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1St Century Bancshares, Inc. (FCTY) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2015

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 ENDED MARCH 31, 2015

 

 

Los Angeles, CA (April 29, 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 ended March 31, 2015 of $315,000, compared to $402,000 for the same period last year. Pre-tax, pre-provision earnings for the quarter ended March 31, 2015 was $711,000, compared to $712,000 for the same period last year. Included in net income for the quarter ended March 31, 2015 are gains in connection with the sale of securities of $75,000, compared to $253,000 for the same period 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 financial results for the quarter ended March 31, 2015. We finished this quarter at a new record level of total assets, loans and deposits. Total assets exceeded $615 million at March 31, 2015, representing an increase of over 5% during the first three months of the year, while our loans and deposits grew by over 8% and 6%, respectively. Additionally, our net interest income improved to $5.0 million and our net interest margin increased to 3.46%. In addition, asset quality remains strong with total non-performing assets to total assets at 10 basis points at the end of the current quarter.”

 

Jason P. DiNapoli, President and Chief Operating Officer of the Company, added, “The opening of our new Beverly Hills office contributed to the strong growth experienced this current quarter. The economic strength of the Westside of Los Angeles will provide further opportunities for 1st Century Bank.”

 

2015 1st Quarter Highlights

 

 

The Bank’s total risk-based capital ratio was 12.54% at March 31, 2015, 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.

 

 

For the quarter ended March 31, 2015, the Company recorded net income of $315,000, or $0.03 per diluted share, compared to $402,000, or $0.04 per diluted share, for the same period last year. The decline in net income during the three months ended March 31, 2015 as compared to the same period last year was primarily due to a $150,000 increase in provision for loan losses, a $178,000 decline in gains from the sale of securities, and a $540,000 increase in non-interest expenses. The increase in non-interest expense primarily related to increases in salaries and benefits and occupancy costs. These items were partially offset by an increase in net interest income of $674,000, primarily related to a $79.5 million increase in the average balance of loans during the current quarter as compared to the same period last year.

 

 

At March 31, 2015 and 2014, the Company’s book value per share was $6.15 and $5.85, respectively, representing an increase of 5.1%.

 

 

Net interest margin was 3.46% for the quarter ended March 31, 2015, compared to 3.25% for the same period last year. The improvement in our net interest margin was primarily due to an increase in the average balance of loans relative to total earning assets as compared to the same period last year. During the quarter ended March 31, 2015 the average balance of loans relative to total earning assets was 77.3%, compared to 69.2% for the same period last year.

 

 
 

The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Wednesday, April 29, 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-Q Quarterly 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-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) - Assets And Liabilities Measured On Recurring Basis
Note 10 - Fair Value Measurements (details) - Assets Measured On Non-recurring Basis
Note 10 - Fair Value Measurements (tables)
Note 11 - Estimated Fair Value Information
Note 11 - Estimated Fair Value Information (details) - 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) - Restricted Stock
Note 13 - Stock-based Compensation (details) - 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) - Capital Ratios
Note 14 - Regulatory Matters (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 (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 - 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)

Material Contracts, Statements, Certifications & more

1St Century Bancshares, Inc. provided additional information to their SEC Filing as exhibits

Ticker: FCTY
CIK: 1420525
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-15-009345
Submitted to the SEC: Thu May 07 2015 5:36:51 PM EST
Accepted by the SEC: Fri May 08 2015
Period: Tuesday, March 31, 2015
Industry: State Commercial Banks

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