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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 2008
Los Angeles, March 10, 2009 1st Century Bancshares, Inc. (the Company) (NASDAQ:FCTY), the holding company of 1st Century Bank, N.A. (the Bank), today reported financial results for its fourth quarter and year ended December 31, 2008.
Throughout the year we had one primary objective to protect our customers and shareholders in this time of unprecedented uncertainty for the financial markets and the U.S. economy, said Alan I. Rothenberg, Chairman of the Board and Chief Executive Officer of 1st Century Bancshares. Our strong balance sheet combined with one of the highest risk-based capital ratios in our peer group without needing to access TARP Capital will provide us with the strength to weather this economic cycle.
2008 Fourth Quarter Highlights
· The Banks total risk-based capital ratio was 22.61% at December 31, 2008, which is above the regulatory standard of 10.00% for well-capitalized financial institutions.
· As of December 31, 2008, total assets were $259.4 million, an increase of 15.9% from December 31, 2007 and 1.8% from September 30, 2008.
· Gross loans increased to $200.0 million, an increase of $27.6 million or 16.0% from December 31, 2007 and $4.1 million or 2.1% from September 30, 2008.
· As of December 31, 2008, the allowance for loan losses was $5.2 million or 2.59% of gross loans compared to $2.9 million or 1.49% of gross loans at September 30, 2008.
· Provision for loan losses was $3.6 million for the fourth quarter of 2008 compared to $281,000 for the third quarter of 2008.
· Non-interest bearing demand deposits increased to $40.3 million, an increase of 23.2% from December 31, 2007.
The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Tuesday, March 10, 2009 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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