SOURCE: 1st Capital Bank

1st Capital Bank

January 29, 2016 16:15 ET

1st Capital Bank Announces Fourth Quarter and Year to Date 2015 Financial Results; Record Net Interest Income, Deposits, Assets, and Equity

MONTEREY, CA--(Marketwired - Jan 29, 2016) -  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 Data1 December 31, 2015     September 30, 2015     June 30, 2015     December 31, 2014  
Assets                              
  Cash and due from banks $ 3,334     $ 3,380     $ 3,261     $ 2,654  
  Funds held at the Federal Reserve Bank2   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 FHLB3 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 outstanding4   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 Data1 December 31, 2015   September 30, 2015   June 30, 2015   December 31, 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, 2015   September 30, 2015     June 30, 2015   December 31, 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 Data2                          
  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 Data1   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 Data2              
  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)  
   
Asset Quality December 31, 2015     September 30, 2015     June 30, 2015     December 31, 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 Ratios1 December 31, 2015     September 30, 2015     June 30, 2015     December 31, 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 Balances December 31, 2015   September 30, 2015   June 30, 2015   December 31, 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 Ratios1   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 Balances1   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.

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