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1St Century Bancshares, Inc. (FCTY) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 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 AND SIX MONTHS ENDED JUNE 30, 2015

 

 

Los Angeles, CA (July 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 three and six months ended June 30, 2015 of $515,000 and $830,000, respectively, compared to $779,000 and $1.2 million for the same periods last year. Pre-tax, pre-provision earnings for the three and six months ended June 30, 2015 was $1.5 million and $2.2 million, respectively, compared to $1.4 million and $2.2 million for the same periods last year. Included in net income for the three and six months ended June 30, 2015 are gains in connection with the sale of securities of none and $75,000, respectively, compared to $533,000 and $786,000 for the same periods last year, as well as provisions for loan losses of $575,000 and $725,000, respectively, compared to $100,000 for both of 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 of Directors and Chief Executive Officer of the Company, stated, “I’m proud to announce our financial results for the quarter ended June 30, 2015, where we once again finished the quarter at new record levels for total assets, loans and deposits. Total assets exceeded $660 million at June 30, 2015, representing an increase of 13% during the first six months of the year, while our loans and deposits grew by over 17% and 15%, respectively. Our net interest income for the current quarter improved to $5.7 million, an increase of over 27% from the same period last year, while our net interest margin grew to 3.63%. In addition, asset quality remains strong with total non-performing assets to total assets at 11 basis points at June 30, 2015.”

 

Jason P. DiNapoli, President and Chief Operating Officer of the Company, added, “The growth that we experienced this quarter, as well as throughout this economic cycle, is a tribute to the loyalty of our customers and the dedication of our team. Together we’ve created a unique bank that is focused on building long-term relationships with our customers by delivering personalized service and customized solutions and committed to serving our community in West Los Angeles.”

 

2015 2nd Quarter Highlights

 

 

The Bank’s total risk-based capital ratio was 11.78% at June 30, 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 three and six months ended June 30, 2015, the Company recorded net income of $515,000, or $0.05 per diluted share, and $830,000, or $0.08 per diluted share, respectively. During the same periods last year, the Company reported net income of $779,000, or $0.08 per diluted share, and $1.2 million, or $0.12 per diluted share, respectively. The decline in net income during the three months ended June 30, 2015 as compared to the same period last year was primarily due to a $475,000 increase in provision for loan losses, a $533,000 decline in gains from the sale of securities, and a $571,000 increase in non-interest expenses. These items were partially offset by an increase in net interest income of $1.2 million, primarily related to an increase in the average balance of loans during the current quarter as compared to the same period last year. The decline in net income during the six months ended June 30, 2015 as compared to the same period last year was primarily due to a $625,000 increase in provision for loan losses, a $711,000 decline in gains from the sale of securities, and a $1.1 million increase in non-interest expenses. These items were partially offset by an increase in net interest income of $1.9 million, primarily related to an increase in the average balance of loans during the six months ended June 30, 2015, as compared to the same period last year.

 

 
 

The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Wednesday, July 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: 0001437749-15-015110
Submitted to the SEC: Thu Aug 06 2015 5:16:35 PM EST
Accepted by the SEC: Thu Aug 06 2015
Period: Tuesday, June 30, 2015
Industry: State Commercial Banks

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