1st Capital Bank (OTCBB: FISB): 1st Capital Bank continued
to build core relationships as it closed the third quarter of 2012
with an increase in net income of 73% over the same quarter a year
ago and $303 million in total assets, representing 28% growth over
the same quarter a year ago. "1st Capital's growth in earning
assets continues to significantly outperform the national average
for the industry," stated CEO and President Fred Rowden.
Key Performance Highlights of the Third Quarter 2012:
- Net income increased 73% compared to the same quarter a year
ago, resulting in an ROA of 0.7% for the quarter
- Total assets increased $67 million or 28% to $303 million as of
September 30, 2012 compared to September 30, 2011
- Total deposits grew $65 million, or 32%, to $269 million
compared to the third quarter of 2011
- Loans outstanding grew $33 million, or 17%, to a total of $234
million compared to the third quarter of 2011
- Asset quality continued to be strong, with a ratio of
nonperforming loans to total loans of just 0.31% at September 30,
2012
- Regulatory "Well Capitalized" levels were maintained, with a
total risk based capital ratio of 15.3% at September 30, 2012
As a result of the Bank's strong loan growth and reductions in
the cost of interest bearing liabilities, net interest income
increased by $516,000 as compared to the same quarter in the prior
year. This was slightly offset by an increase in non-interest
expenses of $154,000, resulting from investments in staff and
facilities, since the same quarter in the prior year. Net income of
$539,000 for the quarter was up 73% compared to $312,000 in the
third quarter of 2011. Profits generated over the last twelve
months have increased book value from $9.79 at September 30, 2011
to $10.26 as of September 30, 2012. The efficiency ratio (operating
costs compared to income from operations) improved to 0.67 for the
quarter ended September 30, 2012 compared to 0.75 for the same
quarter one year ago.
"Despite the economic pressures the state and nation have faced,
Monterey County has remained a resilient market with a strong
economic base including the diversified business sectors of
agriculture, hospitality, tourism, medical and education. 1st
Capital Bank's role in this diversified economy has contributed to
the positive results of operations of the Bank through the quarter
ended September 30, 2012," said Fred Rowden, CEO and President.
During the third quarter of 2012, the Bank continued to leverage
its investment in staff and infrastructure as it built new
relationships that contributed to positive growth. These
relationships have increased the percentage of core checking and
savings accounts to 87% of total deposits compared to 78% one year
ago. In addition, the overall cost of deposits has dropped from
0.50% to 0.31% during the same time period. As the Bank continues
to grow it is also leveraging its capital, as evidenced by current
Total Risk Based Capital of 15.3% compared to 17.1% one year
ago.
The Bank's Financial Summary for the quarter ended September 30,
2012 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.
Financial Summary
Net Income - Income before taxes was $929,000 for the quarter
ended September 30, 2012 compared to $547,000 for the same quarter
in the prior year. This increase was largely due to an increase in
interest income and a decrease in interest expense, partially
offset by an increase in non-interest expense. Net income of
$539,000 for the quarter ended September 30, 2012 increased
$227,000 compared to net income of $312,000 for the same quarter in
the prior year, and increased $330,000 over the net income for the
trailing quarter ended June 30, 2012.
Basic and fully diluted earnings per share of $0.17 and $0.16,
respectively, for the three months ended September 30, 2012
continued to add to retained earnings. These per share earnings
increased from $0.10, basic and fully diluted for the same quarter
a year ago and $0.06 basic and fully diluted for the prior
quarter.
Balance Sheet - Total assets of $303
million as of September 30, 2012 increased $67 million (28%) from
September 30, 2011 and decreased $1 million (0%) from June 30,
2012. Loans grew $33 million (17%) from September 30, 2011 to a
total of $234 million as of September 30, 2012, with $6 million
(3%) of that growth occurring in the three-month period ended
September 30, 2012. Loan growth was funded largely by increased
deposits, which grew $65 million (32%) from September 30, 2011 to a
total of $269 million as of September 30, 2012, and decreased by $2
million (1%) from the balances outstanding as of June 30, 2012. As
of September 30, 2012, the ratio of loans to deposits increased to
87% compared to 84% as of June 30, 2012 and 99% as of September 30,
2011.
Interest Income and Expense - Net interest
income for the quarter ended September 30, 2012 was $3,089,000, an
increase of $516,000 (20%) over the quarter ended September 30,
2011 and an increase of $191,000 (7%) over the trailing quarter
ended June 30, 2012.
Interest income for the quarter ended September 30, 2012 was
$3,298,000, an increase of $473,000 (17%) over the quarter ended
September 30, 2011 and an increase of $176,000 (6%) over the
trailing quarter ended June 30, 2012. Average earning assets for
the quarter ended September 30, 2012 were $292 million, an increase
of $67 million (30%) and $5 million (2%) compared to the quarters
ended September 30, 2011, and June 30, 2012, respectively.
Interest expense for the quarter ended September 30, 2012 was
$209,000, a reduction of $43,000 (17%) from the quarter ended
September 30, 2011 and a decrease of $15,000 (7%) from the trailing
quarter ended June 30, 2012. Average interest bearing liabilities
for the quarter ended September 30, 2012 were $167 million, an
increase of $30 million (22%) compared to the quarter ended
September 30, 2011 and unchanged from June 30, 2012. While the
average balances of interest-bearing deposit liabilities for the
quarter ended September 30, 2012 increased compared to September
30, 2011, interest expense decreased due to the repricing of
interest-bearing deposits, reflecting the Bank's continued focus on
improving its net interest margin. Average noninterest bearing
deposits of $103 million for the quarter ended September 30, 2012
grew $38 million (58%) and $6 million (6%) compared to the quarters
ended September 30, 2011 and June 30, 2012, respectively.
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 September 30, 2012 of 4.2%
compared to 4.5% for the quarter ended September 30, 2011 and 4.1%
for the quarter ended June 30, 2012. The decrease in net interest
margin from a year ago was primarily the result of strong growth in
the deposit portfolio during that time which resulted in an
increase in liquidity that temporarily reduced the yield on earning
assets and to the prolonged low interest rate environment which
resulted in a decline in the loan portfolio yield. During the
quarter ended September 30, 2012, the yield on the loan portfolio
decreased to 5.4% compared to 5.7% for the quarter ended September
30, 2011 and 5.6% for the quarter ended June 30, 2012. Further, the
Bank continued to reduce the overall cost of deposits to just 0.3%
for the period ended September 30, 2012 from 0.5% and 0.3%,
respectively, for the three month periods ended September 30, 2011
June 30, 2012.
Provision for Loan Losses - 1st Capital Bank recorded a
provision for loan losses of $98,000 during the quarter ended
September 30, 2012 compared to $102,000 in the quarter ended
September 30, 2011 and $424,000 in the trailing quarter ended June
30, 2012. The provision continues to be impacted by the volume and
variety of loan growth in addition to management's assessment of
the condition of the loan portfolio. The ratio of the allowance for
loan losses to total loans outstanding was 1.66% at September 30,
2012 compared to 1.56% and 1.66% at September 30, 2011 and June 30,
2012, respectively. The Bank's asset quality remained strong, with
a ratio of impaired and nonperforming loans to total loans of only
0.31% as of September 30, 2012. The Bank has never had any real
estate acquired through foreclosure.
Noninterest Income - Noninterest income
increased $16,000 (50%) to $48,000 for the quarter ended September
30, 2012 compared to the quarter ended September 30, 2011 and
increased $11,000 (30%) compared to the trailing quarter ended June
30, 2012, largely due to changes in the volume of fees for
services.
Noninterest Expense - Noninterest expense
increased $154,000 (8%) to $2.1 million for the quarter ended
September 30, 2012 compared to the quarter ended September 30, 2011
and decreased $40,000 (2%) compared to the trailing quarter ended
June 30, 2012. The majority of the increase over the prior year was
due to the overall growth of the Bank and the investment by the
Bank in key personnel and enhanced facilities.
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 to small-to-medium size businesses and their
owners, and offers specialized banking services for the healthcare
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. Member FDIC. Equal
Opportunity Lender. An SBA Preferred Lender.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
3 Months Ended Percent Change From:
--------------------------------
September September September
Statement of 30, June 30, 30, June 30, 30,
Income Data 2012 2012 2011 2012 2011
---------- ---------- ---------- --------- ---------
Interest income
Loans (including
fees) $ 3,153 $ 2,966 $ 2,709 6% 16%
Investment
securities 103 106 94 (3%) 10%
Other 42 50 22 (16%) 91%
---------- ---------- ----------
Total interest
income 3,298 3,122 2,825 6% 17%
---------- ---------- ----------
Interest expense
Interest on
deposits 209 224 252 (7%) (17%)
Other - - -
---------- ---------- ----------
Total interest
expense 209 224 252 (7%) (17%)
---------- ---------- ----------
Net interest income 3,089 2,898 2,573 7% 20%
Provision for loan
losses 98 424 102 (77%) (4%)
---------- ---------- ----------
Net interest income
after provision
for loan losses 2,991 2,474 2,471 21% 21%
Noninterest income
Service charges
on deposits 20 21 19 (5%) 5%
Other 28 16 13 75% 15%
---------- ---------- ----------
Total
noninterest
income 48 37 32 30% 50%
Noninterest
expenses
Salaries and
benefits 1,290 1,243 1,107 4% 17%
Occupancy 173 180 150 (4%) 15%
Furniture and
equipment 65 82 110 (21%) (41%)
Other 582 645 589 (10%) (1%)
---------- ---------- ----------
Total
noninterest
expenses 2,110 2,150 1,956 (2%) 8%
---------- ---------- ----------
Income before
provision for
income taxes 929 361 547 157% 70%
Provision for
(benefit from)
income taxes 390 152 235 157% 66%
---------- ---------- ----------
Net income $ 539 $ 209 $ 312 158% 73%
========== ========== ==========
Common Share Data
Earnings per share
Basic $ 0.17 $ 0.06 $ 0.10 183% 70%
Diluted $ 0.16 $ 0.06 $ 0.10 167% 60%
Weighted average
shares outstanding
Basic 3,248,690 3,223,836 3,220,853 1% 1%
Diluted 3,337,605 3,317,799 3,254,306 (1%) 3%
Book value per
share
Tangible book value
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share
data)
9 Months Ended
--------------------------------
Statement of September 30, Percent
Income Data 2012 2011 Change
---------- ---------- ---------
Interest income
Loans (including
fees) $ 8,898 $ 7,835 14%
Investment
securities 312 307 2%
Other 134 65 106%
---------- ----------
Total interest
income 9,344 8,207 14%
---------- ----------
Interest expense
Interest on
deposits 641 778 (18%)
Other - -
---------- ----------
Total interest
expense 641 778 (18%)
---------- ----------
Net interest income 8,703 7,429 17%
Provision for loan
losses 562 469 20%
---------- ----------
Net interest income
after provision
for loan losses 8,141 6,960 17%
Noninterest income
Service charges
on deposits 63 48 31%
Other 60 54 11%
---------- ----------
Total
noninterest
income 123 102 21%
Noninterest
expenses
Salaries and
benefits 3,835 3,029 27%
Occupancy 530 437 21%
Furniture and
equipment 242 271 (11%)
Other 1,830 1,522 20%
---------- ----------
Total
noninterest
expenses 6,437 5,259 22%
---------- ----------
Income before
provision for
income taxes 1,827 1,803 1%
Provision for
(benefit from)
income taxes 769 (1,078) (171%)
---------- ----------
Net income $ 1,058 $ 2,881 (63%)
========== ==========
Common Share Data
Earnings per share
Basic $ 0.33 $ 0.89 (63%)
Diluted $ 0.32 $ 0.89 (64%)
Weighted average
shares outstanding
Basic 3,238,440 3,220,853 1%
Diluted 3,343,070 3,233,435 3%
Book value per
share $ 10.26 $ 9.79 5%
Tangible book value $ 10.26 $ 9.79 5%
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
Percent Change From:
December September
September December September 31, 30,
Balance Sheet Data 2012 2011 2011 2011 2011
--------- --------- --------- --------- ---------
Assets
Cash and due from
banks $ 7,444 $ 8,910 $ 8,964 (16%) (17%)
Federal funds
sold and
overnight
deposits 27,430 60,062 9,878 (54%) 178%
Available-for-
sale securities,
at fair value,
and interest
bearing deposits 26,954 17,520 14,812 54% 82%
Loans:
Commercial 89,117 78,504 83,873 14% 6%
Real estate-
construction 4,513 4,126 3,731 9% 21%
Real estate-
other 138,641 115,902 110,783 20% 25%
Consumer 1,295 1,580 1,754 (18%) (26%)
Deferred loan
costs, net 516 470 455 10% 13%
--------- --------- ---------
Total loans 234,082 200,582 200,596 17% 17%
Allowance for
loan losses (3,882) (3,320) (3,124) 17% 24%
--------- --------- ---------
Net loans 230,200 197,262 197,472 17% 17%
Premises and
equipment, net 1,325 615 567 115% 134%
Accrued interest
receivable and
other assets 9,331 3,946 4,039 114% 109%
--------- --------- ---------
Total assets $ 302,684 $ 288,315 $ 235,732 5% 28%
========= ========= =========
Liabilities and
Shareholders'
Equity
Deposits:
Demand,
noninterest
bearing $ 102,745 $ 118,366 $ 69,047 (13%) 49%
Demand,
interest
bearing 72,950 56,171 54,178 30% 35%
Savings 58,260 38,558 35,551 51% 64%
Time 34,584 42,488 44,630 (19%) (23%)
--------- --------- ---------
Total
deposits 268,539 255,583 203,406 5% 32%
Accrued interest
payable and
other
liabilities 910 919 803 (98%) (98%)
Shareholders'
equity 33,235 31,813 31,523 4% 5%
--------- --------- ---------
Total liabilities
and shareholders'
equity $ 302,684 $ 288,315 $ 235,732 5% 28%
========= ========= =========
Asset Quality
Loans past due 90
days or more and
accruing
interest $ - $ - $ -
Restructured
loans 220 240 250 (8%) (12%)
Other nonaccrual
loans 520 - -
Other real estate
owned - - -
--------- --------- ---------
Total
nonperforming
assets $ 740 $ 240 $ 250 208% 196%
========= ========= =========
Allowance for
loan losses to
total loans 1.66% 1.66% 1.56% 0% 6%
Allowance for
loan losses to
NPL's 525% 1,383% 1,250% (62%) (58%)
Allowance for
loan losses to
NPA's 525% 1,383% 1,250% (62%) (58%)
Regulatory Capital
and Ratios
Tier 1 capital $ 32,793 $ 31,490 $ 31,116 4% 5%
Total capital $ 35,723 $ 33,985 $ 33,654 5% 6%
Tier 1 capital
ratio 14.1% 15.8% 15.7% (11%) (10%)
Total risk based
capital ratio 15.3% 17.1% 17.0% (10%) (10%)
Tier 1 leverage
ratio 10.8% 12.6% 13.3% (14%) (19%)
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
3 Months Ended Percent Change From:
September September September
Selected 30, June 30, 30, June 30, 30,
Financial Ratios 2012 2012 2011 2012 2011
--------- --------- --------- -------- ---------
Return on average
total assets 0.71% 0.28% 0.53% 150% 34%
Return on average
shareholders'
equity 6.49% 2.59% 3.94% 151% 65%
Net interest margin 4.2% 4.1% 4.5% 4% (7%)
Efficiency ratio 67.26% 73.25% 75.09% (8%) (10%)
Selected Average
Balances
Loans $ 231,716 $ 214,583 $ 190,066 8% 22%
Investment
securities 17,866 17,790 12,852 0% 39%
Federal funds sold
and CD's 42,873 55,218 21,945 (22%) 95%
--------- --------- ---------
Total earning
assets $ 292,455 $ 287,591 $ 224,863 2% 30%
--------- --------- ---------
Total assets $ 303,785 $ 297,159 $ 234,374 2% 30%
--------- --------- ---------
Demand deposits -
interest bearing $ 77,366 $ 81,168 $ 57,815 (5%) 34%
Savings 55,170 48,242 33,291 14% 66%
Time deposits 35,229 37,704 45,991 (7%) (23%)
--------- --------- ---------
Total interest
bearing
liabilities $ 167,765 $ 167,114 $ 137,096 0% 22%
--------- --------- ---------
Demand deposits -
noninterest bearing 102,719 96,972 64,784 6% 59%
--------- --------- ---------
Total Deposits $ 270,484 $ 264,086 $ 201,880 2% 34%
--------- --------- ---------
Shareholders' equity $ 33,031 $ 32,513 $ 31,449 2% 5%
--------- --------- ---------
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
9 Months Ended
Selected September 30, Percent
Financial Ratios 2012 2011 Change
--------- --------- -------
Return on average
total assets 0.48% 1.70% 72%
Return on average
shareholders'
equity 4.33% 12.86% 66%
Net interest margin 4.1% 4.5% (9%)
Efficiency ratio 72.93% 69.83% 4%
Selected Average
Balances
Loans $ 215,472 $ 185,318 16%
Investment
securities 17,132 13,521 27%
Federal funds sold
and CD's 50,537 20,090 152%
--------- ---------
Total earning
assets $ 283,142 $ 218,929 29%
--------- ---------
Total assets $ 293,736 $ 226,729 30%
--------- ---------
Demand deposits -
interest bearing $ 76,095 $ 59,127 29%
Savings 48,348 31,564 53%
Time deposits 37,985 47,559 (20%)
--------- ---------
Total interest
bearing
liabilities $ 162,427 $ 138,250 17%
--------- ---------
Demand deposits -
noninterest bearing 98,353 57,551 71%
--------- ---------
Total Deposits $ 260,780 $ 195,801 33%
--------- ---------
Shareholders' equity $ 32,564 $ 29,963 9%
--------- ---------
Contact Information Jayme Fields CFO (831) 264-4011
1st Capital Bancorp (QX) (USOTC:FISB)
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