1st Capital Bank (OTCBB:FISB), one of the most
successful de novo banks in the United States, we believe,
continued to demonstrate its ability to deliver consistent
financial results of profitable earnings during the first quarter
of 2011. The Bank reported net income of $596,000 for the first
quarter ended March 31, 2011 compared to $16,000 for the same
period last year (a $580,000 increase). The Bank's earnings were
all "core earnings," with no one-time adjustments and/or reliance
upon changeable noninterest income sources.
Key Performance Factors of First Quarter 2011 Results:
- Exceptional credit quality
- Continued strong loan growth and loan performance
- Core deposits growth of $25 million compared to the first
quarter of 2010
- Well capitalized, with a total risk based capital ratio of
17.5%
- Net income of $596,000
Total assets grew to $222 million as of March 31, 2011 compared
to $196 million for the same quarter a year ago. The balance of
total assets decreased by $5 million compared to $227 million at
December 31, 2010 due to the seasonal nature of customer
businesses. Total gross loans, which comprise the majority of the
Bank's assets, grew to $183 million at March 31, 2011, a 29% growth
over the same quarter a year ago and 3% growth over year-end. Total
deposits grew to $192 million, which was an increase of $25 million
compared to the same quarter a year ago. 1st Capital Bank continued
to grow its valuable mix of "core" deposits, as demand and savings
accounts were 75% of total accounts as of March 31, 2011.
"I'm extremely proud of our continued efforts to grow 1st
Capital Bank in a sound and profitable manner, as reflected at
March 31, 2011 in the Bank's financial results and 'well
capitalized' condition," stated President and Chief Executive
Officer, Fred Rowden. "From day one, it has always been our
commitment to shareholders, employees, and clients to create a
financially sound bank which is responsive to the financial needs
of our community," said Mr. Rowden. As of March 31, 2011, the
Bank's Total Risk Based Capital Ratio of 17.5% was over twice the
regulatory minimum.
1st Capital Bank has been recognized for its outstanding
financial performance by receiving a five-star
"Superior" rating from BauerFinancial, Inc in
2010; the only bank headquartered in Monterey, Santa Cruz and San
Benito counties to receive such a rating. 1st Capital Bank also
received a rating of "Premier Performing Bank" by
the Findley Company in 2011.
The Bank's asset quality remained strong, with a ratio of
nonperforming loans to total loans of just 0.28% as of March 31,
2011. "We monitor and assess our credit quality on a daily basis.
This due diligence analysis of our credit quality, and the
character and financial strength of our borrowers, allows us to
grow the Bank in a prudent and conservative manner," said Mr.
Rowden.
The Bank's Financial Summary for the quarter ended March 31,
2011 is described below. For more information regarding the Bank's
growth and performance, please visit our website at
www.1stcapitalbank.com, or call 831.264.4000.
About 1st Capital Bank
1st Capital Bank is focused on providing lending, deposit and
highly efficient cash management services such as remote deposit
and online banking for small to medium size businesses and their
owners, along with specialized banking services for the medical and
dental industry. The Bank is a full service financial institution
with branches located in Monterey, Salinas and King City. The
Bank's corporate offices are located at 5 Harris Court, Building N,
Suite 3, Monterey, California 93940. Please visit our website at
www.1stcapitalbank.com for more information.
Financial Summary
Net income of $596,000 for the quarter ended March 31, 2011
increased $580,000 over net income of $16,000 for the same quarter
in the previous year, and increased $154,000 over the net income
for the trailing quarter ended December 31, 2010. Diluted earnings
per share for the three months ended March 31, 2011 increased to
$0.19 compared to $0.01 for the same quarter in 2010.
Total assets of $221,977,000 as of March 31, 2011 increased
$26,466,000 (14%) from March 31, 2010 and decreased $4,857,000 from
December 31, 2010. Loans grew $40,990,000 or 29% from March 31,
2010 to a total of $183,129,000 outstanding as of March 31, 2011,
with $6,142,000 of that growth occurring in the three-month period
from December 31, 2010 to March 31, 2011. Loan growth was funded
largely by deposits, which grew $24,775,000 or 15% from March 31,
2010 to a total of $192,057,000 as of March 31, 2011, and decreased
by $5,220,000 or 3% from the balance outstanding as of December 31,
2010 as seasonal deposits decreased. The remainder of loan growth
was funded by a decrease in Fed Funds sold as the Bank deployed a
portion of its excess liquidity into loans.
Net interest income after the provision for loan losses for the
quarter ended March 31, 2011 was $2,186,000, an increase of
$632,000 (41%) over the quarter ended March 31, 2010 and an
increase of $24,000 or 1% over the trailing quarter ended December
31, 2010.
Interest income for the quarter ended March 31, 2011 was
$2,652,000, an increase of $654,000 (33%) over the quarter ended
March 31, 2010 and $63,000 or 2% over the trailing quarter ended
December 31, 2010. Average earning assets for the quarter ended
March 31, 2011 were $211,353,000, an increase of $28,301,000 (15%)
compared to $183,052,000 for the quarter ended March 31, 2010, and
increased $14,417,000 or 7% compared to $196,936,000 for the
trailing quarter ended December 31, 2010.
Interest expense for the quarter ended March 31, 2011 was
$253,000, a decrease of $98,000 (28%) from the quarter ended March
31, 2010 and an increase of $2,000 (1%) from the trailing quarter
ended December 31, 2010. Average interest bearing liabilities for
the quarter ended March 31, 2011 were $135,039,000, an increase of
$16,706,000 (14%) compared to $118,333,000 for the quarter ended
March 31, 2010 and an increase of $12,019,000 (10%) compared to
$123,020,000 for the trailing quarter ended December 31, 2010.
While average balances of interest-bearing deposit liabilities as
of March 31, 2011 increased compared to March 31, 2010, interest
expense decreased due to the repricing of the interest-bearing
deposits, reflecting the lower interest rate environment.
These changes in the composition and pricing of 1st Capital
Bank's earning assets and deposit liabilities resulted in a net
interest margin for the quarter ended March 31, 2011 of 4.6%
compared to 3.6% for the quarter ended March 31, 2010. The net
interest margin decreased slightly from the 4.7% recorded for the
trailing quarter ended December 31, 2010 due to a change in the mix
of deposits as seasonal non-interest bearing demand deposits
decreased in the first quarter of 2011.
1st Capital Bank recorded a provision for loan losses of
$213,000 during the quarter ended March 31, 2011 compared to
$93,000 in the quarter ended March 31, 2010 and $176,000 in the
trailing quarter ended December 31, 2010. The ratio of the
allowance for loan losses to total loans outstanding was 1.61% at
March 31, 2011 compared to 1.53% and 1.54% at March 31, 2010 and
December 31, 2010, respectively. The Bank's asset quality remained
very strong, with a ratio of impaired and nonperforming loans to
total loans of just 0.28% as of March 31, 2011. At March 31, 2010
and December 31, 2010, there were no impaired or nonperforming
loans. The Bank has never had any real estate acquired through
foreclosure.
Noninterest income increased $4,000 (17%) to $27,000 for the
quarter ended March 31, 2011 compared to the quarter ended March
31, 2010 and decreased $4,000 (13%) compared to the trailing
quarter ended December 31, 2010, largely due to changes in the
outstanding balances of non-interest bearing deposits.
Noninterest expenses increased by $57,000 (4%) to $1,617,000 for
the quarter ended March 31, 2011 compared to the quarter ended
March 31, 2010 and increased $12,000 (1%) compared to the trailing
quarter ended December 31, 2010. The majority of this increase was
due to the overall growth of the Bank including the addition of
several new employees during the prior year.
Forward-Looking Statements
In addition to the historical information contained herein, this
press release may contain certain "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. The reader of this press
release should understand that 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 any
obligation to publicly update or revise any of these
forward-looking statements, whether to reflect new information,
future events or otherwise, except as required by law.
| |
| 1ST CAPITAL BANK |
| CONSOLIDATED CONDENSED
FINANCIAL DATA |
| (Unaudited) |
| (Dollars in thousands, except
share and per share data) |
| |
|
|
| |
3 Months Ended March 31, |
| Statement of Income
Data |
2011 |
2010 |
| Interest income |
|
|
| Loans (including fees) |
$2,527 |
$1,841 |
| Investment securities |
106 |
116 |
| Other |
19 |
41 |
| Total interest income |
2,652 |
1,998 |
| Interest expense |
|
|
| Interest on deposits |
253 |
351 |
| Other |
-- |
-- |
| Total interest expense |
253 |
351 |
| Net interest income |
2,399 |
1,647 |
| Provision for loan losses |
213 |
93 |
| Net interest income after provision for loan
losses |
2,186 |
1,554 |
| |
|
|
| Noninterest income |
|
|
| Service charges on deposits |
13 |
9 |
| Other |
14 |
14 |
| Total noninterest income |
27 |
23 |
| |
|
|
| Noninterest expenses |
|
|
| Salaries and benefits |
909 |
854 |
| Occupancy |
138 |
140 |
| Furniture and equipment |
77 |
67 |
| Other |
493 |
499 |
| Total noninterest expenses |
1,617 |
1,560 |
| Income before provision for income taxes |
596 |
17 |
| Provision for income taxes |
-- |
1 |
| Net income |
$596 |
$16 |
| |
|
|
| Common Share Data |
|
|
| Earnings per share |
|
|
| Basic |
$0.19 |
$0.01 |
| Diluted |
$0.19 |
$0.01 |
| |
|
|
| Weighted average shares outstanding |
3,157,699 |
3,157,699 |
| Weighted average shares outstanding -
diluted |
3,159,662 |
3,157,699 |
| Book value per share |
$9.21 |
$8.69 |
| Tangible book value |
$9.21 |
$8.69 |
| Shares outstanding |
3,157,699 |
3,157,699 |
| |
| |
| |
| 1ST CAPITAL BANK |
| CONSOLIDATED CONDENSED
FINANCIAL DATA |
| (Unaudited) |
| (Dollars in thousands) |
| |
|
|
| |
March |
December |
| Balance Sheet Data |
2011 |
2010 |
| Assets |
|
|
| Cash and due from banks |
$6,506 |
$6,672 |
| Federal funds sold and overnight
deposits |
15,917 |
25,530 |
| Available-for-sale securities, at fair
value, and interest bearing deposits |
16,750 |
17,591 |
| Loans: |
|
|
| Commercial |
77,193 |
74,311 |
| Real estate-construction |
2,684 |
2,678 |
| Real estate-other |
100,841 |
97,581 |
| Consumer |
1,996 |
1,991 |
| Deferred loan fees, net |
415 |
426 |
| Total loans |
183,129 |
176,987 |
| Allowance for loan losses |
(2,936) |
(2,723) |
| Net loans |
180,193 |
174,264 |
| Premises and equipment, net |
687 |
745 |
| Accrued interest receivable and other
assets |
1,924 |
2,032 |
| Total assets |
$221,977 |
$226,834 |
| |
|
|
| Liabilities and Shareholders' Equity |
|
|
| Deposits: |
|
|
| Demand, noninterest bearing |
$48,997 |
$71,654 |
| Demand, interest bearing |
62,587 |
46,410 |
| Savings |
32,744 |
26,807 |
| Time |
47,729 |
52,406 |
| Total deposits |
192,057 |
197,277 |
| Accrued interest payable and other
liabilities |
823 |
1,083 |
| Shareholders' equity |
29,097 |
28,474 |
| Total liabilities and shareholders'
equity |
$221,977 |
$226,834 |
| |
|
|
| Asset Quality |
|
|
| Loans past due 90 days or more and
accruing interest |
$ -- |
$ -- |
| Nonaccrual loans |
515 |
-- |
| Restructured loans |
-- |
-- |
| Other real estate owned |
-- |
-- |
| Total nonperforming assets |
$515 |
$ -- |
| |
|
|
| Allowance for loan losses to total
loans |
1.61% |
1.54% |
| Allowance for loan losses to NPL's |
570.00% |
n/a |
| Allowance for loan losses to NPA's |
570.00% |
n/a |
| |
|
|
| Regulatory Capital and
Ratios |
|
|
| Tier 1 capital |
$28,849 |
$28,210 |
| Total risk based capital |
$31,075 |
$30,411 |
| Tier 1 capital ratio |
16.3% |
16.1% |
| Total risk based capital ratio |
17.5% |
17.3% |
| Tier 1 leverage ratio |
13.3% |
13.9% |
| |
| |
| |
| 1ST CAPITAL BANK |
| CONSOLIDATED CONDENSED
FINANCIAL DATA |
| (Unaudited) |
| (Dollars in thousands) |
| |
|
|
| |
3 Months Ended March 31, |
|
| Selected Financial
Ratios |
2011 |
2010 |
| Return on average total assets |
1.11% |
1.28% |
| Return on average shareholders'
equity |
8.39% |
8.82% |
| Net interest margin (tax equivalent
basis) |
4.60% |
3.65% |
| Efficiency ratio (tax equivalent
basis) |
66.65% |
93.41% |
| |
|
|
| |
|
|
| Selected Average
Balances |
|
|
| Loans |
$181,415 |
$135,208 |
| Taxable investments |
14,191 |
11,485 |
| Federal funds sold and CDs |
15,747 |
36,359 |
| Total earning assets |
$211,353 |
$183,052 |
| Total assets |
$217,950 |
$189,262 |
| |
|
|
| Demand deposits - interest bearing |
$56,807 |
$48,435 |
| Savings |
29,247 |
26,385 |
| Time deposits |
48,985 |
43,513 |
| Total interest bearing liabilities |
$135,039 |
$118,333 |
| Demand deposits - noninterest
bearing |
$53,081 |
$42,657 |
| Shareholders' equity |
$28,808 |
$27,419 |
CONTACT: Jayme Fields, CFO
(831) 264-4011
1st Capital Bancorp (QX) (USOTC:FISB)
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