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1St Century Bancshares, Inc. (FCTY) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 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 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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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) - 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 15 - Shareholders' Equity
Note 15 - Shareholders' Equity (details)
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 - 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: 0001437749-15-019902
Submitted to the SEC: Thu Nov 05 2015 5:28:32 PM EST
Accepted by the SEC: Thu Nov 05 2015
Period: Wednesday, September 30, 2015
Industry: State Commercial Banks

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