Last10K.com

1St Century Bancshares, Inc. (FCTY) SEC Filing 10-Q Quarterly report for the period ending Tuesday, September 30, 2014

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 NINE MONTHS ENDED SEPTEMBER 30, 2014

  

Los Angeles, CA (November 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 three and nine months ended September 30, 2014 of $626,000 and $1.8 million, respectively, compared to $803,000 and $6.6 million for the same periods last year. The net income variance during the nine months ended September 30, 2014, compared to the same period last year, was primarily attributable to a $4.5 million increase in income tax provisions. This increase was related to an income tax benefit of approximately $3.2 million recognized during the nine months ended September 30, 2013 in connection with the reversal of our deferred tax valuation allowance, as compared to $1.3 million of income tax provisions recognized during the nine months ended September 30, 2014. Pre-tax, pre-provision earnings for the three and nine months ended September 30, 2014 was $1.1 million and $3.2 million, respectively, compared to $1.0 million and $3.2 million for the same periods last year. Included in net income for the three and nine months ended September 30, 2014 are gains in connection with the sale of securities of $196,000 and $982,000, respectively, compared to $170,000 and $705,000 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 and Chief Executive Officer of the Company, stated, “I’m pleased to announce our third quarter results. Our core earnings continue to improve and, during the current quarter, we experienced our strongest deposit growth of this year. Deposits have grown by approximately $44 million since the beginning of the year, while our cost of deposits has declined to 9 basis points. In addition, our asset quality remains strong with total non-performing assets to total assets at 11 basis points at the end of the quarter. We also sold $11.5 million of investment securities during the quarter, recognizing a gain of $196,000. In addition to being a source of interest income for the Company, our investment portfolio has recently generated realized gains as a result of favorable changes in market conditions.”

 

Jason P. DiNapoli, President and Chief Operating Officer of the Company, added, “The business community on the Westside of Los Angeles appears to be gaining momentum, and I believe this will provide growth opportunities for our Bank. We’re also excited to be opening our Beverly Hills office in the fourth quarter. This office will be opening its doors in November and is an integral part of our 2015 organic growth initiative.”

 

2014 3rd Quarter Highlights

 

 

The Bank’s total risk-based capital ratio was 13.25% at September 30, 2014, 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.

  

 
 

The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Thursday, November 6, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate 1St Century Bancshares, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by 1St Century Bancshares, Inc..

Continue

Assess how 1St Century Bancshares, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

1St Century Bancshares, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Consolidated Balance Sheets (current Period Unaudited)
Consolidated Balance Sheets (current Period Unaudited) (parentheticals)
Unaudited Consolidated Statements Of Cash Flows
Unaudited Consolidated Statements Of Changes In Stockholders’ Equity
Unaudited 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 - Fair Value Measurements
Note 10 - Fair Value Measurements (details)
Note 10 - Fair Value Measurements (details) - Fair Value Of Assets Measured On Non-recurring Basis
Note 10 - Fair Value Measurements (details) - Fair Value Of Assets Measured On Recurring Basis
Note 10 - Fair Value Measurements (tables)
Note 11 - Estimated Fair Value Information
Note 11 - Estimated Fair Value Information (details) - Fair Value And Carrying Amount Of Financial Instruments
Note 11 - Estimated Fair Value Information (tables)
Note 12 - Non-interest Income
Note 12 - Non-interest Income (details) - Non-interest Income
Note 12 - Non-interest Income (tables)
Note 13 - Stock-based Compensation
Note 13 - Stock-based Compensation (details)
Note 13 - Stock-based Compensation (details) - Activities Related To Restricted Stock Awards Outstanding
Note 13 - Stock-based Compensation (details) - Amount Of Shares Authorized And Available Under All Stock Plans
Note 13 - Stock-based Compensation (tables)
Note 14 - Regulatory Matters
Note 14 - Regulatory Matters (details)
Note 14 - Regulatory Matters (details) - The Company’s And The Bank’s Capital Ratios
Note 14 - Regulatory Matters (tables)
Note 2 - Investments
Note 2 - Investments (details)
Note 2 - Investments (details) - Fair Value Of Afs Securities And The Weighted Average Yield Of Investment Securities By Contractual Maturity
Note 2 - Investments (details) - Investments Categorized As Available For Sale
Note 2 - Investments (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 - Investments (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) - Activities In Allowance For Loan Losses And Recorded Investment In Loans
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) - 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)
Note 5 - Comprehensive Income (details) - Activity Of Investment Securities Available For Sale Included In Accumulated Other Comprehensive Income
Note 5 - Comprehensive Income (details) - Comprehensive Income
Note 5 - Comprehensive Income (details) - Comprehensive Income (parentheticals)
Note 5 - Comprehensive Income (tables)
Note 6 - Premises And Equipment
Note 6 - Premises And Equipment (details)
Note 6 - Premises And Equipment (details) - Premises And Equipment
Note 6 - Premises And Equipment (tables)
Note 7 - Deposits
Note 7 - Deposits (details)
Note 7 - Deposits (details) - Certificates Of Deposit By Interest Rate And Maturity
Note 7 - Deposits (details) - Deposits By Category
Note 7 - Deposits (tables)
Note 8 - Other Borrowings
Note 8 - Other Borrowings (details)
Note 8 - Other Borrowings (details) - Long Term Borrowings
Note 8 - Other Borrowings (tables)
Note 9 - Commitments And Contingencies
Note 9 - Commitments And Contingencies (details)
Note 9 - Commitments And Contingencies (details) - Future Restricted Stock Expense
Note 9 - Commitments And Contingencies (details) - Minimum Future Rental Payments
Note 9 - Commitments And Contingencies (tables)
Ticker: FCTY
CIK: 1420525
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-14-019835
Submitted to the SEC: Thu Nov 06 2014 5:17:51 PM EST
Accepted by the SEC: Thu Nov 06 2014
Period: Tuesday, September 30, 2014
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/fcty/0001437749-14-019835.htm