1st Capital Bank (OTCQB: FISB) (the "Bank") today announced
fourth quarter and year to date financial results through December
31, 2012. The Bank concluded 2012 with record levels of loans,
assets, deposits, and shareholders' equity. Income before provision
for income taxes also attained a record level during the full year
of 2012, increasing 32.5% from the full year of 2011.
Net income during the fourth quarter of 2012 was $748 thousand,
equivalent to $0.23 diluted earnings per share. This compared
favorably to net income of $257 thousand during the fourth quarter
of 2011, equivalent to $0.08 diluted earnings per share. Earnings
for the fourth quarter of 2012 also exceeded those in the
immediately preceding quarter (the third quarter of 2012) of $539
thousand, equivalent to $0.16 diluted earnings per share.
The fourth quarter of 2012 earnings benefited from $699 thousand
in tax-free life insurance benefits, as the Bank had obtained key
man life insurance on its founding President and Chief Executive
Officer, Fred Rowden, who passed suddenly and unexpectedly in
November 2012. The fourth quarter 2012 earnings were restrained,
however, by the Bank's establishing a $294 thousand reserve for
deductions claimed under the State of California Enterprise Zone
program in light of recent positions taken by the Franchise Tax
Board. The establishment of the reserve was reflected in the Bank's
fourth quarter 2012 provision for income taxes.
While income before provision for income taxes of $3.0 million
during the full year of 2012 rose significantly from $2.2 million
during the full year of 2011, net income for the full year of 2012
of $1.8 million, or $0.54 diluted earnings per share, declined from
$3.1 million, or $0.97 diluted earnings per share for the full year
of 2011. This decrease occurred due to the increase in 2011
earnings from the tax benefits related to the reversal of the
valuation allowance against the Bank's net deferred tax assets.
Commenting on the fourth quarter and full year of 2012 financial
performance, Mark Andino, the Bank's Interim President and Chief
Executive Officer, stated: "We are very pleased to announce record
levels of loans, assets, deposits, and shareholders' equity. These
accomplishments resulted from our focus upon providing truly
customized financial solutions that effectively meet the needs of
our clients, enhanced by the Bank's commitment to providing a
concierge level of client service." Mr. Andino then continued: "The
Bank's orientation toward building long term client relationships
also facilitated a strong flow of business during 2012, as we met
more and more of our clients' aggregate financial needs."
Kurt Gollnick, the Bank's Chairman of the Board, stated: "The
Board of Directors approved the purchase of Bank Owned Life
Insurance ("BOLI") on key executives during 2012 as a means of
ensuring that the potential costs of an unexpected transition would
be covered, thereby protecting shareholder value. That investment
proved wise with the untimely passing of President and Chief
Executive Officer Fred Rowden, who successfully led the Bank
through its organization, opening for business, and establishment
as the premier community bank in Monterey County."
Performance Highlights
- Net loans outstanding increased 21.1% during 2012 while the
Bank continued to maintain good credit quality.
- The Bank experienced no net charge-offs during 2012 and did not
have any foreclosed real estate at any time during the year.
- Non-accrual loans totaled $1.4 million at December 31, 2012,
equivalent to 0.59% of loans outstanding.
- Total deposits rose 15.3% during 2012, while transaction
accounts increased from 83.4% of total deposits at December 31,
2011 to 89.4% of total deposits at December 31, 2012.
- The Bank's weighted average cost of deposits was 0.19% at
December 31, 2012.
- The Bank concluded 2012 with a regulatory total risk-based
capital ratio of 15.12%, 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 a record $10.27 as of
December 31, 2012.
Financial Condition Analysis
Funds held at the Federal Reserve Bank of San Francisco
decreased from $60.1 million at December 31, 2011 to $21.0 million
at December 31, 2012. This reduction resulted from the Bank's
decision to invest excess on-balance sheet liquidity into time
deposits with other financial institutions and securities in order
to augment interest income. Therefore, time deposits with other
financial institutions increased from $3.8 million at December 31,
2011 to $9.3 million at December 31, 2012; and securities rose from
$13.7 million at December 31, 2011 to $41.8 million at December 31,
2012.
A majority of the Bank's security portfolio at December 31, 2012
was comprised of AA+ rated mortgage backed securities (fixed and
floating) and floating rate tranches of collateralized mortgage
obligations issued by U.S. Agencies. The interest rates on the
collateralized mortgage obligations float at a margin over 1 month
LIBOR, subject to lifetime caps, rendering these securities highly
interest rate sensitive. The fair value of the Bank's $41.8 million
in securities at December 31, 2012 exceeded its amortized cost
basis by $686 thousand.
The Bank concluded 2012 with a very strong liquidity profile,
consisting of a significant volume of on-balance sheet assets
(including cash & cash equivalents and securities available for
sale) and over $100 million in off-balance sheet borrowing
capacity.
Net loans increased from $197.3 million at December 31, 2011 to
$238.9 million at December 31, 2012. This 21.1% increase
constitutes a strong performance versus industry averages and
reflects a return on the significant investment in staff and
infrastructure the Bank made during the second half of 2011. That
investment included hiring a number of well known, experienced
local bankers and moving the Monterey Branch to a larger and better
located facility.
The Bank commenced 2013 with a stronger loan pipeline than a
year earlier, including a number of potential loans under various
government guaranteed lending programs such as those available
through the U.S. Small Business Administration ("SBA"). The Bank
plans to allocate more of its marketing and promotion budget during
2013 to various government lending programs (including those
through the U.S. Department of Agriculture or "USDA") in order to
be able to offer increased and / or longer term financing to newer
stage businesses than would otherwise be available and in order to
take advantage of the current attractive secondary market prices
for the guaranteed portion of such loans.
Commenting on the Bank's recent lending activity, Geoff Loftus,
the Bank's Chief Credit Officer, stated: "The Bank was able to
achieve meaningful growth in the loan portfolio during both the
fourth quarter of 2012 and for the full year despite the limited
pace of general economic growth, the continued de-leveraging by
certain borrowers with strong cash flows in light of the
historically low yields available on many fixed income investments,
and the seasoning of the portfolio, which resulted in increased
principal amortization." Mr. Loftus then continued: "While we
forecast these factors continuing to provide a headwind during
2013, we are encouraged by the increasing visibility of the Bank in
our local communities and the volume of referrals from existing
clients."
The Bank's allowance for loan losses increased from $3.3
million, or 1.66% of total loans, at December 31, 2011 to $4.3
million, or 1.77% of total loans, at December 31, 2012. Factors
that contributed to the increase in the ratio of allowance for loan
losses to loans outstanding during 2012 included:
- A rise in the percentage and volume of loans categorized as
Special Mention or Substandard from $5.4 million at December 31,
2011 (2.69% of loans) to $9.3 million at December 31, 2012 (3.82%
of loans).
- An increase in specific reserves for impaired loans from $25
thousand at December 31, 2011 to $417 thousand at December 31,
2012. Impaired loans increased from one relationship totaling $240
thousand at December 31, 2011 to five relationships totaling $4.3
million at December 31, 2012.
Just $1.4 million of the $4.3 million in impaired loans at
December 31, 2012 were on non-accrual status and only $0.5 million
of loans on non-accrual status were 30 or more days delinquent at
December 31, 2012. The Bank's ratio of allowance for loan losses to
non-accrual loans was 299.38% at December 31, 2012.
Premises and equipment, net, increased from $0.6 million at
December 31, 2011 to $1.3 million at December 31, 2012. The
majority of this increase was due to investments in furniture and
leasehold improvements as the Bank relocated and expanded its
Monterey Branch to serve its growing customer base in that market.
Total deposits associated with the Monterey Branch have
approximately doubled over the past two years.
During the third quarter of 2012, the Bank purchased $4.5
million in BOLI. That total decreased to $3.6 million at December
31, 2012 due to the effect of the principal repayment associated
with the aforementioned claim more than offsetting the impact of
dividends credited to the cash surrender value of these
policies.
The $41.0 million increase in total assets by the Bank during
2012 to a record $329.3 million better leveraged its capital, with
the ratio of total equity to total assets decreasing from 11.03% at
December 31, 2011 to 10.32% at December 31, 2012. Over time, the
Bank generally seeks to maintain this ratio at between 9.00% and
10.00% in order to present a well-capitalized profile on the one
hand, but also support return on average shareholders' equity on
the other hand.
Non-interest bearing demand deposits increased from $118.4
million at December 31, 2011 and $102.7 million at September 30,
2012 to $123.4 million at December 31, 2012. The Bank has
historically experienced an increase in demand deposits during the
fourth quarter of each year in conjunction with seasonal cash flow
patterns associated with certain clients.
Interest bearing checking accounts increased from $12.2 million
at December 31, 2011 to $17.5 million at December 31, 2012. The
Bank introduced a significantly enhanced online banking platform
during 2012 that has been well received by many of the Bank's
checking account clients, as it offers easy customization, fully
integrated ACH origination, and client-defined activity and balance
alerts via text and / or email.
Money market deposits increased from $44.0 million at December
31, 2011 to $60.1 million at December 31, 2012. Money market
deposits during 2012 benefited from:
- 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 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 increased from $38.6 million at December 31,
2011 to $62.4 million at December 31, 2012 in large part due to the
success of the Bank's Premier Savings product. This account offers
tiered interest rates for liquid funds and has been attractive to
many clients in the current historically low interest rate
environment.
Time deposits decreased from $42.5 million at December 31, 2011
to $31.3 million at December 31, 2012. Factors contributing to this
decline included transfers from some maturing time deposits into
transaction accounts and the Bank's moderating its time deposit
pricing in response to its favorable liquidity position and the
availability of alternative low cost funding.
The ratio of net loans to deposits rose from 77.2% at December
31, 2011 to 81.1% at December 31, 2012. In the current interest
rate environment, the Bank is targeting this ratio at 85% to 90% in
light of the comparatively low yields available on cash equivalents
and high credit quality, low duration securities.
Commenting on the Bank's deposit performance, Marilyn Goode, the
Bank's Chief Administrative Officer, stated: "We are very pleased
to report record total deposits of $294.7 million at December 31,
2012, with a corresponding weighted average cost of funds of just
0.19%." Ms. Goode then continued: "We began 2013 with a strong
momentum in new deposit account openings, supported by our high
caliber cash management services. We plan to implement additional
cash management technology during 2013 in order for the Bank to
remain strongly positioned versus competitor offerings."
Shareholders' equity rose from $31.8 million at December 31,
2011 to $34.0 million at December 31, 2012. This increase was due
to:
- the 2012 net income of $1.8 million;
- $303 thousand in capital generated through the Equity
Compensation Plan; and
- a $78 thousand increase in accumulated other comprehensive
income associated with the unrealized gain on securities classified
as available for sale.
Nominal and tangible book values were $10.27 per share at
December 31, 2012, versus $9.81 per share at December 31, 2011. The
Bank's Board of Directors recently decided that all 2013 director
compensation would be exclusively in the form of restricted share
awards. This will support the Bank's regulatory capital ratios and
capacity for growth; while at the same time emphasizing the
directors' commitment to enhancing shareholder value. Similarly,
the compensation package for the Interim President and Chief
Executive Officer is comprised of a significant percentage of
restricted stock (that vests over time), rather than being
exclusively composed of cash compensation.
Operating Results Analysis
Net interest income before provision for loan losses increased
from $2.7 million and $10.2 million during the three and twelve
months ended December 31, 2011 to $3.1 million and $11.8 million
during the three and twelve months ended December 31, 2012. The
increases in net interest income were primarily generated by a rise
in interest earning assets, as the Bank's net interest margin was
lower during the three and twelve months ended December 31, 2012
than during the comparable periods during the prior year. This
margin compression is a general trend facing the banking industry,
as funding costs have already been reduced to historically low
levels while asset yields continue to fall in conjunction with:
- the Federal Reserve's implementing aggressive monetary policies
(including quantitative easing) in an effort to reduce the
stubbornly high national unemployment rate;
- strong price competition for high quality loans; and
- older, higher yielding securities maturing and amortizing and
being replaced by new, lower yielding securities reflective of
current market interest rates.
The Bank plans to support its net interest income during 2013
via the following strategies:
- continuing to grow the Bank's balance sheet, particularly the
loan portfolio; and
- allocating a greater percentage of excess on-balance sheet
liquidity to securities versus cash equivalents in order to obtain
incremental yield.
The provision for loan losses was $432 thousand during the
fourth quarter of 2012, compared to $196 thousand during the fourth
quarter of 2011 and $98 thousand during the third quarter of 2012
(the immediately preceding quarter). The provision for loan losses
for 2012 totaled $994 thousand, compared to $665 thousand for 2011.
Most of the provision for loan losses during 2012 was associated
with loan portfolio growth, with a lesser amount stemming from
increased reserves for a relatively small number of loans
downgraded to a criticized (i.e. Special Mention) or classified
(i.e. Substandard) credit rating.
Non-interest income increased from $42 thousand and $144
thousand during the three and twelve months ended December 31, 2011
to $786 thousand and $909 thousand during the three and twelve
months ended December 31, 2012. The vast majority of this increase
was due to the death benefit and dividend income received on the
BOLI assets purchased during the third quarter of 2012. In regards
to fee income, Jayme Fields, the Bank's Chief Financial Officer,
stated: "We appreciate the importance of augmenting non-interest
income during a period of historically low interest rates
accompanied by pressure on net interest margins. We are currently
reviewing our operations and fees and charges to identify
opportunities for additional sources of non-interest income, with
the objective of implementing changes during the second quarter of
2013."
Non-interest expense increased from $2.1 million and $7.4
million during the three and twelve months ended December 31, 2011
to $2.3 million and $8.7 million during the three and twelve months
ended December 31, 2012. These increases stemmed from the Bank's
investment in additional personnel and enhanced facilities; and
from various costs that have risen in conjunction with the increase
in the Bank's balance sheet and related higher volume of loan and
deposit accounts. The Bank redesigned its health and welfare
benefits effective January 1, 2013 to both provide good relative
value to its employees and control related expenses. The Bank's
efficiency ratio (operating costs compared to income from
operations) improved to 68.74% for the full year of 2012 from
71.81% for the full year of 2011.
Looking forward in 2013, Kurt J. Gollnick commented: "The Board
of Directors plans to reach a decision regarding naming a permanent
President and Chief Executive Officer sometime in the next several
months. The Bank is fortunate to have a deep and very experienced
executive team that worked tirelessly and effectively to
successfully bring us through the recent change in leadership." Mr.
Gollnick then added: "We believe the Bank is well positioned
heading into the new year, with favorable credit quality, ample
liquidity, and a strong capital base. The Board of Directors is
keenly focused on the importance of leveraging that position and
the planned new investments in technology, products, and delivery
channels to continue building franchise value and to generate a
competitive return for our shareholders."
About 1st Capital Bank
The Bank's target markets are commercial enterprises,
professionals, real estate investors, family business entities, and
residents in Monterey County. The Bank provides a wide range of
credit products, including loans under various government programs
such as those provided through the U.S. Small Business
Administration ("SBA") and the U.S. Department of Agriculture
("USDA"). A full suite of deposits accounts are also furnished,
complemented by robust cash management services. The Bank operates
full services branch offices in Monterey, Salinas, and King City.
The Bank's corporate offices are located at 5 Harris Court,
Building N, Suite 3, Monterey, California 93940. The Bank's website
is www.1stcapitalbank.com and the main telephone number is
831.264.4000.
Member FDIC / Equal Opportunity Lender / SBA Preferred
Lender
Forward-Looking Statements:
Certain of the statements contained herein that are not
historical facts are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and
subject to the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements may
contain words or phrases including, but not limited, to: "believe,"
"expect," "anticipate," "intend," "estimate," "target," "plans,"
"may increase," "may fluctuate," "may result in," "are projected,"
and variations of those words and similar expressions. All such
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected. Factors that might cause such a difference include,
among other matters, changes in interest rates; economic conditions
including inflation and real estate values in California and the
Bank's market areas; governmental regulation and legislation;
credit quality; competition affecting the Bank's businesses
generally; the risk of natural disasters and future catastrophic
events including terrorist related incidents and other factors
beyond the Bank's control; and factors discussed in the Bank's
periodic reports under the Securities Exchange Act of 1934, as
amended, on Forms 10-K, 10-Q and 8-K filed with the FDIC. The Bank
does not undertake, and specifically disclaims any obligation, to
update or revise any forward-looking statements, whether to reflect
new information, future events, or otherwise, except as required by
law.
This news release is available at the
www.1stcapitalbank.com Internet site for no charge.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Percent
3 Months Ended Change
From:
December September December Sep Dec
31, 30, 31, 30, 31,
Operating Results Data 2012 2012 2011 2012 2011
----------- ----------- ----------- ---- ----
Interest income
Loans $ 3,110 $ 3,153 $ 2,836 (1%) 10%
Investment securities 101 103 88 (2%) 15%
Other 46 42 20 10% 130%
----------- ----------- -----------
Total interest income 3,257 3,298 2,944 (1%) 11%
----------- ----------- -----------
Interest expense
Interest bearing
checking accounts 20 7 6 186% 233%
Money market 54 89 70 (39%) (23%)
Savings 74 74 62 0% 19%
Time 35 39 64 (10%) (45%)
----------- ----------- -----------
Total interest expense 183 209 202 (12%) (9%)
----------- ----------- -----------
Net interest income 3,074 3,089 2,742 (0%) 12%
Provision for loan losses 432 98 196 341% 120%
----------- ----------- -----------
Net interest income after
provision for loan
losses 2,642 2,991 2,546 (12%) 4%
Noninterest income
Service charges on
deposits 22 20 27 10% (19%)
BOLI benefits 699 - - 100% 100%
BOLI dividend income 30 7 - 329% 100%
Other 35 21 15 67% 133%
----------- ----------- -----------
Total noninterest
income 786 48 42 1538% 1771%
Noninterest expenses
Salaries and benefits 1,324 1,290 1,243 3% 7%
Occupancy 195 173 138 13% 41%
Furniture and equipment 86 65 100 32% (14%)
Other 678 582 667 16% 2%
----------- ----------- -----------
Total noninterest
expenses 2,283 2,110 2,148 8% 6%
----------- ----------- -----------
Income before provision
for income taxes 1,145 929 440 23% 160%
Provision for (benefit
from) income taxes 397 390 183 2% 117%
----------- ----------- -----------
Net income $ 748 $ 539 $ 257 39% 191%
=========== =========== ===========
Common Share Data
--------------------------
Earnings per share
Basic $ 0.23 $ 0.17 $ 0.08 35% 188%
Diluted $ 0.23 $ 0.16 $ 0.08 44% 188%
Weighted average shares outstanding
Basic 3,228,689 3,248,690 3,220,853
Diluted 3,295,371 3,337,605 3,254,306
12 Months Ended
December 31, Percent
Operating Results Data 2012 2011 Change
----------- ----------- -------
Interest income
Loans $ 12,008 $ 10,671 13%
Investment securities 413 395 5%
Other 180 85 112%
----------- -----------
Total interest income 12,601 11,151 13%
----------- -----------
Interest expense
Interest bearing
checking accounts 40 40 0%
Money market 331 357 (7%)
Savings 282 251 12%
Time 171 332 (48%)
----------- -----------
Total interest expense 824 980 (16%)
----------- -----------
Net interest income 11,777 10,171 16%
Provision for loan losses 994 665 49%
----------- -----------
Net interest income after
provision for loan
losses 10,783 9,506 13%
Noninterest income
Service charges on
deposits 85 75 13%
BOLI benefits 699 - 100%
BOLI dividend income 37 - 100%
Other 88 69 28%
----------- -----------
Total noninterest
income 909 144 531%
Noninterest expenses
Salaries and benefits 5,159 4,272 21%
Occupancy 725 575 26%
Furniture and equipment 328 371 (12%)
Other 2,508 2,189 15%
----------- -----------
Total noninterest
expenses 8,720 7,407 18%
----------- -----------
Income before provision
for income taxes 2,972 2,243 33%
Provision for (benefit
from) income taxes 1,166 (895) (230%)
----------- -----------
Net income $ 1,806 $ 3,138 (42%)
=========== ===========
Common Share Data
--------------------------
Earnings per share
Basic $ 0.56 $ 0.97 (42%)
Diluted $ 0.54 $ 0.97 (44%)
Weighted average shares
outstanding
Basic 3,224,782 3,220,853
Diluted 3,319,925 3,244,921
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Percent
Change
From:
December September December Sep Dec
31, 30, 31, 30, 31,
Financial Condition Data 2012 2012 2011 2012 2011
-------------------------- ---------- ---------- ---------- ---- ----
Assets
Cash and due from banks $ 8,551 $ 7,444 $ 8,910 15% (4%)
Funds held at the
Federal Reserve Bank 21,042 27,430 60,062 (23%) (65%)
Time deposits at other
financial institutions 9,321 9,570 3,835 (3%) 143%
Available-for-sale
securities, at fair
value 41,762 17,384 13,685 140% 205%
Loans:
Commercial 89,834 89,117 78,504 1% 14%
Real estate-
construction 4,834 4,513 4,126 7% 17%
Real estate-other 147,320 138,641 115,902 6% 27%
Consumer 748 1,295 1,580 (42%) (53%)
Deferred loan fees and
costs, net 517 516 470 0% 10%
---------- ---------- ----------
Total loans 243,253 234,082 200,582 4% 21%
Allowance for loan
losses (4,314) (3,882) (3,320) 11% 30%
---------- ---------- ----------
Net loans 238,939 230,200 197,262 4% 21%
Premises and equipment,
net 1,282 1,325 615 (3%) 108%
Bank owned life
insurance 3,555 4,500 - (21%) 100%
Investment in Federal
Home Loan Bank stock,
at cost 1,026 1,026 918 0% 12%
Accrued interest
receivable and other
assets 3,871 3,805 3,028 2% 28%
---------- ---------- ----------
Total assets $ 329,349 $ 302,684 $ 288,315 9% 14%
========== ========== ==========
Liabilities and
Shareholders' Equity
Deposits:
Noninterest bearing
demand deposits $ 123,403 $ 102,745 $ 118,366 20% 4%
Interest bearing
checking accounts 17,482 13,442 12,188 30% 43%
Money market 60,091 59,508 43,983 1% 37%
Savings 62,364 58,260 38,558 7% 62%
Time 31,314 34,584 42,488 (9%) (26%)
---------- ---------- ----------
Total deposits 294,654 268,539 255,583 10% 15%
Accrued interest payable
and other liabilities 694 910 919 (24%) (24%)
Shareholders' equity 34,001 33,235 31,813 2% 7%
---------- ---------- ----------
Total liabilities and
shareholders' equity $ 329,349 $ 302,684 $ 288,315 9% 14%
========== ========== ==========
Shares outstanding at
end of period 3,310,503 3,251,003 3,243,293
Nominal and tangible
book value per share $ 10.27 $ 10.22 $ 9.81
Ratio of net loans to
total deposits 81.09% 85.72% 77.18%
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
Percent
Change
From:
December September December Sep Dec
31, 30, 31, 30, 31,
2012 2012 2011 2012 2011
--------- --------- --------- ---- ----
Asset Quality
-----------------------------
Loans past due 90 days or
more and accruing interest $ - $ - $ -
Nonaccrual restructured
loans 238 220 240 8% (1%)
Other nonaccrual loans 1,203 519 - 132%
Other real estate owned - - -
--------- --------- ---------
Total nonperforming
assets $ 1,441 $ 739 $ 240 95% 500%
========= ========= =========
Allowance for loan losses
to total loans 1.77% 1.66% 1.66% 7% 7%
Allowance for loan losses
to nonperforming loans 299.38% 525.59% 1,383.00% (43%) (78%)
Allowance for loan losses
to nonperforming assets 299.38% 525.59% 1,383.00% (43%) (78%)
Nonperforming assets to 1,48
total assets 0.44% 0.24% 0.08% 440% 5%
Regulatory Capital and Ratios
-----------------------------
Tier 1 regulatory capital $ 33,600 $ 32,793 $ 31,490 2% 7%
Total regulatory capital $ 36,646 $ 35,723 $ 33,985 3% 8%
Tier 1 leverage ratio 10.67% 10.81% 12.58% (1%) (15%)
Tier 1 capital ratio 13.87% 14.30% 15.82% (3%) (12%)
Total risk based capital
ratio 15.12% 15.50% 17.07% (2%) (12%)
Percent
3 Months Ended Change
From:
December September December Sep Dec
31, 30, 31, 30, 31,
2012 2012 2011 2012 2011
--------- --------- --------- ---- ----
Selected Financial Ratios
-----------------------------
Return on average total
assets 0.94% 0.71% 0.41% 34% 131%
Return on average
shareholders' equity 8.84% 6.49% 3.20% 36% 176%
Net interest margin 4.07% 4.20% 4.54% (3%) (10%)
Efficiency ratio 59.15% 67.26% 77.16% (12%) (23%)
Selected Average Balances
-----------------------------
Loans $ 235,680 $ 231,716 $ 201,594 2% 17%
Investment securities 22,081 17,866 12,377 24% 78%
Other 42,672 42,873 25,524 (0%) 67%
--------- --------- ---------
Total interest earning
assets $ 300,433 $ 292,455 $ 239,494 3% 25%
Total assets $ 315,501 $ 303,785 $ 250,032 4% 26%
Interest bearing checking
accounts $ 13,670 $ 13,170 $ 8,774 4% 56%
Money market 61,035 64,196 48,164 (5%) 27%
Savings 62,486 55,170 36,167 13% 73%
Time deposits 32,872 35,229 43,188 (7%) (24%)
--------- --------- ---------
Total interest bearing
liabilities $ 170,063 $ 167,765 $ 136,293 1% 25%
Noninterest bearing demand
deposits 111,670 102,719 80,932 9% 38%
--------- --------- ---------
Total deposits $ 281,733 $ 270,484 $ 217,225 4% 30%
Shareholders' equity $ 33,646 $ 33,031 $ 31,865 2% 6%
12 Months Ended
December 31, Percent
2012 2011 Change
--------- --------- -------
Selected Financial Ratios
-----------------------------
Return on average total
assets 0.60% 1.35% (55%)
Return on average
shareholders' equity 5.50% 10.31% (47%)
Net interest margin 4.11% 4.54% (9%)
Efficiency ratio 68.74% 71.81% (4%)
Selected Average Balances
-----------------------------
Loans $ 220,552 $ 189,421 16%
Investment securities 18,376 13,232 39%
Other 48,560 21,459 126%
--------- ---------
Total interest earning
assets $ 287,488 $ 224,112 28%
Total assets $ 299,207 $ 232,602 29%
Interest bearing checking
accounts $ 12,792 $ 8,573 49%
Money market 62,953 50,002 26%
Savings 51,902 32,724 59%
Time deposits 36,700 46,457 (21%)
--------- ---------
Total interest bearing
liabilities $ 164,347 $ 137,757 19%
Noninterest bearing demand
deposits 101,701 63,445 60%
--------- ---------
Total deposits $ 266,048 $ 201,202 32%
Shareholders' equity $ 32,836 $ 30,442 8%
For further information, please contact: Mark R. Andino
Interim President and Chief Executive Officer 831.264.4028 office
831.915.6498 cellular Mark.Andino@1stcapitalbank.com Jayme Fields
Chief Financial Officer 831.264.4011 office 831.917.8725 cellular
Jayme.Fields@1stcapitalbank.com
1st Capital Bancorp (QX) (USOTC:FISB)
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1st Capital Bancorp (QX) (USOTC:FISB)
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