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1St Century Bancshares, Inc. (FCTY) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

1St Century Bancshares, Inc.

CIK: 1420525 Ticker: FCTY

Exhibit 99.1

 

GRAPHIC

 

Contact Information:

 

Alan I. Rothenberg

Angie Yang/Eileen Rauchberg

Chairman/Chief Executive Officer

PondelWilkinson Inc.

Phone: (310) 270-9501

Corporate and Investor Relations

 

Phone: (310) 279-5980

Jason P. DiNapoli

 

President/Chief Operating Officer

 

Phone: (310) 270-9505

 

 

 

 

1ST CENTURY BANCSHARES REPORTS RESULTS FOR 2007

 

Company Delivers Steady Growth in Loans, Deposits, Solid Asset Quality —

 

LOS ANGELES — March 13, 2008 — 1

st Century Bancshares, Inc. (OTCBB: FCTY), the holding company of 1st Century Bank, N.A. (the “Bank”), today reported continued growth and improved operating results for its fourth quarter and the year ended December 31, 2007, which included balanced growth in loans and deposits and a one-time $2.1 million income tax benefit.

 

For the 2007 fourth quarter, net income totaled $2.1 million, or $0.20 per diluted share, versus a net loss of $591,000, or $0.06 per diluted share, for the 2006 fourth quarter.  Net income for the 2007 fourth quarter included a $2.1 million income tax benefit related to the reversal of a valuation allowance previously recorded against deferred tax assets.  The valuation allowance was reversed as a result of the Bank’s positive earnings trend over the last four quarters.  Income before taxes for the 2007 fourth quarter was $12,000.

 

For the year 2007, net income increased to $2.9 million, or $0.28 per diluted share, compared with $145,000, or $0.01 per diluted share, for 2006.  Net income for 2007 included the $2.1 million income tax benefit.

 

“Our second consecutive year of profitability since opening 1st Century Bank’s doors in 2004 was marked by steady progress building the organization in preparation for the company’s next phase of growth,” said Alan I. Rothenberg, chairman and chief executive officer of 1st Century Bancshares.  “Importantly, the establishment of the bank holding company will provide greater flexibility for capital planning and operational expansion as we continue to move forward.  With strong collaboration from our highly experienced board, we believe our organization is well poised to prudently navigate the difficult banking environment in 2008.”

 

“Key growth drivers behind our performance in 2007 included the Bank’s targeted efforts to service the small and middle market commercial sectors, as well as our deeply rooted connections within our high net worth customer base,” said Jason P. DiNapoli, who was promoted to chief

 


The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Friday, March 14, 2008 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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