SALINAS, CA / ACCESSWIRE / October 29, 2021 / 1st Capital Bancorp (the "Company), (OTCQX:FISB), the $1 billion asset bank holding company and parent company of 1st Capital Bank (the "Bank"), today reported unaudited net income of $2.26 million for the three months ended September 30, 2021, an increase of 15.7% compared to net income of $1.95 million in the second quarter of 2021, and an increase of 136.7% compared to net income of $953 thousand in the third quarter of 2020. Earnings per share were $0.40 (diluted) for the third quarter of 2021, compared to $0.34 (diluted) for the prior quarter, and $0.17 (diluted) for the third quarter of 2020.
Financial Highlights
Performance highlights for the quarter ended September 30, 2021, as compared to the quarter ending September 30, 2020, and the quarter ending June 30, 2021:
- For the quarter ended September 30, 2021, the Company's return on average equity was 11.35%, as compared to 5.26% and 10.36% for the quarter ended September 30, 2020 and June 30, 2021, respectively.
- For the quarter ended September 30, 2021, the Company's return on average assets was 0.92%, as compared to 0.51% and 0.89% for the quarter ended September 30, 2020 and June 30, 2021, respectively.
- For the quarter ended September 30, 2021, the Company's net interest margin was 3.26%, as compared to 3.45% and 3.54% for the three months ended September 30, 2020 and June 30, 2021, respectively.
- For the quarter ended September 30, 2021, the Company's efficiency ratio was 60.58%, as compared to 69.88% and 64.79% for the three months ended September 30, 2020 and June 30, 2021, respectively.
- For the quarter ended September 30, 2021, the Company's provision expense for loan losses was $0, as compared to $650 thousand and $0 for the three months ended September 30, 2020 and June 30, 2021, respectively.
- As of September 30, 2021, the Company's nonperforming assets to total assets was 0.11%, as compared to 0.20% and 0.23% for the three months ended September 30, 2020 and June 30, 2021, respectively.
- As of September 30, 2021, the Company reported total assets, total deposits, and total loans of $1.008 billion, $911.7 million, and $565.0 million, respectively.
"We are pleased with our third quarter performance, especially in light of the challenging operating environment," commented Samuel D. Jimenez, chief executive officer. "We continue to experience significant deposit and corresponding asset growth. Total assets have increase by $175 million or 21% in the first three quarters of 2021. While organic core loan growth, excluding PPP, remains robust at an annualized growth rate of 8%, substantial excess liquidity remains, and has been deployed into higher yielding securities."
Net Interest Income and Net Interest Margin
The Company's third quarter 2021 net interest income increased $1.49 million or 23.94% as compared with the quarter ending September 30, 2020. This increase was driven by higher investment income, income generated by a $25 million consumer loan purchase in the second quarter of 2021, and increased revenue recognition from the Paycheck Protection Program (PPP) loans.
The Company's net interest margin decreased by 19 basis points (bps) or 5.51% when compared to the quarter ending September 30, 2020. This decrease was primarily driven by the Company's mix of average earning assets. Lower yielding average earning asset balances have grown at an exceeding rate relative to higher yielding average earning assets.
In general terms, prepaying and repricing higher yielding loans have been substantially replaced and supplemented with lower yielding investment securities purchased in the current year. The negative impact has been partially offset by higher yields resulting from fee recognition on PPP loan forgiveness, and to a lesser extent, the impact of the higher yielding consumer loans purchased during the second quarter.
Provision for Loan Losses
The Company did not make any provisions for loan losses in the quarter ending September 30, 2021, as compared to $650 thousand in the quarter ending September 30, 2020. Uncertainty surrounding COVID-19, and the potential negative impact on our clients and asset quality dictated the provisions made in the same period a year ago. Improving economic conditions and diminished concern with the Company's asset quality eliminated the need for any additional loan loss provisions for the previous sequential four quarters.
Noninterest Expenses
The Company's third quarter 2021 non-interest expenses increased $274 thousand, or 6.0%, to $4.85 million in the third quarter of 2021, compared to $4.58 million for the third quarter of 2020. This increase is mostly due to a $150 thousand community relations donation to the Salinas Regional Sports Authority to expand on its vision to "develop, build and manage high quality facilities" for youth soccer in the Salinas area.
Balance Sheet Summary
The Company's total assets increased $56.8 million or 5.98% to $1.008 billion as compared to $950.7 million at June 30, 2021.
Total loans outstanding were $565.0 million as of September 30, 2021. This represents a $63.6 million decrease or 10.12% from the September 30, 2020 outstanding balance of $628.6 million. The decrease in loan level reflected PPP loan forgiveness and payoff activity in the purchased residential loan portfolio, offset by an increase in originations of commercial real estate core loans, and the purchase of a $25 million consumer loan pool in May, 2021.
PPP loans outstanding were $42.4 million as of September 30, 2021, and included a deferred fee balance of $1.4 million. At September 30, 2020, PPP loans outstanding were $106.6 million and included a deferred fee balance of $2.5 million.
The investment portfolio increased $237.8 million to $297.5 million from an outstanding balance of $59.6 million as of September 30, 2020. Incoming cashflows from deposit growth and prepaying earning assets were significantly deployed in bonds. The majority of the investments were made in mortgage-backed securities, municipal securities, andfloating rate securities.
Total deposits were $911.7 million as of September 30, 2021. This represents a $250.2 million increase or 37.81% from the September 30, 2020 outstanding balance of $661.6 million. A significant portion of this growth was associated with PPP loan proceeds deposited with the Bank. Growth in noninterest-bearing demand deposit accounts were $81.7 million or 32.65% of the total deposit growth over the 12 months ending on September 30, 2021. The balance of the deposit growth was distributed among interest-bearing deposit accounts with the exception of time deposits which decreased by $4.7 million to $12.4 million.
Asset Quality
At September 30, 2021, non-performing assets were 0.11% of the Company's total assets, compared with 0.23% at June 30, 2021. At September 30, 2021, the allowance for loan losses was 1.56% of outstanding loans, compared to 1.46% at June 30, 2021. The Bank recorded a $22 thousand charge-off in the third quarter related to the purchased consumer loan portfolio. The Bank recorded net recoveries of $12 thousand in each of the three quarters of 2021.
As of September 30, 2021, the Company does not have any outstanding loan deferments or forbearances stemming from COVID-19.
About 1st Capital Bancorp
1st Capital Bancorp is the holding company for 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 and the U.S. Department of Agriculture. A full suite of deposit accounts also is furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, San Luis Obispo and Santa Cruz. The Bank's corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank's website is www.1stcapital.bank. 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 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 pandemics, 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 www.1stCapital.bank.
For further information, please contact:
Samuel D. Jimenez
Chief Executive Officer
831.264.4057
sam.jimenez@1stcapitalbank.com
1ST CAPITAL BANCORP
CONDENSED FINANCIAL DATA - UNAUDITED
($000s, except per share data)
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
Operating Results Data
|
|
9/30/2021 |
|
9/30/2020 |
|
Change |
|
9/30/2021 |
|
9/30/2020 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$ |
8,210 |
|
$ |
6,437 |
|
$ |
1,773 |
|
$ |
23,119 |
|
$ |
19,187 |
|
$ |
3,932 |
|
|
Interest expense
|
|
|
495 |
|
|
212 |
|
|
283 |
|
|
1,033 |
|
|
775 |
|
|
258 |
|
|
Net interest income
|
|
|
7,715 |
|
|
6,225 |
|
|
1,490 |
|
|
22,086 |
|
|
18,412 |
|
|
3,674 |
|
|
Provision for loan losses
|
|
|
- |
|
|
650 |
|
|
(650 |
) |
|
- |
|
|
2,125 |
|
|
(2,125 |
) |
|
Noninterest income
|
|
|
294 |
|
|
326 |
|
|
(32 |
) |
|
675 |
|
|
795 |
|
|
(120 |
) |
|
Noninterest expenses
|
|
|
4,852 |
|
|
4,578 |
|
|
274 |
|
|
14,755 |
|
|
13,026 |
|
|
1,729 |
|
|
Income before provision for income taxes
|
|
|
3,157 |
|
|
1,323 |
|
|
1,834 |
|
|
8,006 |
|
|
4,056 |
|
|
3,950 |
|
|
Provision for income taxes
|
|
|
901 |
|
|
370 |
|
|
531 |
|
|
2,263 |
|
|
1,145 |
|
|
1,118 |
|
|
Net income
|
|
$ |
2,256 |
|
$ |
953 |
|
$ |
1,303 |
|
$ |
5,743 |
|
$ |
2,911 |
|
$ |
2,832 |
|
|
Assets
|
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|
12/31/2020 |
|
|
Cash and due from banks
|
|
$ |
9,668 |
|
$ |
17,876 |
|
$ |
11,497 |
|
$ |
9,304 |
|
|
Funds held at the Federal Reserve Bank
|
|
|
120,005 |
|
|
43,615 |
|
|
47,158 |
|
|
97,462 |
|
|
Available-for-sale securities, at fair value
|
|
|
297,456 |
|
|
264,572 |
|
|
181,201 |
|
|
106,214 |
|
|
Loans
|
|
|
565,031 |
|
|
608,101 |
|
|
619,436 |
|
|
605,154 |
|
|
Allowance for loan losses
|
|
|
(8,830 |
) |
|
(8,840 |
) |
|
(8,828 |
) |
|
(8,816 |
) |
|
Net loans
|
|
|
556,201 |
|
|
599,261 |
|
|
610,608 |
|
|
596,338 |
|
|
Other Assets
|
|
|
24,186 |
|
|
25,379 |
|
|
24,003 |
|
|
23,233 |
|
|
Total assets
|
|
$ |
1,007,516 |
|
$ |
950,703 |
|
$ |
874,467 |
|
$ |
832,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|
12/31/2020 |
|
|
Noninterest bearing demand deposits
|
|
$ |
438,445 |
|
$ |
412,108 |
|
$ |
401,123 |
|
$ |
386,711 |
|
|
Interest bearing checking accounts
|
|
|
72,867 |
|
|
57,421 |
|
|
58,612 |
|
|
65,686 |
|
|
Money market
|
|
|
252,256 |
|
|
241,164 |
|
|
185,841 |
|
|
159,509 |
|
|
Savings
|
|
|
135,736 |
|
|
129,176 |
|
|
127,940 |
|
|
121,148 |
|
|
Time
|
|
|
12,422 |
|
|
13,761 |
|
|
14,317 |
|
|
15,284 |
|
|
Interest bearing deposits
|
|
|
473,281 |
|
|
441,522 |
|
|
386,710 |
|
|
361,627 |
|
|
Total deposits
|
|
|
911,726 |
|
|
853,630 |
|
|
787,833 |
|
|
748,338 |
|
|
Other liabilities
|
|
|
17,309 |
|
|
19,779 |
|
|
12,249 |
|
|
9,880 |
|
|
Shareholders' equity
|
|
|
78,481 |
|
|
77,294 |
|
|
74,385 |
|
|
74,333 |
|
|
Total liabilities and shareholders' equity
|
|
$ |
1,007,516 |
|
$ |
950,703 |
|
$ |
874,467 |
|
$ |
832,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
|
|
|
5,587,878 |
|
|
5,581,848 |
|
|
5,571,545 |
|
|
5,570,021 |
|
|
Earnings per share basic
|
|
$ |
0.40 |
|
$ |
0.35 |
|
$ |
0.28 |
|
$ |
0.29 |
|
|
Earnings per share diluted
|
|
$ |
0.40 |
|
$ |
0.34 |
|
$ |
0.27 |
|
$ |
0.28 |
|
|
Nominal and tangible book value per share
|
|
$ |
14.04 |
|
$ |
13.85 |
|
$ |
13.35 |
|
$ |
13.35 |
|
1ST CAPITAL BANCORP
CONDENSED FINANCIAL DATA - UNAUDITED
($000s, except per share data)
|
|
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
|
Operating Results Data
|
|
9/30/2021 |
|
9/30/2020 |
|
Change |
|
|
9/30/2021 |
|
9/30/2020 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$ |
8,210 |
|
$ |
6,437 |
|
$ |
1,773 |
|
|
$ |
23,119 |
|
$ |
19,187 |
|
$ |
3,932 |
|
|
Interest expense
|
|
|
495 |
|
|
212 |
|
|
283 |
|
|
|
1,033 |
|
|
775 |
|
|
258 |
|
|
Net interest income
|
|
|
7,715 |
|
|
6,225 |
|
|
1,490 |
|
|
|
22,086 |
|
|
18,412 |
|
|
3,674 |
|
|
Provision for loan losses
|
|
|
- |
|
|
650 |
|
|
(650 |
) |
|
|
- |
|
|
2,125 |
|
|
(2,125 |
) |
|
Noninterest income
|
|
|
294 |
|
|
326 |
|
|
(32 |
) |
|
|
675 |
|
|
795 |
|
|
(120 |
) |
|
Noninterest expenses
|
|
|
4,852 |
|
|
4,578 |
|
|
274 |
|
|
|
14,755 |
|
|
13,026 |
|
|
1,729 |
|
|
Income before provision for income taxes
|
|
|
3,157 |
|
|
1,323 |
|
|
1,834 |
|
|
|
8,006 |
|
|
4,056 |
|
|
3,950 |
|
|
Provision for income taxes
|
|
|
901 |
|
|
370 |
|
|
531 |
|
|
|
2,263 |
|
|
1,145 |
|
|
1,118 |
|
|
Net income
|
|
$ |
2,256 |
|
$ |
953 |
|
$ |
1,303 |
|
|
$ |
5,743 |
|
$ |
2,911 |
|
$ |
2,832 |
|
|
Assets
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|
12/31/2020 |
|
|
Cash and due from banks
|
$ |
9,668 |
|
$ |
17,876 |
|
$ |
11,497 |
|
$ |
9,304 |
|
|
Funds held at the Federal Reserve Bank
|
|
120,005 |
|
|
43,615 |
|
|
47,158 |
|
|
97,462 |
|
|
Available-for-sale securities, at fair value
|
|
297,456 |
|
|
264,572 |
|
|
181,201 |
|
|
106,214 |
|
|
Loans
|
|
565,031 |
|
|
608,101 |
|
|
619,436 |
|
|
605,154 |
|
|
Allowance for loan losses
|
|
(8,830 |
) |
|
(8,840 |
) |
|
(8,828 |
) |
|
(8,816 |
) |
|
Net loans
|
|
556,201 |
|
|
599,261 |
|
|
610,608 |
|
|
596,338 |
|
|
Other Assets
|
|
24,186 |
|
|
25,379 |
|
|
24,003 |
|
|
23,233 |
|
|
Total assets
|
$ |
1,007,516 |
|
$ |
950,703 |
|
$ |
874,467 |
|
$ |
832,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
9/30/2021 |
|
6/30/2021 |
|
3/31/2021 |
|
12/31/2020 |
|
|
Noninterest bearing demand deposits
|
$ |
438,445 |
|
$ |
412,108 |
|
$ |
401,123 |
|
$ |
386,711 |
|
|
Interest bearing checking accounts
|
|
72,867 |
|
|
57,421 |
|
|
58,612 |
|
|
65,686 |
|
|
Money market
|
|
252,256 |
|
|
241,164 |
|
|
185,841 |
|
|
159,509 |
|
|
Savings
|
|
135,736 |
|
|
129,176 |
|
|
127,940 |
|
|
121,148 |
|
|
Time
|
|
12,422 |
|
|
13,761 |
|
|
14,317 |
|
|
15,284 |
|
|
Interest bearing deposits
|
|
473,281 |
|
|
441,522 |
|
|
386,710 |
|
|
361,627 |
|
|
Total deposits
|
|
911,726 |
|
|
853,630 |
|
|
787,833 |
|
|
748,338 |
|
|
Other liabilities
|
|
17,309 |
|
|
19,779 |
|
|
12,249 |
|
|
9,880 |
|
|
Shareholders' equity
|
|
78,481 |
|
|
77,294 |
|
|
74,385 |
|
|
74,333 |
|
|
Total liabilities and shareholders' equity
|
$ |
1,007,516 |
|
$ |
950,703 |
|
$ |
874,467 |
|
$ |
832,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding
|
|
5,587,878 |
|
|
5,581,848 |
|
|
5,571,545 |
|
|
5,570,021 |
|
|
Earnings per share basic
|
$ |
0.40 |
|
$ |
0.35 |
|
$ |
0.28 |
|
$ |
0.29 |
|
|
Earnings per share diluted
|
$ |
0.40 |
|
$ |
0.34 |
|
$ |
0.27 |
|
$ |
0.28 |
|
|
Nominal and tangible book value per share
|
$ |
14.04 |
|
$ |
13.85 |
|
$ |
13.35 |
|
$ |
13.35 |
|
1ST CAPITAL BANCORP
CONDENSED FINANCIAL DATA - UNAUDITED
($ in 000s)
|
Assets
|
|
9/30/2021 |
|
9/30/2020 |
|
6/30/2021 |
|
3/31/2021 |
|
|
Cash and due from banks
|
|
$ |
9,668 |
|
$ |
6,966 |
|
$ |
17,876 |
|
$ |
11,497 |
|
|
Funds held at the Federal Reserve Bank
|
|
|
120,005 |
|
|
38,715 |
|
|
43,615 |
|
|
47,158 |
|
|
Available-for-sale securities, at fair value
|
|
|
297,456 |
|
|
59,649 |
|
|
264,572 |
|
|
181,201 |
|
|
Loans held for sale
|
|
|
- |
|
|
442 |
|
|
1,791 |
|
|
- |
|
|
Construction/land (including farmland)
|
|
|
25,476 |
|
|
15,850 |
|
|
22,091 |
|
|
19,331 |
|
|
Residential 1 to 4 units
|
|
|
68,438 |
|
|
115,881 |
|
|
75,906 |
|
|
87,736 |
|
|
Home equity lines of credit
|
|
|
7,601 |
|
|
6,034 |
|
|
6,669 |
|
|
5,400 |
|
|
Multifamily
|
|
|
81,268 |
|
|
79,693 |
|
|
77,183 |
|
|
84,942 |
|
|
Owner occupied commercial real estate
|
|
|
80,166 |
|
|
70,935 |
|
|
81,972 |
|
|
68,189 |
|
|
Investor commercial real estate
|
|
|
185,001 |
|
|
173,557 |
|
|
172,776 |
|
|
176,709 |
|
|
Commercial and industrial
|
|
|
40,719 |
|
|
48,812 |
|
|
49,147 |
|
|
49,314 |
|
|
Paycheck Protection Program
|
|
|
42,414 |
|
|
106,559 |
|
|
84,866 |
|
|
118,381 |
|
|
Other loans
|
|
|
33,948 |
|
|
10,877 |
|
|
35,700 |
|
|
9,434 |
|
|
Total loans held for investment
|
|
|
565,031 |
|
|
628,198 |
|
|
606,310 |
|
|
619,436 |
|
|
Allowance for loan losses
|
|
|
(8,830 |
) |
|
(8,804 |
) |
|
(8,840 |
) |
|
(8,828 |
) |
|
Net loans held for investment
|
|
|
556,201 |
|
|
619,394 |
|
|
597,470 |
|
|
610,608 |
|
|
Other assets
|
|
|
24,186 |
|
|
23,856 |
|
|
25,379 |
|
|
24,003 |
|
|
Total assets
|
|
$ |
1,007,516 |
|
$ |
749,022 |
|
$ |
950,703 |
|
$ |
874,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity
|
|
9/30/2021 |
|
9/30/2020 |
|
6/30/2021 |
|
3/31/2021 |
|
|
Noninterest bearing demand deposits
|
|
$ |
438,445 |
|
$ |
356,730 |
|
$ |
412,108 |
|
$ |
401,123 |
|
|
Interest bearing checking accounts
|
|
|
72,867 |
|
|
54,228 |
|
|
57,421 |
|
|
58,612 |
|
|
Money market
|
|
|
252,256 |
|
|
128,039 |
|
|
241,164 |
|
|
185,841 |
|
|
Savings
|
|
|
135,736 |
|
|
105,431 |
|
|
129,176 |
|
|
127,940 |
|
|
Time
|
|
|
12,422 |
|
|
17,147 |
|
|
13,761 |
|
|
14,317 |
|
|
Interest bearing deposits
|
|
|
473,281 |
|
|
304,845 |
|
|
441,522 |
|
|
386,710 |
|
|
Total deposits
|
|
|
911,726 |
|
|
661,575 |
|
|
853,630 |
|
|
787,833 |
|
|
Other liabilities
|
|
|
17,309 |
|
|
15,059 |
|
|
19,779 |
|
|
12,249 |
|
|
Shareholders' equity
|
|
|
78,481 |
|
|
72,388 |
|
|
77,294 |
|
|
74,385 |
|
|
Total liabilities and shareholders' equity
|
|
$ |
1,007,516 |
|
$ |
749,022 |
|
$ |
950,703 |
|
$ |
874,467 |
|
1ST CAPITAL BANCORP
CONDENSED FINANCIAL DATA - UNAUDITED
($ in 000s)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
Operating Results Data
|
|
9/30/2021 |
|
|
9/30/2020 |
|
|
9/30/2021 |
|
|
9/30/2020 |
|
|
Loans
|
|
$ |
7,121 |
|
|
$ |
6,133 |
|
|
$ |
20,698 |
|
|
$ |
18,050 |
|
|
Investment securities
|
|
|
1,000 |
|
|
|
253 |
|
|
|
2,205 |
|
|
|
924 |
|
|
Federal Home Loan Bank stock
|
|
|
60 |
|
|
|
44 |
|
|
|
169 |
|
|
|
132 |
|
|
Other income
|
|
|
29 |
|
|
|
7 |
|
|
|
47 |
|
|
|
81 |
|
|
Interest expense
|
|
|
495 |
|
|
|
212 |
|
|
|
1,033 |
|
|
|
775 |
|
|
Net interest income
|
|
|
7,715 |
|
|
|
6,225 |
|
|
|
22,086 |
|
|
|
18,412 |
|
|
Provision for loan losses
|
|
|
- |
|
|
|
650 |
|
|
|
- |
|
|
|
2,125 |
|
|
Noninterest income
|
|
|
294 |
|
|
|
326 |
|
|
|
675 |
|
|
|
795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and benefits expense
|
|
|
2,737 |
|
|
|
2,704 |
|
|
|
9,103 |
|
|
|
7,921 |
|
|
Occupancy expense
|
|
|
422 |
|
|
|
390 |
|
|
|
1,230 |
|
|
|
1,106 |
|
|
Data and item processing
|
|
|
288 |
|
|
|
225 |
|
|
|
803 |
|
|
|
652 |
|
|
Furniture and equipment
|
|
|
119 |
|
|
|
127 |
|
|
|
349 |
|
|
|
507 |
|
|
Professional services
|
|
|
148 |
|
|
|
350 |
|
|
|
488 |
|
|
|
678 |
|
|
Other
|
|
|
1,138 |
|
|
|
782 |
|
|
|
2,782 |
|
|
|
2,162 |
|
|
Total noninterest expenses
|
|
|
4,852 |
|
|
|
4,578 |
|
|
|
14,755 |
|
|
|
13,026 |
|
|
Income before provision for income taxes
|
|
|
3,157 |
|
|
|
1,323 |
|
|
|
8,006 |
|
|
|
4,056 |
|
|
Provision for income taxes
|
|
|
901 |
|
|
|
370 |
|
|
|
2,263 |
|
|
|
1,145 |
|
|
Net income
|
|
$ |
2,256 |
|
|
$ |
953 |
|
|
$ |
5,743 |
|
|
$ |
2,911 |
|
|
Asset Quality
|
|
9/30/2021 |
|
|
6/30/2021 |
|
|
3/31/2021 |
|
|
12/31/2020 |
|
|
Loans past due 90 days or more and accruing interest
|
|
$ |
146 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
Nonaccrual restructured loans
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Other nonaccrual loans
|
|
|
921 |
|
|
|
2,161 |
|
|
|
3,100 |
|
|
|
1,299 |
|
|
Other real estate owned
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total nonperforming assets
|
|
$ |
1,067 |
|
|
$ |
2,161 |
|
|
$ |
3,100 |
|
|
$ |
1,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans
|
|
|
1.56 |
% |
|
|
1.46 |
% |
|
|
1.43 |
% |
|
|
1.46 |
% |
|
Allowance for loan losses to nonperforming loans
|
|
|
827.55 |
% |
|
|
409.07 |
% |
|
|
284.77 |
% |
|
|
678.68 |
% |
|
Nonaccrual loans to total loans
|
|
|
0.16 |
% |
|
|
0.36 |
% |
|
|
0.50 |
% |
|
|
0.21 |
% |
|
Nonperforming assets to total assets
|
|
|
0.11 |
% |
|
|
0.23 |
% |
|
|
0.35 |
% |
|
|
0.16 |
% |
1ST CAPITAL BANCORP
CONDENSED FINANCIAL DATA - UNAUDITED
($ in 000s)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
|
|
Selected Average Balances
|
9/30/2021 |
|
9/30/2020 |
|
9/30/2021 |
|
9/30/2020 |
|
|
Gross loans
|
588,133 |
|
628,889 |
|
607,673 |
|
585,636 |
|
|
Investment securities
|
279,122 |
|
61,323 |
|
202,569 |
|
63,167 |
|
|
Federal Home Loan Bank stock
|
3,948 |
|
3,534 |
|
3,773 |
|
3,520 |
|
|
Other interest earning assets
|
80,909 |
|
24,815 |
|
52,335 |
|
22,939 |
|
|
Total interest earning assets
|
952,112 |
|
718,561 |
|
866,350 |
|
675,262 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
977,147 |
|
741,263 |
|
891,336 |
|
699,085 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts
|
64,009 |
|
47,246 |
|
60,931 |
|
44,381 |
|
|
Money market
|
232,979 |
|
127,094 |
|
197,320 |
|
137,364 |
|
|
Savings
|
134,724 |
|
105,548 |
|
128,742 |
|
103,340 |
|
|
Time deposits
|
13,534 |
|
17,748 |
|
14,163 |
|
18,784 |
|
|
Total interest bearing deposits
|
445,246 |
|
297,636 |
|
401,156 |
|
303,869 |
|
|
Noninterest bearing demand deposits
|
433,518 |
|
356,738 |
|
401,407 |
|
315,254 |
|
|
Total deposits
|
878,764 |
|
654,374 |
|
802,563 |
|
619,123 |
|
|
Borrowings
|
14,646 |
|
10,000 |
|
7,131 |
|
4,599 |
|
|
Shareholders' equity
|
78,824 |
|
71,849 |
|
76,552 |
|
70,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Nine Months Ended
|
|
Selected Financial Ratios
|
9/30/2021 |
|
9/30/2020 |
|
9/30/2021 |
|
9/30/2020 |
|
|
Return on average total assets
|
0.92 |
% |
0.51 |
% |
0.86 |
% |
0.55 |
% |
|
Return on average shareholders' equity
|
11.35 |
% |
5.26 |
% |
10.03 |
% |
5.52 |
% |
|
Net interest margin
|
3.26 |
% |
3.45 |
% |
3.44 |
% |
3.64 |
% |
|
Net interest income to average total assets
|
3.13 |
% |
3.33 |
% |
3.31 |
% |
3.51 |
% |
|
Efficiency ratio
|
60.58 |
% |
69.88 |
% |
64.82 |
% |
67.82 |
% |
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
Selected Average Balances
|
|
9/30/2021 |
|
|
9/30/2020 |
|
|
9/30/2021 |
|
|
9/30/2020 |
|
|
Gross loans
|
|
$ |
588,133 |
|
|
$ |
628,889 |
|
|
$ |
607,673 |
|
|
$ |
585,636 |
|
|
Investment securities
|
|
|
279,122 |
|
|
|
61,323 |
|
|
|
202,569 |
|
|
|
63,167 |
|
|
Federal Home Loan Bank stock
|
|
|
3,948 |
|
|
|
3,534 |
|
|
|
3,773 |
|
|
|
3,520 |
|
|
Other interest earning assets
|
|
|
80,909 |
|
|
|
24,815 |
|
|
|
52,335 |
|
|
|
22,939 |
|
|
Total interest earning assets
|
|
$ |
952,112 |
|
|
$ |
718,561 |
|
|
$ |
866,350 |
|
|
$ |
675,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
977,147 |
|
|
$ |
741,263 |
|
|
$ |
891,336 |
|
|
$ |
699,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing checking accounts
|
|
$ |
64,009 |
|
|
$ |
47,246 |
|
|
$ |
60,931 |
|
|
$ |
44,381 |
|
|
Money market
|
|
|
232,979 |
|
|
|
127,094 |
|
|
|
197,320 |
|
|
|
137,364 |
|
|
Savings
|
|
|
134,724 |
|
|
|
105,548 |
|
|
|
128,742 |
|
|
|
103,340 |
|
|
Time deposits
|
|
|
13,534 |
|
|
|
17,748 |
|
|
|
14,163 |
|
|
|
18,784 |
|
|
Total interest bearing deposits
|
|
|
445,246 |
|
|
|
297,636 |
|
|
|
401,156 |
|
|
|
303,869 |
|
|
Noninterest bearing demand deposits
|
|
|
433,518 |
|
|
|
356,738 |
|
|
|
401,407 |
|
|
|
315,254 |
|
|
Total deposits
|
|
$ |
878,764 |
|
|
$ |
654,374 |
|
|
$ |
802,563 |
|
|
$ |
619,123 |
|
|
Borrowings
|
|
$ |
14,646 |
|
|
$ |
10,000 |
|
|
$ |
7,131 |
|
|
$ |
4,599 |
|
|
Shareholders' equity
|
|
$ |
78,824 |
|
|
$ |
71,849 |
|
|
$ |
76,552 |
|
|
$ |
70,285 |
|
|
Selected Financial Ratios
|
|
9/30/2021 |
|
|
9/30/2020 |
|
|
9/30/2021 |
|
|
9/30/2020 |
|
|
Return on average total assets
|
|
|
0.92 |
% |
|
|
0.51 |
% |
|
|
0.86 |
% |
|
|
0.55 |
% |
|
Return on average shareholders' equity
|
|
|
11.35 |
% |
|
|
5.26 |
% |
|
|
10.03 |
% |
|
|
5.52 |
% |
|
Net interest margin
|
|
|
3.26 |
% |
|
|
3.45 |
% |
|
|
3.44 |
% |
|
|
3.64 |
% |
|
Net interest income to average total assets
|
|
|
3.13 |
% |
|
|
3.33 |
% |
|
|
3.31 |
% |
|
|
3.51 |
% |
|
Efficiency ratio
|
|
|
60.58 |
% |
|
|
69.88 |
% |
|
|
64.82 |
% |
|
|
67.82 |
% |
|
Regulatory Capital and Ratios
|
|
9/30/2021 |
|
|
6/30/2021 |
|
|
3/31/2021 |
|
|
12/31/2020 |
|
|
Common equity tier 1 capital
|
|
$ |
78,702 |
|
|
$ |
76,158 |
|
|
$ |
74,132 |
|
|
$ |
72,461 |
|
|
Tier 1 regulatory capital
|
|
$ |
78,702 |
|
|
$ |
76,158 |
|
|
$ |
74,132 |
|
|
$ |
72,461 |
|
|
Total regulatory capital
|
|
$ |
86,122 |
|
|
$ |
83,518 |
|
|
$ |
80,863 |
|
|
$ |
78,957 |
|
|
Tier 1 leverage ratio
|
|
|
8.07 |
% |
|
|
8.64 |
% |
|
|
9.14 |
% |
|
|
9.44 |
% |
|
Common equity tier 1 risk based capital ratio
|
|
|
13.30 |
% |
|
|
12.99 |
% |
|
|
13.83 |
% |
|
|
14.01 |
% |
|
Tier 1 capital ratio
|
|
|
13.30 |
% |
|
|
12.99 |
% |
|
|
13.83 |
% |
|
|
14.01 |
% |
|
Total risk based capital ratio
|
|
|
14.55 |
% |
|
|
14.24 |
% |
|
|
15.08 |
% |
|
|
15.27 |
% |
SOURCE: 1st Capital Bank
View source version on accesswire.com:
https://www.accesswire.com/670354/1st-Capital-Bancorp-Announces-Third-Quarter-2021-Results
