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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, 2015
Los Angeles, CA (October 28, 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 nine months ended September 30, 2015 of $854,000 and $1.7 million, respectively, compared to $626,000 and $1.8 million for the same periods last year. Pre-tax, pre-provision earnings for the three and nine months ended September 30, 2015 was $1.8 million and $4.0 million, respectively, compared to $1.1 million and $3.2 million for the same periods last year. Included in net income for the three and nine months ended September 30, 2015 are gains in connection with the sale of securities of none and $75,000, respectively, compared to $196,000 and $982,000 for the same periods last year, as well as provisions for loan losses of $300,000 and $1.0 million for the three and nine months ended September 30, 2015, compared to none and $100,000 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 of Directors and Chief Executive Officer of the Company, stated, “I’m pleased to announce our financial results for the quarter and nine months ended September 30, 2015. Since the beginning of this year, we’ve experienced significant growth in total assets, loans and deposits. As of September 30, 2015, total assets have grown to approximately $720 million, loans to approximately $549 million and deposits to approximately $638 million, representing growth rates of approximately 23%, 24% and 27%, respectively, during the first nine months of this year. Profitability trends also continue to improve, including a 28% increase in net interest income during the current quarter compared to the same period last year and an efficiency ratio of 71% for the current quarter. In addition, asset quality remains strong with total non-performing assets to total assets at 10 basis points at September 30, 2015.”
Jason P. DiNapoli, President and Chief Operating Officer of the Company, added, “We are proudly one of the remaining community banks headquartered on the Westside of Los Angeles and we strongly believe that the growth we are experiencing this year is a direct result of our team’s hard work and dedication to delivering unparalleled service to our market.”
2015 3rd Quarter Highlights
The Bank’s total risk-based capital ratio was 11.39% at September 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.
On September 25, 2015, the Company filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") relating to a proposed underwritten public offering of shares of its common stock having an aggregate offering price of up to $30.0 million. The registration statement has not yet become effective and these securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. A written prospectus for the offering may be obtained by contacting Jessica Graham, General Counsel, 1st Century Bancshares, Inc., 1875 Century Park East, Suite 1400, Los Angeles, California 90067, telephone (310) 270-9500. The Company intends to use the net proceeds to support its organic growth, de novo branching or the opening of relationship offices, the pursuit of strategic acquisition opportunities, and other general corporate purposes. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Wednesday, October 28, 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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