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1St Century Bancshares, Inc. (FCTY) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 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 AND YEAR ENDED DECEMBER 31, 2015

 

Los Angeles, CA (March 3, 2016) – 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, 2015 of $869,000 and $2.6 million, respectively, compared to $554,000 and $2.4 million for the same periods last year. Diluted earnings per share for the quarter and year ended December 31, 2015 were $0.09 and $0.26, respectively, compared to $0.06 and $0.24 for the same periods last year. Pre-tax, pre-provision earnings for the quarter and year ended December 31, 2015 was $1.8 million and $5.8 million, respectively, compared to $1.1 million and $4.4 million for the same periods last year. Included in net income for the quarter and year ended December 31, 2015 are gains in connection with the sale of securities of none and $75,000, respectively, compared to $196,000 and $1.2 million for the same periods last year, as well as provisions for loan losses of $300,000 and $1.3 million for the quarter and year ended December 31, 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 proud to announce our financial results for the quarter and year ended December 31, 2015. Since the beginning of 2015, we’ve experienced significant growth in both loans and deposits. As of December 31, 2015, loans and deposits have both increased to approximately $598 million, representing growth rates of approximately 35% and 19%, respectively, during the current year. Profitability trends also continue to improve, including a 24% increase in net interest income during the year compared to the prior year and an efficiency ratio of 76%. In addition, asset quality remains strong with total non-performing assets to total assets at 10 basis points at December 31, 2015.”

 

Jason P. DiNapoli, President and Chief Operating Officer of the Company, added, “Our core West Los Angeles market is experiencing strong economic activity, which is translating into significant increases in both loans and core deposits. Through consistent execution of our growth strategies and deeper penetration of the West Los Angeles market, we are generating a high volume of quality lending opportunities. During the fourth quarter of 2015, our total loans increased at an annualized rate of approximately 36%, which bodes well for the future.”

 

2015 4th Quarter and Full Year Highlights

 

 

For the quarter and year ended December 31, 2015, the Company recorded net income of $869,000, or $0.09 per diluted share, and $2.6 million, or $0.26 per diluted share, respectively. During the same periods last year, the Company reported net income of $554,000, or $0.06 per diluted share, and $2.4 million, or $0.24 per diluted share, respectively. The increase in net income during the three months ended December 31, 2015 as compared to the same period last year was primarily due to an increase in net interest income of $1.3 million, resulting from an increase in the average balance of loans during the current quarter as compared to the same period last year. This increase was partially offset by a $300,000 increase in provision for loan losses, a $403,000 increase in non-interest expenses and a $196,000 decline in gains from the sale of securities. Consistent with the discussion above, the increase in net income during the year ended December 31, 2015 as compared to the same period last year was primarily due to an increase in net interest income of $4.5 million, resulting from an increase in the average balance of loans during the current year as compared to the same period last year. This increase was partially offset by a $1.2 million increase in provision for loan losses, a $2.0 million increase in non-interest expenses and a $1.1 million decline in gains from the sale of securities.

 

 

 
 

The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Friday, March 4, 2016 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 - Investment Securities
Note 2 - Investment Securities (details)
Note 2 - Investment Securities (details) - Available-for-sale Securities
Note 2 - Investment Securities (details) - Available-for-sale Securities By Contractual Maturity
Note 2 - Investment Securities (details) - Securities In A Continuous Loss Position
Note 2 - Investment Securities (tables)
Note 20 - Shareholders' Equity
Note 20 - Shareholders' Equity (details)
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: 0001437749-16-026765
Submitted to the SEC: Thu Mar 03 2016 6:07:07 PM EST
Accepted by the SEC: Fri Mar 04 2016
Period: Thursday, December 31, 2015
Industry: State Commercial Banks

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