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1st Capital Bank Announces Fourth Quarter 2017 Financial Results; Record Quarterly Pre-Tax Income of $1.79 Million; Quarterly Net Income of $182 Thousand

SALINAS, CA / ACCESSWIRE / January 31, 2018 / 1st Capital Bank (OTC PINK: FISB) reported unaudited net income of $182 thousand for the three months ended December 31, 2017, compared to net income of $1.03 million for the three months ended December 31, 2016 and net income of $1.02 million for the three months ended September 30, 2017, the immediately preceding quarter. Earnings per share were $0.04 (diluted), compared to $0.22 (diluted) for the prior quarter.

With the signing into law of the Tax Cuts and Jobs Act of 2017, generally accepted accounting principles (“GAAP”) require deferred tax assets and liabilities on corporate balance sheets be revalued to reflect the value of the future tax benefits associated with temporary differences between GAAP and Federal income tax accounting, using the new 21% top marginal rate, which replaces the 35% top marginal rate. As a result of the change in marginal rates, the Bank made an adjustment to the value of its net deferred tax assets, causing additional income tax expense of $913 thousand, or $0.19 per diluted share for the fourth quarter of 2017.

“While the benefits of lower income tax rates in 2018 and beyond will be very positive for 1st Capital Bank and most companies, the adjustment of our net deferred tax assets negatively impacted the Bank’s reported operating results for the fourth quarter and the entire year,” said Thomas E. Meyer, President and Chief Executive Officer.

Unaudited net income for the year ended December 31, 2017 decreased 7.3% to $2.84 million, compared to $3.07 million for the year ended December 31, 2016. Pre-tax income for 2017 rose significantly to $6.11 million, however, 20.6% above 2016’s pre-tax income of $5.06 million.

Net interest margin increased from 3.52% in the third quarter of 2017 to 3.68% in the fourth quarter of 2017. Net interest income before provision for loan losses for the three-month period ended December 31, 2017 was $5.12 million, an increase of $207 thousand, or 4.2%, compared to $4.91 million recognized in the three-month period ended September 30, 2017. On a year-over-year basis, quarterly net interest income before provision for loan losses increased $548 thousand, or 12.0%, from $4.57 million recognized in the fourth quarter of 2016.

For the year ended December 31, 2017, net interest income before provision for loan losses increased 12.7%, from $16.99 million in the year ended December 31, 2016 to $19.14 million in the year ended December 31, 2017. The Bank’s net interest margin expanded from 3.20% in 2016 to 3.50% in 2017. Growth in average loans outstanding, which increased $25 million, or 6.49%, from $391 million in 2016 to $416 million in 2017, made up the bulk of growth in average interest-earning assets, which increased $17 million, or 3.18%, from $531 million in 2016 to $548 million in 2017.

In 2017, loan growth was concentrated in the core portfolio, including commercial real estate loans, which organically grew $28 million, or 19.1%, from $145 million as of December 31, 2016 to $173 million as of December 31, 2017. Commercial and industrial loans grew $6 million, or 14.2%, from $45 million as of December 31, 2016 to $52 million as of December 31, 2017. Over the same period, the single-family residential portfolio, which consists primarily of purchased loans, decreased $6 million, or 4.7%, from $121 million as of December 31, 2016 to $115 million as of December 31, 2017, net of $25 million of single-family loans purchased in the third and fourth quarters of 2017. Overall, the loan portfolio increased $23 million, or 5.6%, from $405 million as of December 31, 2016 to $428 million as of December 31, 2017.

“Our annual operating results reflect a nearly 12% growth in our core commercial and industrial and commercial real estate portfolios during 2017,” said Thomas E. Meyer, President and Chief Executive Officer. “Our experienced group of relationship bankers enjoyed a strong finish during the fourth quarter of 2017, and enters 2018 with a robust pipeline of new lending opportunities. We have increased our core lending portfolio the past few years while maintaining exceptional credit quality.”

Total deposits increased $6 million, or 1.2%, to $526 million as of December 31, 2017, from $520 million as of September 30, 2017, and increased $25 million, or 5.1% from $501 million as of December 31, 2016. The Bank’s cost of funds declined from 0.14% for the year ended December 31, 2016 to 0.12% for the year ended December 31, 2017, reflecting an increase in the ratio of average noninterest-bearing deposits to total deposits from 40.9% in 2016 to 45.4% in 2017.

“Our noninterest-bearing deposits made up 49.7% of our total deposits at December 31, 2017 and are the primary driver of our continued low cost of funds,” said Michael J. Winiarski, Executive Vice President and Chief Financial Officer.

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

Net interest income before provision for credit losses was $5.12 million in the fourth quarter of 2017, an increase of $548 thousand, or 12.0%, compared to $4.57 million in the fourth quarter of 2016 and an increase of $207 thousand, or 4.2%, compared to $4.91 million in the third quarter of 2017.

Average earning assets were $552 million during the fourth quarter of 2017, a decrease of 0.3% compared to $554 million in the third quarter of 2017. The yield on earning assets was 3.78% in the fourth quarter, compared to 3.63% in the third quarter of 2017, primarily due to an increase in the average balance of loans from $420 million in the third quarter of 2017 to $431 million in the fourth quarter of 2017 and, secondly, to an increase in the yield on average loans outstanding from 4.29% to 4.39%. The average balance of the investment portfolio decreased $1 million, from $74 million in the third quarter of 2017 to $73 million in the fourth quarter of 2017, reflecting normal amortization and prepayments on the Bank’s investments in mortgage-backed securities and collateralized mortgage obligations, offset by $5 million in investment purchases. The yield on the investment portfolio increased from 1.63% in the third quarter of 2017 to 1.69% in the fourth quarter of 2017.

The cost of interest-bearing liabilities was 0.22% in each of the fourth quarter of 2016, the third quarter of 2017, and the fourth quarter of 2017, while the average balance of interest-bearing liabilities decreased from $277 million in the fourth quarter of 2016 to $276 million in the third quarter of 2017 and $271 million in the fourth quarter of 2017. The Bank experienced normal seasonal fluctuations in deposits, particularly from larger depositors, and managed its leverage ratio, primarily with Promontory Interfinancial Network’s Insured Cash Sweep program, which had off-balance sheet quarter-end balances of $24 million, $31 million, and $26 million in the fourth quarter of 2016 and the third and fourth quarters of 2017, respectively. These funds may be moved back into the Bank’s deposit portfolio at the Bank’s discretion. The average balance of noninterest-bearing demand deposit accounts (“DDAs”) increased from $240 million, or 46.5% of total deposits, in the third quarter of 2017 to $244 million, or 47.3% of total deposits, in the fourth quarter of 2017. The Bank’s overall cost of funds decreased, from 0.13% in the fourth quarter of 2016 to 0.12% in the third quarter of 2017 and 0.11% in the fourth quarter of 2017.

PROVISION FOR CREDIT LOSSES

The provision for credit losses is a charge against current earnings in an amount determined by management to be necessary to maintain the allowance for loan losses at a level sufficient to absorb management’s estimate of probable incurred credit losses inherent in the loan portfolio as of the balance sheet date in light of losses historically incurred by the Bank and adjusted for qualitative factors associated with the loan portfolio.

For the year ended December 31, 2017, the Bank recorded a provision for loan losses of $175 thousand, compared to a provision for loan losses of $295 thousand in the year ended December 31, 2016. In the fourth quarter of 2017, the Bank recorded a provision for loan losses of $65 thousand, compared to a provision of $85 thousand in the third quarter of 2017 and no provision in the fourth quarter of 2016, primarily to recognize the increased exposure to credit losses associated with growth in the loan portfolio.

The changes in the provision reflect the growth of the portfolio, changes in the mix of loan types within the portfolio and their respective loss histories, as well as management’s assessment of the amounts expected to be realized from certain loans identified as impaired. Impaired loans totaled $5.2 million at December 31, 2017, compared to $5.3 million at September 30, 2017, and $8.0 million at December 31, 2016.

At December 31, 2017, non-performing loans were 0.06% of the total loan portfolio, compared to 0.06% at September 30, 2017 and 0.03% at December 31, 2016. At December 31, 2017, the allowance for loan losses was 1.49% of outstanding loans, compared to 1.48% at September 30, 2017 and 1.55% at December 31, 2016, respectively. The Bank recorded net recoveries of $12 thousand in the fourth quarter of 2017, compared to net charge-offs of $24 thousand in the third quarter of 2017 and recoveries of $12 thousand in the fourth quarter of 2016.

NON-INTEREST INCOME

Annual non-interest income increased 109.9%, from $551 thousand in the year ended December 31, 2016 to $1.16 million in the year ended December 31, 2017. Non-interest income recognized in the fourth quarter of 2017 was $311 thousand, including $82 thousand in gain on sale of Small Business Administration (“SBA”) guaranteed loans, compared to $346 thousand in the third quarter of 2017, which included gain on sale of $98 thousand. This represents a decrease of $35 thousand, or 10.1%, compared to third quarter of 2017, and an increase of $98 thousand, or 46.0%, compared to the fourth quarter of 2016.

Management has been actively seeking to increase non-interest income across a range of sources, including account analysis fees, lockbox service fees, and mortgage brokerage fees. In addition, in the fourth quarter of 2016, the Bank increased its investment in Bank-owned life insurance (“BOLI”) policies by $5.0 million, from $2.4 million to $7.4 million. On an annual basis, the increase in non-interest income included a 73.7% increase in service charges on deposits, including lockbox and analysis fees, from $140 thousand to $243 thousand; a 168.0% increase in BOLI income, from $82 thousand to $221 thousand; a 174.1% increase in gain on sale of loans, from $97 thousand to $266 thousand; and an 84.1% increase in other income, from $232 thousand to $426 thousand, for the years ended December 31, 2016 and 2017, respectively.

NON-INTEREST EXPENSES

Non-interest expenses increased $58 thousand, or 1.6%, to $3.57 million in the fourth quarter of 2017, compared to $3.52 million for the third quarter of 2017, and increased $402 thousand, or 12.7%, compared to $3.17 million recognized in the fourth quarter of 2016. Salaries and benefits increased $68 thousand, or 3.2%, from $2.13 million in the third quarter of 2017 to $2.19 million in the fourth quarter of 2017.

For the year ended December 31, 2017, non-interest expenses were $14.02 million, an increase of $1.84 million, or 15.1%, compared to $12.18 million recognized in the year ended December 31, 2016. Salaries and benefits increased $1.22 million, or 16.4%, from $7.49 million to $8.71 million over the same period, reflecting an increase in average headcount from 74 employees for the year ended December 31, 2016 to 78 employees for the year ended December 31, 2017. These increases reflect the hiring primarily of loan production and underwriting personnel, including those specializing in government-guaranteed lending and single-family residential lending to support the introduction of home equity lines of credit and the Bank’s mortgage brokerage program. The Bank’s professional services expense increased $184 thousand, or 34.3%, to $722 thousand in 2017, from $537 thousand in 2016, primarily as a result of regulatory compliance consulting fees associated with the introduction of the Bank’s single-family loan products.

The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 65.8% for the fourth quarter of 2017, compared to 66.9% for the third quarter of 2017 and 66.3% for the fourth quarter of 2016. Annualized non-interest expenses as a percent of average total assets were 2.49%, 2.45%, and 2.33% for the fourth quarter of 2017, the third quarter of 2017, and the fourth quarter of 2016, respectively.

PROVISION FOR INCOME TAXES

The Bank’s effective book tax rate was 89.8% in the fourth quarter of 2017, compared to 38.4% for the third quarter of 2017 and 36.2% for the fourth quarter of 2016. The higher effective rate in the fourth quarter reflects the $913 thousand adjustment to the Bank’s net deferred tax assets resulting from the lowering of the corporate tax rate from 35% to 21% during December 2017.

About 1st Capital Bank

The Bank’s primary target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast Region of California. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration (“SBA”) and the U.S. Department of Agriculture (“USDA”). A full suite of deposit accounts is also furnished, complemented by robust cash management services. The Bank operates full-service branch offices in Monterey, Salinas, King City, and San Luis Obispo. The Bank’s corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank’s website is www.1stCapital.bank. The main telephone number is 831.264.4000. The primary facsimile number is 831.264.4001.

Member FDIC / Equal Opportunity Lender / SBA Preferred Lender

Forward-Looking Statements

Certain of the statements contained herein that are not historical facts are “forward-looking statements” within the meaning of and subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may contain words or phrases including, but not limited, to: “believe,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “plans,” “may increase,” “may fluctuate,” “may result in,” “are projected,” and variations of those words and similar expressions. All such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that might cause such a difference include, among other matters, changes in interest rates; economic conditions including inflation and real estate values in California and the Bank’s market areas; governmental regulation and legislation; credit quality; competition affecting the Bank’s businesses generally; the risk of natural disasters and future catastrophic events including terrorist related incidents and other factors beyond the Bank’s control; and other factors. The Bank does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.

This news release is available at the www.1stCapital.bank internet site for no charge.

For further information, please contact:

Thomas E. Meyer
President and Chief Executive Officer
831.264.4057 office
Tom.Meyer@1stCapitalBank.com

or

Michael J. Winiarski
Chief Financial Officer
831.264.4014 office
Michael.Winiarski@1stCapitalBank.com

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

December 31,

September 30,

June 30,

December 31,

Financial Condition Data1

2017

2017

2017

2016

Assets

Cash and due from banks

$
7,727

$
27,484

$
16,824

$
2,754

Funds held at the Federal Reserve Bank2

56,249

32,903

32,800

50,884

Time deposits at other financial institutions

1,743

747

747

2,490

Available-for-sale securities, at fair value

74,927

72,685

74,850

77,870

Loans receivable held for investment:

Construction / land (including farmland)

16,301

16,532

17,005

18,993

Residential 1 to 4 units

115,340

106,670

102,154

120,983

Home equity lines of credit

8,832

8,804

7,776

11,609

Multifamily

51,983

61,773

60,494

53,338

Owner occupied commercial real estate

67,326

67,124

67,169

50,887

Investor commercial real estate

105,196

102,904

102,854

94,018

Commercial and industrial

51,663

50,145

50,527

45,219

Other loans

11,292

12,560

10,848

10,259

Total loans

427,933

426,512

418,827

405,306

Allowance for loan losses

(6,378
)

(6,301
)

(6,241
)

(6,267
)

Net loans

421,555

420,211

412,586

399,039

Premises and equipment, net

2,308

2,376

2,343

1,477

Bank owned life insurance

7,654

7,599

7,543

7,433

Investment in FHLB3 stock, at cost

3,163

3,163

3,163

2,939

Accrued interest receivable and other assets

4,905

6,168

6,276

5,041

Total assets

$
580,231

$
573,336

$
557,132

$
549,927

Liabilities and shareholders’ equity

Deposits:

Noninterest bearing demand deposits

$
261,705

$
238,560

$
233,488

$
239,799

Interest bearing checking accounts

35,082

39,622

30,175

33,888

Money market deposits

107,101

119,384

116,739

113,289

Savings deposits

110,058

109,193

111,150

100,601

Time deposits

12,130

12,922

13,212

13,044

Total deposits

526,076

519,681

504,764

500,621

Accrued interest payable and other liabilities

2,163

2,060

2,087

1,661

Shareholders’ equity

51,992

51,595

50,281

47,645

Total liabilities and shareholders’ equity

$
580,231

$
573,336

$
557,132

$
549,927

Shares outstanding

4,686,521

4,443,889

4,428,930

4,350,721

Nominal and tangible book value per share

$
11.09

$
11.61

$
11.35

$
10.96

Ratio of net loans to total deposits

80.13
%

80.86
%

81.74
%

79.71
%

1 = Loans receivable held for investment are presented according to definitions applicable to the regulatory Call Report.
2 = Includes cash letters in the process of collection settled through the Federal Reserve Bank.
3 = Federal Home Loan Bank

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

Three Months Ended

December 31,

September 30,

June 30,

December 31,

Operating Results Data1

2017

2017

2017

2016

Interest and dividend income

Loans

$
4,769

$
4,539

$
4,365

$
4,298

Investment securities

313

306

266

213

Federal Home Loan Bank stock

56

56

53

169

Other

130

165

139

48

Total interest and dividend income

5,268

5,066

4,823

4,728

Interest expense

Interest bearing checking

5

3

4

5

Money market deposits

70

78

82

75

Savings deposits

64

64

68

69

Time deposits

9

9

10

7

Total interest expense on deposits

148

154

164

156

Interest expense on borrowings

Total interest expense

148

154

164

156

Net interest income

5,120

4,912

4,659

4,572

Provision for loan losses

65

85

25

Net interest income after provision

for loan losses

5,055

4,827

4,634

4,572

Noninterest income

Service charges on deposits

68

65

58

41

BOLI dividend income

55

56

56

38

Gain on sale of loans

82

98

14

78

Other

106

127

115

56

Total noninterest income

311

346

243

213

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

Three Months Ended

December 31,

September 30,

June 30,

December 31,

2017

2017

2017

2016

Noninterest expenses

Salaries and benefits

2,194

2,125

2,202

1,910

Occupancy

282

283

263

250

Data and item processing

183

186

190

154

Professional services

168

236

194

205

Furniture and equipment

120

115

126

127

Provision for unfunded loan

commitments

17

5

(4
)

(9
)

Other

611

566

548

533

Total noninterest expenses

3,575

3,516

3,519

3,170

Income before provision for income taxes

1,791

1,657

1,358

1,615

Provision for income taxes

1,609

636

503

585

Net income

$
182

$
1,021

$
855

$
1,030

Common Share Data2

Earnings per common share

Basic

$
0.04

$
0.22

$
0.18

$
0.23

Diluted

$
0.04

$
0.22

$
0.18

$
0.22

Weighted average common shares outstanding

Basic

4,680,948

4,659,886

4,632,766

4,557,161

Diluted

4,763,936

4,723,406

4,699,858

4,612,611

1 = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.
2 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 5% stock dividend declared November 22, 2017 and paid December 15, 2017.

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

Twelve Months Ended

December 31,

December 31,

Operating Results Data1

2017

2016

Interest and dividend income

Loans

$
17,860

$
16,279

Investment securities

1,131

796

Federal Home Loan Bank stock

235

347

Other

536

266

Total interest and dividend income

19,762

17,688

Interest expense

Interest bearing checking

16

13

Money market deposits

308

352

Savings deposits

260

297

Time deposits

36

40

Total interest expense in deposits

620

702

Interest expense on borrowings

Total interest expense

620

702

Net interest income

19,142

16,986

Provision for loan losses

175

295

Net interest income after provision for loan losses

18,967

16,691

Noninterest income

Service charges on deposits

243

140

BOLI dividend income

221

82

Gain on sale of loans

266

97

Gain on sale of securities

10

Other

426

222

Total noninterest income

1,156

551

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)

Twelve Months Ended

December 31,

December 31,

2017

2016

Noninterest expenses

Salaries and benefits

8,712

7,488

Occupancy

1,057

919

Data and item processing

726

602

Professional services

722

537

Furniture and equipment

485

476

Provision for unfunded loan commitments

36

(29
)

Other

2,280

2,189

Total noninterest expenses

14,018

12,182

Income before provision for income taxes

6,105

5,060

Provision for income taxes

3,260

1,992

Net income

$
2,845

$
3,068

Common Share Data2

Earnings per common share

Basic

$
0.61

$
0.68

Diluted

$
0.60

$
0.67

Weighted average common shares outstanding

Basic

4,637,570

4,530,052

Diluted

4,709,507

4,581,909

1 = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.
2 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 5% stock dividend declared November 22, 2017 and paid December 15, 2017.

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)

December 31,

September 30,

June 30,

December 31,

Asset Quality

2017

2017

2017

2016

Loans past due 90 days or more and accruing

interest

$

$

$

$

Nonaccrual restructured loans

Other nonaccrual loans

255

257

301

139

Other real estate owned

$
255

$
257

$
301

$
139

Allowance for loan losses to total loans

1.49
%

1.48
%

1.49
%

1.55
%

Allowance for loan losses to nonperforming loans

2,501.18
%

2,451.75
%

2,073.42
%

4508.63
%

Nonaccrual loans to total loans

0.06
%

0.06
%

0.07
%

0.03
%

Nonperforming assets to total assets

0.04
%

0.04
%

0.05
%

0.03
%

Regulatory Capital and Ratios

Common equity tier 1 capital

$
52,097

$
51,726

$
50,533

$
48,093

Tier 1 regulatory capital

$
52,097

$
51,726

$
50,533

$
48,093

Total regulatory capital

$
56,756

$
56,756

$
55,466

$
52,740

Tier 1 leverage ratio

9.14
%

9.07
%

9.03
%

8.89
%

Common equity tier 1 risk based capital ratio

12.91
%

12.90
%

12.85
%

12.99
%

Tier 1 risk based capital ratio

12.91
%

12.90
%

12.85
%

12.99
%

Total risk based capital ratio

14.16
%

14.15
%

14.11
%

14.25
%

Three Months Ended

December 31,

September 30,

June 30,

December 31,

Selected Financial Ratios1

2017

2017

2017

2016

Return on average total assets

0.13
%

0.71
%

0.61
%

0.76
%

Return on average shareholders’ equity

1.38
%

7.93
%

6.90
%

8.59
%

Net interest margin

3.68
%

3.52
%

3.42
%

3.41
%

Net interest income to average total assets

3.56
%

3.42
%

3.34
%

3.36
%

Efficiency ratio

65.83
%

66.87
%

71.79
%

66.04
%

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.

Three Months Ended

December 31,

September 30,

June 30,

December 31,

Selected Average Balances

2017

2017

2017

2016

Gross loans

$
431,144

$
419,933

$
411,708

$
409,396

Investment securities

73,586

74,471

73,545

82,195

Federal Home Loan Bank stock

3,163

3,163

3,104

2,939

Other interest earning assets

44,568

56,673

58,353

38,452

Total interest earning assets

$
552,461

$
554,240

$
546,710

$
532,982

Total assets

$
569,812

$
569,570

$
559,182

$
540,925

Interest bearing checking accounts

$
36,702

$
33,672

$
33,949

$
35,366

Money market deposits

112,179

119,533

127,569

114,818

Savings deposits

109,936

109,916

113,346

112,046

Time deposits

12,368

12,985

13,190

14,287

Total interest bearing deposits

271,185

276,106

288,054

276,517

Noninterest bearing demand deposits

243,874

240,149

219,608

214,675

Total deposits

$
515,059

$
516,255

$
507,662

$
491,192

Borrowings

$
1

$

$
44

$

Shareholders’ equity

$
52,365

$
51,049

$
49,699

$
47,722

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)

Twelve Months Ended

December 31,

December 31,

Selected Financial Ratios1

2017

2016

Return on average total assets

0.51
%

0.57
%

Return on average shareholders’ equity

5.65
%

6.61
%

Net interest margin

3.50
%

3.20
%

Net interest income to average total assets

3.41
%

3.16
%

Efficiency ratio

69.06
%

69.25
%

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.

Twelve Months Ended

December 31,

December 31,

Selected Average Balances1

2017

2016

Gross loans

$
415,893

$
390,544

Investment securities

74,408

81,707

Federal Home Loan Bank stock

3,093

2,830

Other interest earning assets

54,228

55,641

Total interest earning assets

$
547,622

$
530,722

Total assets

$
561,427

$
536,792

Interest bearing checking accounts

$
34,641

$
32,109

Money market deposits

120,229

126,528

Savings deposits

110,477

113,795

Time deposits

12,908

16,520

Total interest bearing deposits

278,255

288,952

Noninterest bearing demand deposits

230,951

199,641

Total deposits

$
509,206

$
488,593

Borrowings

$
11

$
19

Shareholders’ equity

$
50,356

$
46,436

1 = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.

SOURCE: 1st Capital Bank

ReleaseID: 487490

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