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1St Century Bancshares, Inc. (FCTY) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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, 2013

 

 

Los Angeles, CA (March 6, 2014)

– 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, 2013 of $217,000 and $6.9 million, respectively, compared to $912,000 and $2.9 million for the same periods last year. Pre-tax, pre-provision earnings for the quarter and year ended December 31, 2013 was $736,000 and $3.9 million, respectively, compared to $963,000 and $3.1 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 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 by our financial results for the year. Despite a challenging interest rate environment, net interest income increased by over 15% during the year and loans were up by over 40% compared to the end of last year. As a result of this growth, our net interest margin stabilized at 3.19% during the year, but is still at a historically low level. In addition, asset quality has continued its improving trend during the year with total non-performing assets declining to 0.15% of total assets by the end of 2013.”

 

Jason P. DiNapoli, President and Chief Operating Officer of the Company added, “Looking forward, I continue to believe that our market offers great opportunities for a community business bank like ours that’s focused on the customer experience and relationship banking. We plan to further invest in building upon our strong relationship teams and focus on drilling deeper into our current market. We continue to see customers migrating away from larger money center banks as they recognize the quality of our customer service and the benefits of our relationship banking model.”

 

2013 4th Quarter Highlights

 

 

The Bank’s total risk-based capital ratio was 13.69% at December 31, 2013, compared to the requirement of 10.00% to generally be considered a “well capitalized” financial institution for regulatory purposes. The Bank’s equity is comprised solely of common stock and does not include any capital received in connection with TARP, or other forms of capital such as trust preferred securities, convertible preferred stock or other equity or debt instruments.

 

 

For the quarter and year ended December 31, 2013, the Company recorded net income of $217,000, or $0.02 per diluted share, and $6.9 million, or $0.76 per diluted share, respectively. During the same periods last year, the Company reported net income of $912,000, or $0.10 per diluted share, and $2.9 million, or $0.33 per diluted share, respectively. The decline in net income during the three months ended December 31, 2013 as compared to the same period last year was primarily due to a $400,000 increase in provision for loan losses and a $534,000 decline in non-interest income, partially offset by a $482,000 increase in net interest income. The increase in net income for the year ended December 31, 2013, as compared to the same period last year, is primarily related to an increase in net interest income of $2.1 million and the reversal of our deferred tax valuation allowance, which resulted in an income tax benefit of approximately $3.1 million. These increases were partially offset by an increase in non-interest expenses of $1.1 million.

 

 
 

The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Friday, March 7, 2014 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 (details)
Note 1 - Summary Of Significant Accounting Policies (details) - Earnings Per Share
Note 1 - Summary Of Significant Accounting Policies (tables)
Note 10 - Commitments And Contingencies
Note 10 - Commitments And Contingencies (details)
Note 10 - Commitments And Contingencies (details) - Future Restricted Stock Expense
Note 10 - Commitments And Contingencies (details) - Minimum Future Rental Payments
Note 10 - Commitments And Contingencies (tables)
Note 11 - Fair Value Measurements
Note 11 - Fair Value Measurements (details)
Note 11 - Fair Value Measurements (details) - Fair Value Of Assets Measured On Non-recurring Basis
Note 11 - Fair Value Measurements (details) - Fair Value Of Assets Measured On Recurring Basis
Note 11 - Fair Value Measurements (tables)
Note 12 - Estimated Fair Value Information (details) - Fair Value And Carrying Amount Of Financial Instruments
Note 13 - Non-interest Income
Note 13 - Non-interest Income (details) - Non-interest Income
Note 13 - Non-interest Income (tables)
Note 14 - Other Operating Expenses (details) - Other Operating Expenses
Note 15 - Stock-based Compensation
Note 15 - Stock-based Compensation (details)
Note 15 - Stock-based Compensation (details) - Activities Related To Restricted Stock Awards Outstanding
Note 15 - Stock-based Compensation (details) - Amount Of Shares Authorized And Available Under All Stock Plans
Note 15 - Stock-based Compensation (tables)
Note 16 - Income Taxes
Note 16 - Income Taxes (details)
Note 16 - Income Taxes (details) - Income Tax Provision
Note 16 - Income Taxes (details) - Major Components Of The Net Deferred Tax Assets And Liabilities
Note 16 - Income Taxes (details) - Reconciliation Of The Income Tax Rate To Statutory Rate
Note 16 - Income Taxes (tables)
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plan (details)
Note 18 - Regulatory Matters
Note 18 - Regulatory Matters (details)
Note 18 - Regulatory Matters (details) - The Company’s And The Bank’s Capital Ratios
Note 18 - Regulatory Matters (tables)
Note 19 - Parent Company Only Condensed Financial Information
Note 19 - Parent Company Only Condensed Financial Information (details) - Condensed Balance Sheets
Note 19 - Parent Company Only Condensed Financial Information (details) - Condensed Statements Of Cash Flows
Note 19 - Parent Company Only Condensed Financial Information (details) - Condensed Statements Of Operations And Comprehensive Income
Note 19 - Parent Company Only Condensed Financial Information (tables)
Note 2 - Investment Securities
Note 2 - Investment Securities (details)
Note 2 - Investment Securities (details) - Fair Value Of Afs Securities And The Weighted Average Yield Of Investment Securities By Contractual Maturity
Note 2 - Investment Securities (details) - Investments Categorized As Available For Sale
Note 2 - Investment Securities (details) - 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 3 - Loans, Allowance For Loan Losses, And Non-performing Assets
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (details)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (details) - Aging Analysis Of Past Due Loans
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (details) - Credit Exposure By Internally Assigned Grades
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (details) - Impaired Loans
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (details) - Loans Outstanding
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (details) - Nonaccrual Loans And Other Real Estate Owned
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (details) - Recorded Investment In Loans And Allowance For Loan Losses
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (details) - 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 (details) - Interest Rate Derivative Contracts
Note 4 - Derivative Financial Instruments (details) - Weighted Average Interest Rates On Interest Rate Swaps
Note 4 - Derivative Financial Instruments (tables)
Note 5 - Comprehensive Income
Note 5 - Comprehensive Income (details) - Activity Of Investment Securities Available For Sale Included In Accumulated Other Comprehensive Incomeinc
Note 5 - Comprehensive Income (details) - Comprehensive Income
Note 5 - Comprehensive Income (details) - Comprehensive Income (parentheticals)
Note 5 - Comprehensive Income (tables)
Note 6 - Related Party Transactions
Note 6 - Related Party Transactions (details)
Note 6 - Related Party Transactions (details) - Related Party Loan Activities
Note 6 - Related Party Transactions (tables)
Note 7 - Premises And Equipment
Note 7 - Premises And Equipment (details)
Note 7 - Premises And Equipment (details) - Premises And Equipment
Note 7 - Premises And Equipment (tables)
Note 8 - Deposits
Note 8 - Deposits (details)
Note 8 - Deposits (details) - Certificates Of Deposit By Interest Rate And Maturity
Note 8 - Deposits (details) - Deposits By Category
Note 8 - Deposits (tables)
Note 9 - Other Borrowings
Note 9 - Other Borrowings (details)
Note 9 - Other Borrowings (details) - Long Term Borrowings
Note 9 - Other Borrowings (tables)
Ticker: FCTY
CIK: 1420525
Form Type: 10-K Annual Report
Accession Number: 0001437749-14-003626
Submitted to the SEC: Thu Mar 06 2014 7:43:09 PM EST
Accepted by the SEC: Fri Mar 07 2014
Period: Tuesday, December 31, 2013
Industry: State Commercial Banks

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