1st Capital Bank Announces Third Quarter 2019 Financial Results; Record Loan Portfolio

SALINAS, CA / ACCESSWIRE / October 31, 2019 / 1st Capital Bank (OTC Pink:FISB) reported unaudited net income of $1.94 million for the three months ended September 30, 2019, an increase of 11.3% compared to net income of $1.74 million in the third quarter of 2018 and an increase of 18.3% compared to net income of $1.64 million in the second quarter of 2019, the immediately preceding quarter. Earnings per common share were $0.37 (diluted), compared to $0.31 (diluted) for the prior quarter.

On a year-to-date basis, unaudited net income was $5.35 million for the nine months ended September 30, 2019, an increase of $861 thousand, or 19.2%, compared to $4.49 million for the nine months ended September 30, 2018. Earnings per common share were $1.03 (diluted) and $0.88 (diluted) for the nine-month periods ended September 30, 2019 and 2018, respectively.

For the three months ended September 30, 2019, the Bank’s return on average assets was 1.25%, compared with 1.08% for the three months ended June 30, 2019, and 1.12% for the three months ended September 30, 2018. Return on average equity was 11.79% for the three months ended September 30, 2019, compared to 10.47% for the three months ended June 30, 2019, and 12.38% for the three months ended September 30, 2018.

Year-to-date return on average assets and return on average equity totaled 1.16% and 11.40%, respectively; compared with 1.01% and 11.08%, respectively, for the first nine months of 2018.

Net interest margin increased from 3.91% in the third quarter of 2018 to 4.05% in the third quarter of 2019, but declined slightly from 4.06% in the second quarter of 2019, primarily due to a decline in earning asset yield from 4.23% in the second quarter of 2019 to 4.22% in the third quarter of 2019. The Bank’s average net loans-to-deposits ratio increased from 85.1% in the third quarter of 2018 to 87.3% in the third quarter of 2019, but declined from 88.1% in the second quarter of 2019, and average gross loans outstanding increased $0.8 million or 0.2%, year-to-year, from $480.6 million to $481.4 million. Net interest income before provision for loan losses for the three-month period ended September 30, 2019 was $5.99 million, a sequential increase of $20 thousand, or 0.3%, compared to $5.97 million recognized in the three-month period ended June 30, 2019. The Bank’s cost of funds declined slightly, to 0.20% for the third quarter of 2019, compared to­­ 0.21% for the second quarter of 2019, but increased from 0.17% in the third quarter of 2018. On a year-over-year basis, quarterly net interest income before provision for loan losses increased $97 thousand, or 1.6%, from $5.89 million recognized during the third quarter of 2018.

Net loans increased $12.6 million, or 2.6%, during the third quarter, from $475.1 million at June 30, 2019 to $487.7 million at September 30, 2019. Growth was concentrated in commercial real estate loans including multifamily loans ($14.4 million). Year over year, gross loans outstanding increased 2.0%, from $484.6 million as of September 30, 2018 to $494.3 million as of September 30, 2019. Growth in commercial real estate loans of $20.1 million was the primary driver of the loan growth during the past 12 months, which was partially offset by a $6.0 million decline in single-family residential loans. Yields on commercial and industrial loans increased from 5.50% during the third quarter of 2018 to 5.72% during the third quarter of 2019, but decreased from 6.02% during the second quarter of 2019, due to changes in the Bank’s prime lending rate. Yields on commercial real estate loans increased from 4.81% during the third quarter of 2018 to 4.93% and 4.97% during the second and third quarters of 2019, respectively. The yield on the total loan portfolio increased from 4.50% during the third quarter of 2018 to 4.61% and 4.60% during the second and third quarters of 2019, respectively.

“We are pleased to report growth in our core loan portfolio in the third quarter,” said Thomas E. Meyer, president and chief executive officer. “Recent additions to our experienced group of relationship managers have sourced quality new opportunities for us.”

Non-interest income for the nine-month period ended September 30, 2019 increased 10.9% to $1.61 million, compared to $1.45 million for the nine-month period ended September 30, 2018. Quarterly non-interest income increased $134 thousand, or 28.5% year-over-year, to $605 thousand, compared to non-interest income of $471 thousand recognized in the third quarter of 2018, and increased $77 thousand, or 14.6% compared to non-interest income of $528 thousand recognized in the second quarter of 2019.

The Bank’s efficiency ratio improved from 65.6% in the second quarter of 2019 to 60.0% in the third quarter of 2019, as the Bank’s non-interest expenses decreased 7.1%, while total revenues grew nominally over the same period.

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

Net interest income before provision for credit losses was $5.99 million in the third quarter of 2019, an increase of $20 thousand, or 0.4%, compared to $5.97 million in the second quarter of 2019 and an increase of $97 thousand, or 1.6%, compared to $5.89 million in the third quarter of 2018. Net interest income before provision for credit losses for the nine months ended September 30, 2019 was $18.1 million, an increase of $1.54 million or 9.3%, compared to $16.6 million for the nine months ended September 30, 2018.

Average earning assets were $589.1 million during the third quarter of 2019, a decrease of 0.6% compared to $592.4 million in the second quarter of 2019. The yield on earning assets was 4.22% in the third quarter of 2019, compared to 4.05% in the third quarter of 2018, primarily due to an increase in the average yield of the loan portfolio from 4.50% in the third quarter of 2018 to 4.60% in the third quarter of 2019; and secondly, due to increase in yields in the investment portfolio. The average balance of the investment portfolio decreased $1.2 million, from $70.2 million in the third quarter of 2018 to $68.9 million in the third quarter of 2019, reflecting normal amortization and prepayments on the Bank’s investments in mortgage-backed securities and collateralized mortgage obligations.

The yield on the investment portfolio increased from 2.28% in the third quarter of 2018 to 2.54% in the third quarter of 2019, but declined from 2.62% in the second quarter of 2019 as variable-rate mortgage-backed securities and collateralized mortgage obligations repriced downward in the third quarter.

The cost of interest-bearing liabilities increased from 0.30% in the third quarter of 2018, to 0.40% in the second quarter of 2019, and decreased marginally to 0.39% in the third quarter of 2019, while the average balance of interest-bearing liabilities decreased from $307.6 million in the third quarter of 2018 to $280.4 million in the second quarter of 2019, but increased to $286.9 million in the third quarter of 2019. The Bank experienced normal seasonal fluctuations in deposits, particularly from larger depositors, and managed its leverage ratio, primarily with the Insured Cash Sweep program, which had off-balance sheet quarter-end balances of $109 million, $106 million, and $82 million in the third quarter of 2018 and the second and third quarters of 2019, respectively. The average balance of noninterest-bearing demand deposit accounts increased from $249 million, or 44.8% of total deposits, in the third quarter of 2018 to $262 million, or 48.3% of total deposits in the second quarter of 2018, but decreased to $257 million, or 47.3% of total deposits, in the third quarter of 2019. The Bank’s overall cost of funds increased slightly, from 0.17% in the third quarter of 2018 to 0.21% and 0.20% in second quarter and third quarter, respectively, of 2019.

“We continued to benefit from our strong reliable core funding in the third quarter of 2019, although we are seeing some migration of transitory interest-bearing balances into other asset classes as our clients redeploy funds derived from liquidity events,” said Michael J. Winiarski, Chief Financial Officer. “Solid expense control also benefitted third quarter results.”

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 its estimate of probable credit losses incurred as of the balance sheet date using historical loss data and qualitative factors associated with the loan portfolio.

The Bank recorded no provision for loan losses in the third quarter of 2018, and no provisions for the second and third quarters of 2019, reflecting reductions in the level of criticized assets, changes in the mix of loan types within the portfolio and their respective historical loss rates, and management’s assessment of the amounts expected to be realized from certain loans identified as impaired. Impaired loans totaled $181 thousand at September 30, 2019, compared to $240 thousand at June 30, 2019, and $3.3 million at September 30, 2018.

At September 30, 2019 and June 30, 2019, there were no non-performing loans in the Bank’s loan portfolio; they totaled 0.60% of the total loans at September, 2018. At September 30, 2019, the allowance for loan losses was 1.33% of outstanding loans, compared to 1.36% at June 30, 2019 and 1.33% at September 30, 2018. The Bank recorded net recoveries of $9 thousand during the third quarter of 2019, compared to net recoveries of $12 thousand in each of the second quarter of 2019 and third quarter of 2018.

NON-INTEREST INCOME

Non-interest income recognized in the third quarter of 2019 totaled $605 thousand, including $93 thousand in gain on sale of loans and investments, compared to $528 thousand in the second quarter of 2019, and $471 thousand in the third quarter of 2018, without any gain on sale recognition. Overall, this represents a decrease in non-interest income other than gain on sales of $16 thousand, or 3.0%, compared to the second quarter of 2019, and an increase of $41 thousand, or 8.7%, compared to the third quarter of 2018.

Management has been actively seeking to increase non-interest income across a range of sources, including account analysis fees, lockbox service fees, and mortgage brokerage fees. On a year-to-date basis, non-interest income increased 10.9%, from $1.45 million to $1.61 million, including an 11.3% increase in service charges on deposits, from $221 thousand to $246 thousand, and a 99.3% increase in mortgage brokerage fees from $61 thousand to $121 thousand.

NON-INTEREST EXPENSES

Non-interest expenses of $3.96 million for the third quarter of 2019 represented a decrease of 7.1% from the previous quarter of $4.26 million and were essentially unchanged compared to $3.97 million recognized in the third quarter of 2018. Year-to-date 2019 non-interest expenses totaled $12.46 million, an increase of $606 thousand, or 5.1%, compared to $11.86 million for the first nine months of 2018.

Salaries and benefits decreased $248 thousand, or 9.2%, to $2.45 million in the third quarter of 2019 from $2.70 million in the second quarter of 2019 and decreased $30 thousand, or 1.2%, compared to $2.48 million in the third quarter of 2018. These decreases primarily reflect increased absorption of direct loan origination costs associated with higher lending volume and revisions to the standard costs the Bank uses to capitalize such costs. Occupancy costs increased to $372 thousand in the third quarter of 2019 compared to $326 thousand in the second quarter of 2019 due to rents and other costs incurred in establishing a new loan center in Santa Cruz and branch relocation costs in San Luis Obispo.

The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 60.0% for the third quarter of 2019, compared to 65.6% for the second quarter of 2019 and 62.4% for the third quarter of 2018. Annualized non-interest expenses as a percent of average total assets were 2.56%, 2.80%, and 2.56% for the third quarter of 2019, the second quarter of 2019, and the third quarter of 2018, respectively.

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 and a loan production office in Santa Cruz County. The Bank’s corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank’s website is 1stCapital.bank. 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 1stCapital.bank internet site for no charge.

For further information, please contact:

Thomas E. Meyer
President and Chief Executive Officer
831.264.4057 office
Tom.Meyer@1stCapitalBank.com

Michael J. Winiarski
Chief Financial Officer
831.264.4014 office
Michael.Winiarski@1stCapitalBank.com

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

 
  September 30,     June 30,     March 31,     September 30,  
Financial Condition Data1
  2019     2019     2019     2018  
Assets
                       
Cash and due from banks
  $ 5,947     $ 5,994     $ 6,569     $ 5,408  
Funds held at the Federal Reserve Bank2
    47,529       56,057       60,979       33,571  
Time deposits at other financial institutions
                      996  
Available-for-sale securities, at fair value
    68,386       70,396       69,320       68,154  
Loans receivable held for sale
                      1,000  
Loans receivable held for investment:
                               
Construction / land (including farmland)
    18,602       18,014       20,189       22,396  
Residential 1 to 4 units
    141,907       144,336       139,765       147,205  
Home equity lines of credit
    7,158       7,920       8,676       7,853  
Multifamily
    54,324       53,561       54,586       53,984  
Owner occupied commercial real estate
    63,587       61,242       61,775       65,628  
Investor commercial real estate
    153,849       142,533       141,452       131,736  
Commercial and industrial
    38,801       39,603       42,098       38,672  
Other loans
    16,042       14,468       14,724       17,127  
Total loans
    494,270       481,677       483,265       484,601  
Allowance for loan losses
    (6,582 )     (6,572 )     (6,560 )     (6,435 )
Net loans
    487,688       475,105       476,705       478,166  
Premises and equipment, net
    2,131       2,192       1,996       2,109  
Bank owned life insurance
    8,020       7,968       7,916       7,813  
Investment in FHLB3 stock, at cost
    3,501       3,501       3,163       3,163  
Accrued interest receivable and other assets
    14,254       9,577       7,780       6,255  
Total assets
  $ 637,456     $ 630,790     $ 634,428     $ 606,635  
 
                               
Liabilities and shareholders’ equity
                               
Deposits:
                               
Noninterest bearing demand deposits
  $ 255,369     $ 270,939     $ 268,195     $ 248,036  
Interest bearing checking accounts
    47,148       36,721       35,832       35,274  
Money market deposits
    140,515       134,108       134,044       139,037  
Savings deposits
    103,224       100,049       110,877       109,530  
Time deposits
    19,399       19,694       18,953       16,010  
Total deposits
    565,655       561,511       567,901       547,887  
Accrued interest payable and other liabilities
    5,466       5,305       4,818       2,344  
Shareholders’ equity
    66,335       63,974       61,709       56,404  
Total liabilities and shareholders’ equity
  $ 637,456     $ 630,790     $ 634,428     $ 606,635  
 
                               
Shares outstanding
    5,142,536       5,124,892       5,118,759       5,041,058  
Nominal and tangible book value per share
  $ 12.90     $ 12.48     $ 12.06     $ 11.19  
Ratio of net loans to total deposits
    86.22 %     84.61 %     83.94 %     87.27 %
 
                               

1 = Loans receivable 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 = Some items in prior periods have been reclassified to conform to the current presentation.

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

 
  Three Months Ended  
 
  September 30,     June 30,     March 31,     September 30,  
Operating Results Data
  2019     2019     2019     2018  
Interest and dividend income
                       
Loans
  $ 5,578     $ 5,570     $ 5,681     $ 5,448  
Investment securities
    442       457       456       404  
Federal Home Loan Bank stock
    62       59       56       54  
Other
    187       166       259       222  
Total interest and dividend income
    6,269       6,252       6,452       6,128  
Interest expense
                               
Interest bearing checking
    3       3       3       3  
Money market deposits
    125       140       129       123  
Savings deposits
    88       85       91       80  
Time deposits
    62       54       49       28  
Total interest expense on deposits
    278       282       272       234  
Interest expense on borrowings
                       
Total interest expense
    278       282       272       234  
Net interest income
    5,991       5,970       6,180       5,894  
Provision for loan losses
                       
Net interest income after provision
                               
for loan losses
    5,991       5,970       6,180       5,894  
 
                               
Noninterest income
                               
Service charges on deposits
    88       82       76       78  
BOLI dividend income
    52       52       51       54  
Gain on sale of loans
    33             8        
Gain on sale of investments
    60                    
Other
    372       394       339       339  
Total noninterest income
    605       528       474       471  
 
                               

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

 
  Three Months Ended  
 
  September 30,     June 30,     March 31,     September 30,  
 
  2019     2019     2019     2018  
Noninterest expenses
                       
Salaries and benefits
    2,452       2,700       2,674       2,482  
Occupancy
    372       326       306       299  
Data and item processing
    220       284       215       204  
Furniture and equipment
    150       142       157       137  
Professional services
    143       108       130       161  
Provision for unfunded loan
                               
commitments
    (7 )     (8 )     (15 )     4  
Other
    630       711       773       682  
Total noninterest expenses
    3,960       4,263       4,240       3,969  
Income before provision for income taxes
    2,636       2,235       2,414       2,396  
Provision for income taxes
    698       597       638       654  
Net income
  $ 1,938     $ 1,638     $ 1,776     $ 1,742  
 
                               
Common Share Data1
                               
Earnings per common share
                               
Basic
  $ 0.38     $ 0.32     $ 0.35     $ 0.35  
Diluted
  $ 0.37     $ 0.31     $ 0.34     $ 0.34  
 
                               
Weighted average common shares outstanding
                               
Basic
    5,133,324       5,120,053       5,110,382       5,038,340  
Diluted
    5,213,558       5,207,230       5,186,796       5,147,292  

1 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 7% stock dividend to shareholders of record November 21, 2018 and paid December 14, 2018.

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

 
  Nine Months Ended  
 
  September 30,     September 30,  
Operating Results Data
  2019     2018  
Interest and dividend income
           
Loans
  $ 16,829     $ 15,310  
Investment securities
    1,355       1,154  
Federal Home Loan Bank stock
    177       166  
Other
    612       538  
Total interest and dividend income
    18,973       17,168  
Interest expense
               
Interest bearing checking
    9       11  
Money market deposits
    394       277  
Savings deposits
    264       224  
Time deposits
    165       51  
Total interest expense in deposits
    832       563  
Interest expense on borrowings
          3  
Total interest expense
    832       566  
Net interest income
    18,141       16,602  
Provision for loan losses
          20  
Net interest income after provision for loan losses
    18,141       16,582  
 
               
Noninterest income
               
Service charges on deposits
    246       221  
BOLI dividend income
    155       159  
Gain on sale of loans
    41       135  
Gain on sale of investments
    60        
Other
    1,105       934  
Total noninterest income
    1,607       1,449  
 
 
               

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

 
 
  Nine Months Ended  
 
  September 30,     September 30,  
 
  2019     2018  
Noninterest expenses
           
Salaries and benefits
    7,826       7,546  
Occupancy
    1,004       877  
Data and item processing
    719       598  
Furniture and equipment
    449       386  
Professional services
    381       431  
Provision for unfunded loan commitments
    (30 )     (2 )
Other
    2,114       2,021  
Total noninterest expenses
    12,463       11,857  
Income before provision for income taxes
    7,285       6,174  
Provision for income taxes
    1,933       1,683  
Net income
  $ 5,352     $ 4,491  
 
               
Common Share Data1
               
Earnings per common share
               
Basic
  $ 1.05     $ 0.89  
Diluted
  $ 1.03     $ 0.88  
 
               
Weighted average common shares outstanding            
Basic
    5,121,337       5,028,800  
Diluted
    5,202,626       5,129,624  
 
               

1 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 7% stock dividend to shareholders of record November 21, 2018 and paid December 14, 2018.

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

    September 30,     June 30,     March 31,     September,  
    2019     2019     2019     2018  
Asset Quality
                       
Loans past due 90 days or more and accruing
                       
interest
  $     $     $     $  
Nonaccrual restructured loans
                       
Other nonaccrual loans
                      2,906  
Other real estate owned
                       
 
  $     $     $     $ 2,906  
 
                               
Allowance for loan losses to total loans
    1.33 %     1.36 %     1.36 %     1.33 %
Allowance for loan losses to nonperforming loans
    n/a       n/a       n/a       221.44 %
Nonaccrual loans to total loans
    0.00 %     0.00 %     0.00 %     0.60 %
Nonperforming assets to total assets
    0.00 %     0.00 %     0.00 %     0.48 %
 
                               
Regulatory Capital and Ratios
                               
Common equity tier 1 capital
  $ 65,536     $ 63,446     $ 61,585     $ 57,166  
Tier 1 regulatory capital
  $ 65,536     $ 63,446     $ 61,585     $ 57,166  
Total regulatory capital
  $ 71,377     $ 69,077     $ 67,209     $ 62,747  
Tier 1 leverage ratio
    10.67 %     10.40 %     9.79 %     9.35 %
Common equity tier 1 risk based capital ratio
    14.05 %     14.12 %     13.72 %     12.83 %
Tier 1 risk based capital ratio
    14.05 %     14.12 %     13.72 %     12.83 %
Total risk based capital ratio
    15.30 %     15.37 %     14.97 %     14.09 %

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

 
  Three Months Ended  
 
  September 30,     June 30,     March 31,     September 30,  
Selected Financial Ratios1
  2019     2019     2019     2018  
Return on average total assets
    1.25 %     1.08 %     1.15 %     1.12 %
Return on average shareholders’ equity
    11.79 %     10.47 %     11.95 %     12.38 %
Net interest margin2
    4.05 %     4.06 %     4.12 %     3.91 %
Net interest income to average total assets
    3.87 %     3.92 %     3.99 %     3.80 %
Efficiency ratio
    60.04 %     65.58 %     63.73 %     62.36 %
 
                               

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
2 = Net interest margin calculated on a tax equivalent yield basis. Prior periods have been updated to conform to current presentation.

 
  Three Months Ended  
 
  September 30,     June 30,     March 31,     September 30,  
Selected Average Balances
  2019     2019     2019     2018  
Gross loans
  $ 481,402     $ 484,676     $ 487,838     $ 480,621  
Investment securities
    68,949       70,033       69,553       70,152  
Federal Home Loan Bank stock
    3,501       3,415       3,163       3,163  
Other interest earning assets
    35,220       34,233       50,778       46,534  
Total interest earning assets
  $ 589,072     $ 592,357     $ 611,332     $ 600,470  
Total assets
  $ 614,674     $ 610,453     $ 628,320     $ 615,388  
 
                               
Interest bearing checking accounts
  $ 42,295     $ 36,569     $ 34,268     $ 34,883  
Money market deposits
    113,151       125,529       127,764       140,443  
Savings deposits
    111,502       99,517       107,158       117,023  
Time deposits
    19,933       18,759       18,099       15,216  
Total interest bearing deposits
    286,881       280,374       287,289       307,565  
Noninterest bearing demand deposits
    256,989       262,225       275,956       249,488  
Total deposits
  $ 543,870     $ 542,599     $ 563,245     $ 557,053  
Borrowings
  $     $     $     $  
Shareholders’ equity
  $ 65,219     $ 62,740     $ 60,286     $ 55,858  

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

 
  Nine Months Ended  
 
  September 30,     September 30,  
Selected Financial Ratios
  2019     2018  
Return on average total assets
    1.16 %     1.01 %
Return on average shareholders’ equity
    11.40 %     11.08 %
Net interest margin2
    4.08 %     3.83 %
Net interest income to average total assets
    3.93 %     3.72 %
Efficiency ratio
    63.11 %     65.69 %

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
2 = Net interest margin calculated on a tax equivalent yield basis. Prior periods have been updated to conform to current presentation.

 
  Six Months Ended  
 
  September 30,     September 30,  
Selected Average Balances
  2019     2018  
Gross loans
  $ 484,615     $ 460,685  
Investment securities
    69,510       71,496  
Federal Home Loan Bank stock
    3,361       3,163  
Other interest earning assets
    40,020       46,897  
Total interest earning assets
  $ 597,506     $ 582,241  
Total assets
  $ 617,766     $ 596,937  
Interest bearing checking accounts
  $ 37,740     $ 34,917  
Money market deposits
    122,094       126,721  
Savings deposits
    106,075       119,424  
Time deposits
    18,937       13,517  
Total interest bearing deposits
    284,846       294,579  
Noninterest bearing demand deposits
    264,987       245,491  
Total deposits
  $ 549,833     $ 540,070  
Borrowings
  $     $ 308  
Shareholders’ equity
  $ 62,767     $ 54,186  
 

SOURCE: 1st Capital Bank

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