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1St Century Bancshares, Inc. (FCTY) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 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 YEAR ENDED DECEMBER 31, 2014

  

Los Angeles, CA (March 5, 2015) – 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, 2014 of $554,000 and $2.4 million, respectively, compared to $217,000 and $6.9 million for the same periods last year. The net income variance during the year ended December 31, 2014, compared to the same period last year, was primarily attributable to a $5.0 million increase in income tax provisions. This increase was related to an income tax benefit of approximately $3.1 million recognized during the year ended December 31, 2013 in connection with the reversal of our deferred tax valuation allowance, as compared to $1.9 million of income tax provisions recognized during the year ended December 31, 2014. Pre-tax, pre-provision earnings for the quarter and year ended December 31, 2014 was $1.1 million and $4.4 million, respectively, compared to $736,000 and $3.9 million for the same periods last year. Included in net income for the quarter and year ended December 31, 2014 are gains in connection with the sale of securities of $196,000 and $1.2 million, respectively, compared to $117,000 and $822,000 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 proud to announce our financial results for the year ended December 31, 2014. During the year, our loans and deposits have grown by over 15% and 11%, respectively, and despite the current low interest rate environment, our pre-tax, pre-provision earnings improved to $4.4 million and our net interest margin increased by 9 basis points, to 3.28%. In addition, asset quality remains strong with total non-performing assets to total assets at 11 basis points at the end of the year. We also sold $59.9 million of investment securities during the year, recognizing a gain of $1.2 million. 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, “During the past 12 months, we’ve continued to establish and expand our presence on the Westside of Los Angeles. With the addition of our new Beverly Hills office, complemented by the strength of our current relationship management team, I believe that we’re well positioned to make 2015 the most successful year in our Company’s history.”

 

2014 4th Quarter Highlights

 

 

The Bank’s total risk-based capital ratio was 13.13% at December 31, 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 from trust preferred securities, convertible preferred stock or other equity or debt instruments.

  

 
 

The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Friday, March 6, 2015 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) - Assets And Liabilities Measured On Recurring Basis
Note 11 - Fair Value Measurements (details) - Assets Measured On Non-recurring Basis
Note 11 - Fair Value Measurements (tables)
Note 12 - Estimated Fair Value Information
Note 12 - Estimated Fair Value Information (details) - Financial Instruments
Note 12 - Estimated Fair Value Information (tables)
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
Note 14 - Other Operating Expenses (details) - Other Operating Expenses
Note 14 - Other Operating Expenses (tables)
Note 15 - Stock-based Compensation
Note 15 - Stock-based Compensation (details)
Note 15 - Stock-based Compensation (details) - Restricted Stock
Note 15 - Stock-based Compensation (details) - 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) - Deferred Tax Assets And Liabilities
Note 16 - Income Taxes (details) - Income Tax (benefit) Provision
Note 16 - Income Taxes (details) - Income Tax Reconciliation
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) - 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 - Investments
Note 2 - Investments (details)
Note 2 - Investments (details) - Available-for-sale Securities
Note 2 - Investments (details) - Available-for-sale Securities By Contractual Maturity
Note 2 - Investments (details) - Securities 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) - 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 - 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: 0001437749-15-004232
Submitted to the SEC: Thu Mar 05 2015 7:26:49 PM EST
Accepted by the SEC: Fri Mar 06 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks

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