Exhibit 99.1

 

 

 

Contact Information:

 

Alan I. Rothenberg

Chairman/Chief Executive Officer

Phone: (310) 270-9501

 

Jason P. DiNapoli

President/Chief Operating Officer

Phone: (310) 270-9505

 

 

1st CENTURY BANCSHARES, INC. REPORTS FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2015

 

Los Angeles, CA (March 3, 2016) – 1st Century Bancshares, Inc. (the “Company”) (NASDAQ:FCTY), the holding company for 1st Century Bank, N.A. (the “Bank”), today reported net income for the quarter and year ended December 31, 2015 of $869,000 and $2.6 million, respectively, compared to $554,000 and $2.4 million for the same periods last year. Diluted earnings per share for the quarter and year ended December 31, 2015 were $0.09 and $0.26, respectively, compared to $0.06 and $0.24 for the same periods last year. Pre-tax, pre-provision earnings for the quarter and year ended December 31, 2015 was $1.8 million and $5.8 million, respectively, compared to $1.1 million and $4.4 million for the same periods last year. Included in net income for the quarter and year ended December 31, 2015 are gains in connection with the sale of securities of none and $75,000, respectively, compared to $196,000 and $1.2 million for the same periods last year, as well as provisions for loan losses of $300,000 and $1.3 million for the quarter and year ended December 31, 2015, compared to none and $100,000 for the same periods last year.

 

Pre-tax, pre-provision earnings, a non-GAAP financial measure, is presented because management believes adjusting the Company’s results to exclude taxes and loan loss provisions provides stockholders with a useful metric for evaluating the profitability of the Company. A schedule reconciling our GAAP net income to pre-tax, pre-provision earnings is provided in the table below.

 

Alan I. Rothenberg, Chairman of the Board of Directors and Chief Executive Officer of the Company, stated, “I’m proud to announce our financial results for the quarter and year ended December 31, 2015. Since the beginning of 2015, we’ve experienced significant growth in both loans and deposits. As of December 31, 2015, loans and deposits have both increased to approximately $598 million, representing growth rates of approximately 35% and 19%, respectively, during the current year. Profitability trends also continue to improve, including a 24% increase in net interest income during the year compared to the prior year and an efficiency ratio of 76%. In addition, asset quality remains strong with total non-performing assets to total assets at 10 basis points at December 31, 2015.”

 

Jason P. DiNapoli, President and Chief Operating Officer of the Company, added, “Our core West Los Angeles market is experiencing strong economic activity, which is translating into significant increases in both loans and core deposits. Through consistent execution of our growth strategies and deeper penetration of the West Los Angeles market, we are generating a high volume of quality lending opportunities. During the fourth quarter of 2015, our total loans increased at an annualized rate of approximately 36%, which bodes well for the future.”

 

2015 4th Quarter and Full Year Highlights

 

 

For the quarter and year ended December 31, 2015, the Company recorded net income of $869,000, or $0.09 per diluted share, and $2.6 million, or $0.26 per diluted share, respectively. During the same periods last year, the Company reported net income of $554,000, or $0.06 per diluted share, and $2.4 million, or $0.24 per diluted share, respectively. The increase in net income during the three months ended December 31, 2015 as compared to the same period last year was primarily due to an increase in net interest income of $1.3 million, resulting from an increase in the average balance of loans during the current quarter as compared to the same period last year. This increase was partially offset by a $300,000 increase in provision for loan losses, a $403,000 increase in non-interest expenses and a $196,000 decline in gains from the sale of securities. Consistent with the discussion above, the increase in net income during the year ended December 31, 2015 as compared to the same period last year was primarily due to an increase in net interest income of $4.5 million, resulting from an increase in the average balance of loans during the current year as compared to the same period last year. This increase was partially offset by a $1.2 million increase in provision for loan losses, a $2.0 million increase in non-interest expenses and a $1.1 million decline in gains from the sale of securities.

 

 

 
 

The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Friday, March 4, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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