1st Capital Bank Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 31, 2014 at 02:45 am IST
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1st Capital Bank reported unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's total interest and dividend income was $3,311,000 compared to $3,265,000 a year ago. Net interest income was $3,177,000 compared to $3,082,000 a year ago. Net interest income after provision for loan losses was $3,177,000 compared to $2,650,000 a year ago. Income before provision for income taxes was $1,033,000 compared to $1,145,000 a year ago. Net income was $612,000 or $0.18 per diluted share compared to $748,000 or $0.13 per diluted share a year ago. Return on average total assets was 0.65% compared to 0.94% a year ago. Return on average shareholders' equity was 6.57% compared to 8.84% a year ago. Nominal and tangible book value per share as on December 31, 2013 was $10.79 compared to $10.27 a year ago.
For the year, the company's total interest and dividend income was $13,090,000 compared to $12,612,000 a year ago. Net interest income was $12,493,000 compared to $11,788,000 a year ago. Net interest income after provision for loan losses was $11,625,000 compared to $10,794,000 a year ago. Income before provision for income taxes was $2,867,000 compared to $2,972,000 a year ago. Net income was $1,692,000 or $0.50 per diluted share compared to $1,806,000 or $0.54 per diluted share a year ago. Return on average total assets was 0.47% compared to 0.60% a year ago. Return on average shareholders' equity was 4.77% compared to 5.50% a year ago.
1st Capital Bancorp is a bank holding company. The Company conducts the operations through its wholly owned subsidiary, 1st Capital Bank (Bank), which is a locally owned and managed community bank. The Bank's primary business is offering checking, money market, savings, and certificate of deposit accounts through its branch facilities, remote branch deposit, and various electronic means, and investing such deposits and other available funds into loans, including real estate mortgages, commercial business loans, and construction loans. The Bank serves commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast region of California. In addition, the Bank invests in securities and utilizes various sources of wholesale borrowings. The Bank also provides a range of fee-based services, including an array of treasury management services. It operates branch offices in Monterey, Salinas, King City, San Luis Obispo and Santa Cruz.