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1St Century Bancshares, Inc. (FCTY) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

1St Century Bancshares, Inc.

CIK: 1420525 Ticker: FCTY

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, 2012

 

Los Angeles, CA (March 6, 2013)

– 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, 2012 of $912,000 and $2.9 million, respectively, compared to $432,000 and $1.0 million, respectively, for the same periods last year. Pre-tax, pre-provision earnings for the quarter and year ended December 31, 2012 were $963,000 and $3.1 million, respectively, compared to $503,000 and $1.4 million, respectively, 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 core 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 and Chief Executive Officer of the Company stated, “I’m pleased to announce our financial results for this year. Net income for the current year increased to $2.9 million and exceeded the prior year results by over 187%. We’ve also experienced robust growth in our balance sheet primarily resulting from a 25% increase in our deposit balances compared to the previous year. At the end of this year, total assets were $499 million, which is the largest reported asset size in our Company’s history. In addition, I’m further encouraged by the decline in our non-performing assets, which have declined to $1.9 million compared to $7.6 million at the end of last year. Our non-performing assets are at the lowest level since 2008, when the economic recession started. Highlights for the year end include:

 

 

Growth in total assets from $405 million at December 31, 2011 to $499 million at December 31, 2012;

 

Growth in total deposits from $332 million at December 31, 2011 to $417 million at December 31, 2012, while reducing our cost of deposits from 27 basis points during the prior year to 17 basis points during the current year;

 

Continued improvement in our credit quality, with non-performing assets being reduced to $1.9 million at December 31, 2012, compared to $7.6 million at December 31, 2011;

 

Growth in total investments from $130 million at December 31, 2011 to $181 million at December 31, 2012;

 

Improved net interest income of $14.1 million for the year ended December 31, 2012, respectively, compared to $11.3 million for the same period last year, despite a decrease in our net interest margin; and

 

Improved diluted earnings per share, increasing to $0.33 per share for the year ended December 31, 2012, compared to $0.11 per share during the same period last year.”

 

Jason P. DiNapoli, President and Chief Operating Officer of the Company stated, “I’m encouraged by our financial results for this year and I’m cautiously optimistic that we’re well positioned to benefit as economic conditions improve. The progress this year in developing our franchise is primarily attributable to our strong team and their efforts to establish our Bank as the premier community bank serving the Westside of Los Angeles. In addition, our credit strategy to aggressively identify and address problem assets has allowed us to focus our attention on future opportunities, as opposed to dealing with credit issues stemming from the recession.”

 

 

 
 

The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Thursday, March 7, 2013 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Operations And Comprehensive Income
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (detail)
Note 1 - Summary Of Significant Accounting Policies (detail) - Earnings Per Share
Note 1 - Summary Of Significant Accounting Policies (tables)
Note 10 - Commitments And Contingencies
Note 10 - Commitments And Contingencies (detail)
Note 10 - Commitments And Contingencies (detail) - Future Restricted Stock Expense
Note 10 - Commitments And Contingencies (detail) - Minimum Future Rental Payments
Note 10 - Commitments And Contingencies (tables)
Note 11 - Stock Repurchase Program
Note 11 - Stock Repurchase Program (detail)
Note 12 - Fair Value Measurements
Note 12 - Fair Value Measurements (detail)
Note 12 - Fair Value Measurements (detail) - Fair Value Of Assets Measured On Non-recurring Basis
Note 12 - Fair Value Measurements (detail) - Fair Value Of Assets Measured On Recurring Basis
Note 12 - Fair Value Measurements (tables)
Note 13 - Estimated Fair Value Information (detail) - Fair Value And Carrying Amount Of Financial Instruments, December 31, 2011
Note 13 - Estimated Fair Value Information (detail) - Fair Value Measurements
Note 14 - Non-interest Income
Note 14 - Non-interest Income (detail) - Non-interest Income
Note 14 - Non-interest Income (tables)
Note 15 - Other Operating Expenses (detail) - Other Operating Expenses
Note 16 - Stock-based Compensation
Note 16 - Stock-based Compensation (detail)
Note 16 - Stock-based Compensation (detail) - Activities Related To Restricted Stock Awards Outstanding
Note 16 - Stock-based Compensation (detail) - Amount Of Shares Authorized And Available Under All Stock Plans
Note 16 - Stock-based Compensation (tables)
Note 17 - Income Taxes
Note 17 - Income Taxes (detail)
Note 17 - Income Taxes (detail) - Income Tax Provision
Note 17 - Income Taxes (detail) - Major Components Of The Net Deferred Tax Assets And Liabilities
Note 17 - Income Taxes (detail) - Reconciliation Of The Income Tax Rate To Statutory Rate
Note 17 - Income Taxes (tables)
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plan (detail)
Note 19 - Regulatory Matters
Note 19 - Regulatory Matters (detail)
Note 19 - Regulatory Matters (detail) - The Company’s And The Bank’s Capital Ratios
Note 19 - Regulatory Matters (tables)
Note 2 - Investment Securities
Note 2 - Investment Securities (detail)
Note 2 - Investment Securities (detail) - Fair Value Of Afs Securities And The Weighted Average Yield Of Investment Securities By Contractual Maturity
Note 2 - Investment Securities (detail) - Investments Categorized As Available For Sale
Note 2 - Investment Securities (detail) - Securities With Gross Unrealized Losses Aggregated By Investment Category And Length Of Time That Individual Securities Have Been In A Continuous Loss Position
Note 2 - Investment Securities (tables)
Note 20 - Parent Company Only Condensed Financial Information
Note 20 - Parent Company Only Condensed Financial Information (detail) - Condensed Balance Sheets
Note 20 - Parent Company Only Condensed Financial Information (detail) - Condensed Statements Of Cash Flows
Note 20 - Parent Company Only Condensed Financial Information (detail) - Condensed Statements Of Operations
Note 20 - Parent Company Only Condensed Financial Information (tables)
Note 21 - Subsequent Event
Note 21 - Subsequent Event (detail)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (detail)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (detail) - Aging Analysis Of Past Due Loans
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (detail) - Credit Exposure By Internally Assigned Grades
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (detail) - Impaired Loans
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (detail) - Loans Outstanding
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (detail) - Nonaccrual Loans And Other Real Estate Owned
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (detail) - Recorded Investment In Loans And Allowance For Loan Losses
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (detail) - Troubled Debt Restructurings
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (tables)
Note 4 - Derivative Financial Instruments
Note 4 - Derivative Financial Instruments (detail) - Income From Derivatives
Note 4 - Derivative Financial Instruments (detail) - Interest Rate Derivative Contracts
Note 4 - Derivative Financial Instruments (detail) - Weighted Average Interest Rates On Interest Rate Swaps
Note 4 - Derivative Financial Instruments (tables)
Note 5 - Comprehensive Income
Note 5 - Comprehensive Income (detail) - Comprehensive Income
Note 5 - Comprehensive Income (detail) - Comprehensive Income (parentheticals)
Note 5 - Comprehensive Income (tables)
Note 6 - Related Party Transactions
Note 6 - Related Party Transactions (detail)
Note 6 - Related Party Transactions (detail) - Related Party Loan Activities
Note 6 - Related Party Transactions (tables)
Note 7 - Premises And Equipment
Note 7 - Premises And Equipment (detail)
Note 7 - Premises And Equipment (detail) - Premises And Equipment
Note 7 - Premises And Equipment (tables)
Note 8 - Deposits
Note 8 - Deposits (detail)
Note 8 - Deposits (detail) - Certificates Of Deposit By Interest Rate And Maturity
Note 8 - Deposits (detail) - Deposits By Category
Note 8 - Deposits (tables)
Note 9 - Other Borrowings
Note 9 - Other Borrowings (detail)
Note 9 - Other Borrowings (detail) - Long Term Borrowings
Note 9 - Other Borrowings (tables)
Ticker: FCTY
CIK: 1420525
Form Type: 10-K Annual Report
Accession Number: 0001437749-13-002434
Submitted to the SEC: Wed Mar 06 2013 7:29:09 PM EST
Accepted by the SEC: Thu Mar 07 2013
Period: Monday, December 31, 2012
Industry: State Commercial Banks

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