$ |
321,563 |
|
$ |
266,049 |
|
Borrowings |
|
|
555 |
|
|
-- |
|
Shareholders' equity |
|
$ |
35,492 |
|
$ |
32,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 = Certain reclassifications have been made to prior period
financial statements to conform them to the current period
presentation.
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
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