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1St Century Bancshares, Inc. (FCTY) SEC Filing 10-Q Quarterly report for the period ending Thursday, March 31, 2016

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, 2016

 

 

Los Angeles, CA (April 27, 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 ended March 31, 2016 of $273,000, compared to $315,000 for the same period last year. Diluted earnings per share for both the quarters ended March 31, 2016 and 2015 was $0.03. Pre-tax, pre-provision earnings for the quarter ended March 31, 2016 was $682,000, compared to $711,000 for the same period last year. Included in net income for the quarter ended March 31, 2016, are non-interest expenses of $861,000 and $268,000 incurred in connection with the proposed merger with Midland Financial Co. (“Midland”) and the registration statement on Form S-1 (“Form S-1”) that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 25, 2015, respectively. Excluding the impact of these items, net earnings would have been approximately $928,000 during the quarter ended March 31, 2016. Net earnings excluding these items, a non-GAAP financial measure, is presented because management believes adjusting the Company’s results to exclude these non-interest expenses provides stockholders with a useful metric for evaluating the profitability of the Company. A schedule reconciling our GAAP net income to earnings, excluding merger and Form S-1 related expenses is provided in the table below. Further discussion regarding the proposed merger is also provided below.

 

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 March 31, 2016, which reflect positive trends in loan and deposit growth, as well as in our net interest margin. During the quarter, total loans increased to $609 million from $598 million at December 31, 2015, while our deposits grew to $655 million from $598 million at December 31, 2015. In addition, our net interest margin improved to 3.89% from 3.46% during the same period last year.”

 

Jason P. DiNapoli, President and Chief Operating Officer of the Company, added, “Our momentum continues as we enter the next chapter of our history with Midland. The capital, financial strength and product breadth provided by Midland will enable us to continue building our unique franchise and further support our shared vision of creating the premier bank on the Westside of Los Angeles.”

 

Proposed Merger with Midland Financial Co.

 

On March 10, 2016, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), with Midland, and MC 2016 Corp., a wholly-owned subsidiary of Midland (“Merger Sub”), pursuant to which, upon the terms and subject to the conditions set forth therein, Merger Sub will merge (the “Merger”) with and into the Company, with the Company surviving the Merger as a wholly-owned subsidiary of Midland. Simultaneously with the Merger, the Bank will merge (the “Bank Merger”) with and into MidFirst Bank, a federally-chartered savings association and a wholly-owned subsidiary of Midland (“MidFirst”), with MidFirst surviving the Bank Merger. Immediately after the Merger and Bank Merger described above, the Company, as the surviving corporation in the Merger, will merge with and into Midland, with Midland as the surviving corporation. Following these transactions, the business of 1st Century Bank will continue to operate under the 1st Century brand as a division of MidFirst Bank.

 

 
 

The following information was filed by 1St Century Bancshares, Inc. (FCTY) on Wednesday, April 27, 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-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

Document And Entity Information
Note 12 - Non-interest Income
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
Note 1 - Summary Of Significant Accounting Policies
Note 1 - Summary Of Significant Accounting Policies (details Textual)
Note 1 - Summary Of Significant Accounting Policies (tables)
Note 1 - Summary Of Significant Accounting Policies - Earnings Per Share (details)
Note 10 - Fair Value Measurements
Note 10 - Fair Value Measurements (details Textual)
Note 10 - Fair Value Measurements (tables)
Note 10 - Fair Value Measurements - Assets And Liabilities Measured On Recurring Basis (details)
Note 10 - Fair Value Measurements - Assets Measured On Non-recurring Basis (details)
Note 11 - Estimated Fair Value Information
Note 11 - Estimated Fair Value Information (tables)
Note 11 - Estimated Fair Value Information - Financial Instruments (details)
Note 12 - Non-interest Income (tables)
Note 12 - Non-interest Income - Non-interest Income (details)
Note 13 - Stock-based Compensation
Note 13 - Stock-based Compensation (details Textual)
Note 13 - Stock-based Compensation (tables)
Note 13 - Stock-based Compensation - Restricted Stock (details)
Note 13 - Stock-based Compensation - Shares Authorized And Available Under All Stock Plans (details)
Note 14 - Regulatory Matters
Note 14 - Regulatory Matters (details Textual)
Note 14 - Regulatory Matters (tables)
Note 14 - Regulatory Matters - Capital Ratios (details)
Note 2 - Investments
Note 2 - Investments (details Textual)
Note 2 - Investments (tables)
Note 2 - Investments - Available-for-sale Securities (details)
Note 2 - Investments - Available-for-sale Securities By Contractual Maturity (details)
Note 2 - Investments - Securities In A Continuous Loss Position (details)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (details Textual)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets (tables)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets - Activities In Allowance For Loan Losses And Recorded Investment In Loans (details)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets - Aging Analysis Of Past Due Loans (details)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets - Credit Exposure By Internally Assigned Grades (details)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets - Impaired Loans (details)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets - Loans Outstanding (details)
Note 3 - Loans, Allowance For Loan Losses, And Non-performing Assets - Nonaccrual Loans And Other Real Estate Owned (details)
Note 4 - Derivative Financial Instruments
Note 4 - Derivative Financial Instruments (tables)
Note 4 - Derivative Financial Instruments - Interest Rate Derivative Contracts (details)
Note 4 - Derivative Financial Instruments - Weighted Average Interest Rates On Interest Rate Swaps (details)
Note 5 - Comprehensive Income
Note 5 - Comprehensive Income (details Textual)
Note 5 - Comprehensive Income (tables)
Note 5 - Comprehensive Income - Accumulated Other Comprehensive Income (details)
Note 5 - Comprehensive Income - Comprehensive Income (details)
Note 5 - Comprehensive Income - Comprehensive Income (details) (parentheticals)
Note 6 - Premises And Equipment
Note 6 - Premises And Equipment (details Textual)
Note 6 - Premises And Equipment (tables)
Note 6 - Premises And Equipment - Premises And Equipment (details)
Note 7 - Deposits
Note 7 - Deposits (details Textual)
Note 7 - Deposits (tables)
Note 7 - Deposits - Certificates Of Deposit By Interest Rate And Maturity (details)
Note 7 - Deposits - Deposits By Category (details)
Note 8 - Other Borrowings
Note 8 - Other Borrowings (details Textual)
Note 8 - Other Borrowings (tables)
Note 8 - Other Borrowings - Long-term Borrowings (details)
Note 9 - Commitments And Contingencies
Note 9 - Commitments And Contingencies (details Textual)
Note 9 - Commitments And Contingencies (tables)
Note 9 - Commitments And Contingencies - Future Restricted Stock Expense (details)
Note 9 - Commitments And Contingencies - Minimum Future Rental Payments (details)
Significant Accounting Policies (policies)

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: 0001437749-16-030976
Submitted to the SEC: Thu May 05 2016 4:50:39 PM EST
Accepted by the SEC: Thu May 05 2016
Period: Thursday, March 31, 2016
Industry: State Commercial Banks

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