1st Capital Bank Announces Fourth Quarter and Year to Date 2015 Financial Results; Record Net Interest Income, Deposits, Assets, and Equity
/EINPresswire.com/ -- MONTEREY, CA -- (Marketwired) -- 01/29/16 -- 1st Capital Bank (OTC PINK: FISB) reported net income of $674 thousand for the three months ended December 31, 2015, an increase of 7.4% compared to net income of $627 thousand in the fourth quarter of 2014 and an increase of 66.4% compared to income of $405 thousand in the third quarter of 2015, the immediately preceding quarter. Earnings per share were $0.16 (diluted), compared to $0.16 (diluted) for the same period a year ago.
Year-to-date earnings were $2.38 million, or $0.58 per share (diluted), for the year ended December 31, 2015, an increase of 21.5% compared to $1.96 million, or $0.49 per share (diluted), for the year ended December 31, 2014.
Total assets grew $12 million in the fourth quarter, to $514 million at December 31, 2015, compared to $502 million at September 30, 2015 as a result of growth in deposits of $30 million, or 6.9%, from $438 million at September 30, 2015 to $468 million at December 31, 2015. Core deposits likewise increased $31 million, or 7.5%. Net loans decreased $10 million during the fourth quarter, from $381 million at September 30, 2015 to $371 million at December 31, 2014 as commercial and industrial borrowers reduced the utilization of their lines of credit, causing commercial and industrial loans to decline from $46 million to $43 million. The single-family residential portfolio experienced normal amortization and prepayments, totaling $6 million. Consequently, no provision for loan losses was required, compared to a provision of $365 thousand in the third quarter of 2015 and $50 thousand in the fourth quarter of 2014.
Net interest income before provision for loan losses increased $237 thousand, or 6.3%, to $4.02 million, compared to $3.78 million in the prior quarter. Net interest margin increased from 3.12% in the third quarter of 2015 to 3.21% in the fourth quarter of 2015.
The Bank's efficiency ratio improved from 73.0% in the third quarter of 2015 to 72.0% in the fourth quarter of 2015, as revenue growth outpaced the increase in expenses, which were centered in salaries and benefits.
"The Bank experienced strong deposit growth of $30 million in the fourth quarter, increasing its noninterest-bearing demand deposit accounts by more than $19 million," said Thomas E. Meyer, President and Chief Executive Officer. "While some of this growth can be considered seasonal, it nevertheless reflects the vibrant business community we serve here on California's Central Coast." Meyer added, "The increase in core deposits and the improved mix of earning assets contributed to the improvement in our net interest margin."
"The Bank closed the year with a very high level of liquidity," said Michael J. Winiarski, Chief Financial Officer. "As we enter 2016, we will be focusing on deploying those funds in our core loan portfolio and exploring opportunities to control our cost of funds and enhance our leverage ratio."
"We are pleased to welcome Robin Seelye as Chief Administrative Officer for the Bank," said Kurt Gollnick, Chairman of the Board, "Robin's extensive background in banking operations and technology, strong leadership skills, and focus on the bottom line are already making themselves felt as we expand the Bank's revenue streams while continuing to control costs."
FOURTH QUARTER HIGHLIGHTS
- Net interest income before provision for credit losses was $4.02 million for the fourth quarter of 2015, compared to $3.78 million for the third quarter of 2015 and $3.61 million for the fourth quarter of 2014. Average earning assets increased from $449 million in the fourth quarter of 2014 to $480 million in the third quarter of 2015 and to $496 million in the fourth quarter of 2015. Net interest margin increased from 3.19% in the fourth quarter of 2014 and 3.12% in the third quarter of 2015 to 3.21% in the fourth quarter of 2015.
- The provision for credit losses was $0 in the fourth quarter of 2015, compared to $365 thousand in the third quarter of 2015 and $50 thousand in the fourth quarter of 2014.
- The allowance for loan losses increased from 1.53% at September 30, 2015 and decreased from 1.63% of gross loans outstanding at December 31, 2014 to 1.57% of outstanding loans at December 31, 2015, reflecting the proportion of the portfolio comprising single-family and multi-family residential loans, which require smaller allowance levels in the portfolio.
- Investments available for sale decreased $4.7 million in the fourth quarter, from $89 million at September 30, 2015 to $84 million at December 31, 2015, freeing up funds for additional lending.
- Deposits increased $30 million, or 6.9%, to $468 million at December 31, 2015 from $438 million at September 30, 2015 and increased $46 million, or 10.8% from $423 million at December 31, 2014. Deposit growth allowed the Bank to pay off $19 million of secured borrowings outstanding at September 30, 2015.
- Demand deposit accounts made up 43.7% of deposits at December 31, 2015, compared to 40.1% at September 30, 2015 and 43.0% at December 31, 2014.
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
Net interest income before provision for credit losses was $4.02 million for the fourth quarter of 2015, an increase of $237 thousand, or 6.3%, compared to $3.78 million for the third quarter of 2015, and an increase of $454 thousand, or 12.7%, compared to the fourth quarter of 2014.
Average earning assets were $496 million during the fourth quarter of 2015, an increase of 6.3% compared to $480 million in the third quarter of 2015. The yield on earning assets was 3.34% in the fourth quarter, compared to 3.26% in the third quarter, reflecting a larger average balance of loans receivable, but a smaller investment securities portfolio. The average balance of the Bank's loan portfolio was $377 million in the fourth quarter of 2015, compared to $356 million in the third quarter, and the yield on the loan portfolio was 4.14% in both the fourth and third quarters. The average balance of investments available for sale ("AFS") declined $10 million sequentially, from $97 million in the third quarter of 2015 to $87 million in the fourth quarter of 2015. The yield on AFS investments increased from 0.61% in the third quarter of 2015 to 0.73% in the fourth quarter of 2015. The cost of interest-bearing liabilities decreased from 0.24% in the third quarter of 2015 to 0.23% in the fourth quarter of 2015, while the average balance of interest-bearing liabilities was $274 million in both the third and fourth quarters of 2015. The average balance of noninterest-bearing demand deposit accounts ("DDAs") increased $16 million, or 9.9%, from $167 million in the third quarter of 2015 to $184 million in the fourth quarter of 2015, causing the Bank's cost of funds to decline to 0.14% in the fourth quarter of 2015 from 0.15% in the third quarter of 2015.
Gross loans receivable decreased $10 million, or 2.6%, to $377 million at December 31, 2015 from $387 million at September 30, 2015 and increased $50 million, or 15.4%, from $327 million outstanding at December 31, 2014. During the fourth quarter of 2015, the Bank's commercial real estate portfolio increased 0.2%, from $176.1 million to $176.4 million. Single-family residential loans, all of which were acquired or originated in prior quarters primarily through loan pool purchases, decreased $6 million, or 0.4%, as a result of normal amortization and prepayments of $5 million, as well as a $1 million decrease in outstanding balances on home equity lines of credit. Commercial and industrial loans outstanding declined $3 million, from $46 million at September 30, 2015 to $43 million at December 31, 2015, as credit line utilization declined from 34% to 32%, largely as a result of the very strong operating results of local agricultural and agriculture-related companies.
Non-performing loans decreased from $1.9 million at September 30, 2015 and increased from $773 thousand at December 31, 2014 to $1.7 million at December 31, 2015. Loans over 90 days past due (all of which were on non-performing status) were $0, $21 thousand, and $0 at December 31, 2014, September 30, 2015, and December 31, 2015, respectively. The Bank recorded net charge-offs of $4 thousand in the fourth quarter of 2015, net of $17 thousand in recoveries.
PROVISION FOR CREDIT LOSSES
The provision for credit losses is a charge against current earnings in an amount determined by management to be necessary to maintain the allowance for loan losses at a level sufficient to absorb estimated probable losses inherent in the loan portfolio in light of losses historically incurred by the Bank and adjusted for qualitative factors associated with the loan portfolio. The Bank did not record a provision for losses in the fourth quarter of 2015, while the provision was $365 thousand in the third quarter of 2015 and $50 thousand in the fourth quarter of 2014. The decrease in the provision reflects the total amount of loan principal outstanding, which decreased from $387 million at September 30, 2015 to $377 million at December 31, 2015. It also reflects the payment history of the portfolio (which included no loans 90 days or more past due at December 31, 2015), changes in the mix of loan types within the portfolio and their respective loss histories, as well as management's assessment of the amounts expected to be realized from certain loans identified as impaired. Impaired loans totaled $9.1 million at December 31, 2015, compared to $9.4 million at September 30, 2015, and $8.6 million at December 31, 2014.
At December 31, 2015, non-performing loans were 0.46% of the total loan portfolio, compared to 0.49% at September 30, 2015 and 0.24% at December 31, 2014. At December 31, 2015, the allowance for loan losses was 1.57% of outstanding loans, compared to 1.53% and 1.63% at September 30, 2015 and December 31, 2014, respectively, reflecting primarily the proportion of single-family mortgages in the loan portfolio.
NON-INTEREST INCOME
Non-interest income recognized in the fourth quarter of 2015 was $74 thousand, a decrease of $33 thousand, or 30.4%, from $107 thousand in the third quarter of 2015, and a decrease of $11 thousand from the fourth quarter of 2014. Gain on sales of Small Business Administration guaranteed loans declined $27 thousand, from $38 thousand in the third quarter of 2015 to $11 thousand in the fourth quarter of 2015.
NON-INTEREST EXPENSES
Non-interest expenses increased $109 thousand, or 3.8%, to $2.95 million for the fourth quarter of 2015, compared to $2.84 million for the third quarter of 2015, and increased $362 thousand, or 14.0%, compared to the fourth quarter of 2014. Salaries and benefits increased $115 thousand, or 6.8%, from $1.70 million in the third quarter of 2015 to $1.82 million in the fourth quarter of 2015. Compared to the prior quarter, base salaries increased $5 thousand, while stock-based compensation expense was $58 thousand higher than the previous quarter because there was employee turnover in the third quarter that caused forfeitures and, therefore, a lower level of compensation expense. In addition, there were additional participants in the equity compensation plan in the fourth quarter. Salaries and benefits, occupancy costs, and furniture and equipment expenses increased $281 thousand, $13 thousand, and $30 thousand, respectively, compared to the fourth quarter of 2014, reflecting the opening of the Bank's San Luis Obispo branch in 2015.
The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 72.0% for the fourth quarter of 2015, compared to 73.0% for the third quarter of 2015 and 69.9% for the fourth quarter of 2014. Non-interest expenses as a percent of average total assets were 2.33%, 2.32%, and 2.26% for the fourth quarter of 2015, the third quarter of 2015, and the fourth quarter of 2014, respectively.
PROVISION FOR INCOME TAXES
The Bank's effective book tax rate was 41.1% in the fourth quarter of 2015, compared to 40.9% for the third quarter of 2015 and 41.1% for the fourth quarter of 2015. For the years ended December 31, 2015 and 2014, the Bank's effective book tax rate was 37.8% and 41.1%, respectively. In 2015, the Bank realized and recognized $249 in tax-free bank-owned life insurance benefits, compared to no such benefits for 2014. The income tax provision for 2015 also reflects the Bank's settlement with the California Franchise Tax Board for certain Enterprise Zone interest deductions taken in 2009 and 2010.
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 deposit accounts is also furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, and San Luis Obispo. The Bank's corporate offices are located at 5 Harris Court, Building N, Monterey, California 93940. The Bank's website is www.1stCapitalBank.com. The main telephone number is 831.264.4000. The primary facsimile number is 831.264.4001.
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.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
Financial Condition December 31, September 30, June 30, December 31,
Data(1) 2015 2015 2015 2014
------------ ------------- ---------- ------------
Assets
Cash and due from
banks $ 3,334 $ 3,380 $ 3,261 $ 2,654
Funds held at the
Federal Reserve
Bank(2) 42,857 16,004 23,759 31,598
Time deposits at
other financial
institutions 2,241 2,241 2,739 2,988
Available-for-sale
securities, at fair
value 84,203 88,891 98,672 96,807
Loans receivable
held for
investment:
Construction /
land (including
farmland) 17,499 17,814 20,274 16,600
Residential 1 to 4
units 124,741 129,564 107,792 97,142
Home equity lines
of credit 8,594 9,636 7,515 8,327
Multifamily 36,862 35,202 31,290 16,118
Owner occupied
commercial real
estate 56,046 55,111 53,848 60,064
Investor
commercial real
estate 83,532 85,766 75,210 73,095
Commercial and
industrial 42,528 45,584 45,038 46,922
Other loans 6,909 8,022 6,264 8,233
------------ ------------- ---------- ------------
Total loans 376,711 386,699 347,231 326,501
Allowance for loan
losses (5,921) (5,926) (5,549) (5,325)
------------ ------------- ---------- ------------
Net loans 370,790 380,773 341,682 321,176
Premises and
equipment, net 1,612 1,679 1,689 1,423
Bank owned life
insurance 2,350 2,335 2,321 2,549
Investment in
FHLB(3) stock, at
cost 2,593 2,593 2,593 2,007
Accrued interest
receivable and
other assets 3,370 4,422 3,950 3,661
------------ ------------- ---------- ------------
Total assets $ 513,950 $ 502,318 $ 480,666 $ 464,863
============ ============= ========== ============
Liabilities and
shareholders' equity
Deposits:
Noninterest
bearing demand
deposits $ 204,624 $ 175,958 $ 159,920 $ 181,939
Interest bearing
checking accounts 29,838 30,999 28,329 22,447
Money market
deposits 110,490 104,876 120,449 103,804
Savings deposits 94,315 96,634 98,262 83,689
Time deposits 29,121 29,788 29,434 30,874
------------ ------------- ---------- ------------
Total deposits 468,388 438,255 436,394 422,753
Borrowings -- 19,000 -- --
Accrued interest
payable and other
liabilities 1,073 1,336 1,056 929
Shareholders'
equity 44,489 43,727 43,216 41,181
------------ ------------- ---------- ------------
Total liabilities
and shareholders'
equity $ 513,950 $ 502,318 $ 480,666 $ 464,863
============ ============= ========== ============
Shares
outstanding(4) 4,064,485 4,035,417 3,842,905 3,779,039
Nominal and tangible
book value per
share $ 10.95 $ 10.84 $ 11.25 $ 10.90
Ratio of net loans
held for investment
to total deposits 76.16% 86.88% 78.30% 75.97%
1 = 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 = Shares outstanding and book value per share reflect the 5% stock dividend declared July 29, 2015 and payable September 30, 2015.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended
----------------------------------------------------
Operating Results December 31, September 30, June 30, December 31,
Data(1) 2015 2015 2015 2014
------------- -------------- --------- -------------
Interest and dividend
income
Loans $ 3,938 $ 3,718 $ 3,571 $ 3,566
Investment
securities 160 149 155 148
Federal Home Loan
Bank stock 58 61 127 37
Other 23 19 18 17
------------- -------------- --------- -------------
Total interest and
dividend income 4,179 3,947 3,871 3,768
------------- -------------- --------- -------------
Interest expense
Interest bearing
checking 3 3 2 6
Money market deposits 71 77 88 73
Savings deposits 72 73 68 61
Time deposits 14 13 12 14
------------- -------------- --------- -------------
Total interest
expense on deposits 160 166 170 154
Interest expense on
borrowings 2 1 1 1
------------- -------------- --------- -------------
Total interest
expense 162 167 171 155
------------- -------------- --------- -------------
Net interest income 4,017 3,780 3,700 3,613
Provision for loan
losses -- 365 -- 50
------------- -------------- --------- -------------
Net interest income
after provision for
loan losses 4,017 3,415 3,700 3,563
------------- -------------- --------- -------------
Noninterest income
Service charges on
deposits 34 29 29 30
BOLI dividend income 15 15 14 17
Gain on sale of loans 11 38 51 19
Gain on sale of
securities -- -- -- --
Other 14 25 18 19
------------- -------------- --------- -------------
Total noninterest
income 74 107 112 85
------------- -------------- --------- -------------
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA, continued
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended
----------------------------------------------------
December 31, September 30, June 30, December 31,
2015 2015 2015 2014
------------- ------------- ---------- ------------
Noninterest expenses
Salaries and benefits 1,817 1,702 1,744 1,536
Occupancy 219 224 198 206
Data and item
processing 149 161 144 138
Professional services 132 137 151 130
Furniture and
equipment 127 127 107 97
Provision for
unfunded loan
commitments 19 (6) 10 (8)
Other 483 492 470 485
------------- ------------- ---------- ------------
Total noninterest
expenses 2,946 2,837 2,824 2,584
------------- ------------- ---------- ------------
Income before provision
for income taxes 1,145 685 988 1,064
Provision for income
taxes 471 280 387 437
------------- ------------- ---------- ------------
Net income $ 674 $ 405 $ 601 $ 627
============= ============= ========== ============
Common Share Data(2)
Earnings per share
Basic $ 0.17 $ 0.10 $ 0.15 $ 0.16
Diluted $ 0.16 $ 0.10 $ 0.15 $ 0.16
Weighted average
shares outstanding
Basic 4,052,646 4,035,543 4,028,844 3,950,347
Diluted 4,131,661 4,108,966 4,085,410 4,015,706
1 = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.
2 = Earnings per share and weighted average shares outstanding have been restated to reflect the effect of the 5% stock dividend declared July 29, 2015 and payable September 30, 2015.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
12 Months Ended
---------------------------
December 31, December 31,
Operating Results Data(1) 2015 2014
------------- -------------
Interest and dividend income
Loans $ 14,732 $ 12,921
Investment securities 617 681
Federal Home Loan Bank stock 279 1370
Other 82 81
------------- -------------
Total interest and dividend income 15,710 13,819
------------- -------------
Interest expense
Interest bearing checking 11 27
Money market deposits 319 291
Savings deposits 280 243
Time deposits 51 58
------------- -------------
Total interest expense in deposits 661 618
Interest expense on borrowings 4 2
------------- -------------
Total interest expense 665 622
------------- -------------
Net interest income 15,045 13,198
Provision for loan losses 565 575
------------- -------------
Net interest income after provision for loan
losses 14,480 12,623
------------- -------------
Noninterest income
Service charges on deposits 123 122
BOLI dividend income 60 78
BOLI benefits 249 --
Gain on sale of loans 100 19
Gain on sale of securities -- 162
Other 78 84
------------- -------------
Total noninterest income 610 465
------------- -------------
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
12 Months Ended
----------------------------
December 31, December 31,
2015 2014
------------- --------------
Noninterest expenses
Salaries and benefits 6,890 5,858
Occupancy 841 764
Data and item processing 596 564
Professional services 532 529
Furniture and equipment 459 333
Provision for unfunded loan commitments 31 (3)
Other 1,916 1,714
------------- --------------
Total noninterest expenses 11,265 9,759
------------- --------------
Income before provision for income taxes 3,825 3,330
Provision for income taxes 1,444 1,369
------------- --------------
Net income $ 2,381 1,960
============= ==============
Common Share Data(2)
Earnings per share
Basic $ 0.59 $ 0.50
Diluted $ 0.58 $ 0.49
Weighted average shares outstanding
Basic 4,025,635 3,902,358
Diluted 4,091,555 3,964,335
1 = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.
2 = Earnings per share and weighted average shares outstanding have been restated to reflect the effect of the 5% stock dividend declared July 29, 2015 and payable September 30, 2015.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
December 31, September 30, June 30, December 31,
Asset Quality 2015 2015 2015 2014
------------ ------------- ---------- ------------
Loans past due 90
days or more and
accruing interest $ -- $ -- $ -- $ --
Nonaccrual
restructured loans 1,526 1,543 -- 222
Other nonaccrual
loans 205 358 92 551
Other real estate
owned -- -- -- --
------------ ------------- ---------- ------------
$ 1,731 $ 1,901 $ 92 $ 773
============ ============= ========== ============
Allowance for loan
losses to total
loans 1.57% 1.53% 1.60% 1.63%
Allowance for loan
losses to
nonperforming loans 342.06% 311.73% 6,031.52% 688.87%
Nonaccrual loans to
total loans 0.46% 0.49% 0.03% 0.24%
Nonperforming assets
to total assets 0.34% 0.38% 0.02% 0.17%
Regulatory Capital and
Ratios
Common equity tier 1
capital $ 44,258 $ 43,437 $ 42,941 NA
Tier 1 regulatory
capital $ 44,258 $ 43,437 $ 42,941 $ 40,924
Total regulatory
capital $ 48,461 $ 47,745 $ 46,919 $ 44,692
Tier 1 leverage
ratio 8.82% 8.94% 8.97% 9.01%
Common equity tier 1
risk based capital
ratio 13.24% 12.67% 13.57% NA
Tier 1 risk based
capital ratio 13.24% 12.67% 13.57% 13.66%
Total risk based
capital ratio 14.49% 13.92% 14.82% 14.91%
Three Months Ended
-----------------------------------------------------
Selected Financial December 31, September 30, June 30, December 31,
Ratios(1) 2015 2015 2015 2014
------------ ------------- ---------- ------------
Return on average
total assets 0.53% 0.33% 0.50% 0.55%
Return on average
shareholders'
equity 6.04% 3.68% 5.60% 6.09%
Net interest margin 3.21% 3.12% 3.13% 3.19%
Net interest income
to average total
assets 3.17% 3.08% 3.10% 3.15%
Efficiency ratio 72.03% 72.99% 74.08% 69.88%
1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
Three Months Ended
-----------------------------------------------------
Selected Average December 31, September 30, June 30, December 31,
Balances 2015 2015 2015 2014
------------- -------------- ---------- -------------
Gross loans $ 376,956 $ 355,960 $ 345,008 $ 326,795
Investment securities 86,974 97,070 101,475 99,588
Federal Home Loan
Bank stock 2,593 2,593 2,445 2,007
Other interest
earning assets 29,366 24,842 25,233 20,605
------------- -------------- ---------- -------------
Total interest
earning assets $ 495,889 $ 480,465 $ 474,161 $ 448,995
Total assets $ 502,349 $ 486,149 $ 479,363 $ 454,480
Interest bearing
checking accounts $ 31,352 $ 30,203 $ 26,132 $ 22,480
Money market deposits 114,281 113,377 125,098 110,179
Savings deposits 96,740 97,353 91,735 82,982
Time deposits 29,460 29,664 29,775 30,701
------------- -------------- ---------- -------------
Total interest
bearing deposits 271,833 270,597 272,740 246,342
Noninterest bearing
demand deposits 183,569 166,990 160,349 161,797
------------- -------------- ---------- -------------
Total deposits $ 455,402 $ 437,587 $ 433,089 $ 408,139
Borrowings $ 2,283 $ 3,742 $ 2,154 $ 4,435
Shareholders' equity $ 44,308 $ 43,697 $ 43,013 $ 40,857
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
12 Months Ended
----------------------------
December 31, December 31,
Selected Financial Ratios(1) 2015 2014
------------- -------------
Return on average total assets 0.49% 0.45%
Return on average shareholders' equity 5.51% 4.96%
Net interest margin 3.14% 3.09%
Net interest income to average total assets 3.10% 3.04%
Efficiency ratio 71.96% 71.42%
1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
12 Months Ended
-----------------------------
December 31, December 31,
Selected Average Balances(1) 2015 2014
-------------- --------------
Gross loans $ 352,971 $ 295,467
Investment securities 96,676 103,302
Federal Home Loan Bank stock 2,411 1,847
Other interest earning assets 27,700 26,164
-------------- --------------
Total interest earning assets $ 479,758 $ 426,780
Total assets $ 485,551 $ 433,590
Interest bearing checking accounts $ 27,709 $ 22,344
Money market deposits 118,298 106,203
Savings deposits 94,087 81,801
Time deposits 29,868 30,020
-------------- --------------
Total interest bearing deposits 269,963 240,368
Noninterest bearing demand deposits 169,419 151,192
-------------- --------------
Total deposits $ 439,381 $ 391,560
Borrowings $ 2,056 $ 1,599
Shareholders' equity $ 43,244 $ 39,506
1 = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.
For further information, please contact:
Thomas E. Meyer
President and Chief Executive Officer
831.264.4057 office
Tom.Meyer@1stCapitalBank.com
or
Michael J. Winiarski
Chief Financial Officer
831.264.4014 office
Michael.Winiarski@1stCapitalBank.com
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