From the Company That Introduced Swipe Studio for the Professional Design Community Comes a Fun and Innovative Digital Design Platform for Everyone

LOS ANGELES, CA / ACCESSWIRE / October 27, 2016 / Swipe™ – the design platform that is fast becoming embraced by professional designers as an industry standard for the creation of digital comics and graphic novels – has launched Swipie, a version specially-made for the general market. With Swipie, viewers can explore all of the design work achieved via Swipe Studio and create their own remixes.

“Swipie brings the fun and innovation of Swipe Studio to everyone, allowing users to view designs created with Swipe Studio and remix them in a fun and immersive app environment,” said Satoshi Nakajima, the renowned software engineer and architect of Swipe Studio.

Please visit App Store to download Swipie app: https://itunes.apple.com/app/id1157808113?ls=1&mt=8

You can immediately enjoy the first Swipie contents as follow:

RYU AMBE WORKS : https://swipie.com/toon/5X9hFQD3gN

Jaywalkers v.5 by RYU AMBE: https://swipie.com/toon/EIOI6tKK5V

TATE – Japanese Samurai sword fight form: https://swipie.com/toon/wBRX2p1QMn

Illustrators and designers from legendary comic book artist Neal Adams (www.nealadams.com) to noted designer RYU AMBE (http://ryuambe.com/) are adapting Swipe Studio tools for their own creative works. Neal Adams will be introducing the next eagerly anticipated installment of Bucky O’Hare – all created on the Swipe platform – at the upcoming Stan Lee’s Los Angeles Comic Con, taking place October 28-30 at the Los Angeles Convention Center. Swipe, Inc. will release Neal Adams the very first Swipe Studio creative work, Bucky O’Hare on October 29, 2016!

Swipie is the Swipe app that enables consumers to peruse the Swipe Studio-based designs and work with them for the purposes of remixing.

As for Swipe Studio, Swipe, Inc. is recently announced Swipe Studio Creative Challenge and now underway. Swipe, Inc. is pleased to announce the first submission for Swipe Studio Creative Challenge:

https://studio.swipe.net/player/X0HpVjZRI7#0　

The entry deadline for the promotion is Friday, November 18. To judge, download Swipie and click the ‘like’ button on your favorites. Visit the Swipie app often as new creative works utilizing Swipe Studio are added regularly. Here are some initial Swipe Studio works to check at your computer (Of cause, you can SWIPE once you download Swipe Studio!)

Swipe Studio Creative Challenge applicants for will also have their works displayed at the Swipe Booth (#800) at Stan Lee’s Los Angeles Comic Con taking place October 28-30 at the Los Angeles Convention center.

Two award winners will be selected and receive global exposure for their design works, including visibility on Swipie, along with participating in media announcements and future Swipe conferences and exhibitions. Select awards applicants will have the opportunity to join in the Swipe/Neal Adams panel session taking place during Stan Lee’s Los Angeles Comic Con at 11a.m. of Saturday, October 29, 2016 at conference room 403A.

The brainchild of software genius Satoshi Nakajima – the engineering architect responsible for Windows 95 and Windows 98 along with Internet Explorer versions 3 and 4 – Swipe Studio provides for the ability to easily animate everything from emails to digital comics with media-rich digital elements and make use of animation, video, vector graphics as well as full audio for voice, music and sound effects on tablets and smartphones. Created to take full advantage of today’s touch-enabled smartphone and tablet technology, Swipe eliminates the need for complex programming typically required to build animation or other forms of design content. 

About Swipe, Inc.

Headquartered in Tokyo, Swipe, Inc. is the parent company for Swipe™, an open source platform embedding the full range of visual and audio media into digital documents for smartphones, tablets and other touch-screen devices. Swipe, Inc. Founder-Chief Technology Officer Satoshi Nakajima is recognized industry-wide as the lead engineer and architect of Windows 95 and Windows 98 which he created during his tenure with Microsoft. Visit Swipe, Inc. online at http://www.Swipe.net/.

CONTACT:

SSA Public Relations
Steve Syatt
ssyatt@ssapr.com

David Syatt
David@ssapr.com
+1 (818) 907-0500

SOURCE: Swipe, Inc. 

ReleaseID: 447860

DENVER, CO / ACCESSWIRE / October 27, 2016 / Pure Cycle Corporation (NASDAQ Capital Market: PCYO) today reported financial results for its fiscal year ended August 31, 2016.

“We are pleased to report our results for Fiscal and Fourth Quarter 2016. Fiscal Year 2016 was highlighted by a number of infrastructure additions to our water systems and the start of development of our Sky Ranch property. We completed a ten million gallon reclaimed water storage pond and completed the connection to the WISE system” commented Mark Harding, President of Pure Cycle Corporation. “We also obtained preliminary approval on the first phase development of our Sky Ranch property and we are working on a pipeline project that will interconnect our systems and bring water to our Sky Ranch property.” continued Mr. Harding.

We will host a conference call on Tuesday November 1, 2016, at 3PM Eastern (1PM Mountain) to discuss these results. Call details are below. Additionally, we will post a detailed slide presentation which overviews the Company and presents summary financial results on our website which can be accessed at www.purecyclewater.com.

The following table summarizes results of operations for the quarters and fiscal years ended August 31, 2016 and 2015:

 
 
Period Ended August 31,
 
 
In 000’s (except per share)
 
 
Quarter
 
 
Fiscal Year
 
 
 
2016
 
 
2015
 
 
2016
 
 
2015
 
Revenues
 
$
149
 
 
$
135
 
 
$
452
 
 
$
1,197
 
Cost of revenues
 
 
(141
)
 
 
(269
)
 
 
(529
)
 
 
(760
)
Gross margin
 
 
8
 
 
 
(134
)
 
 
(77
)
 
 
437
 
Operating expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative
 
 
(556
)
 
 
(772
)
 
 
(1,850
)
 
 
(1,939
)
Other
 
 
(70
)
 
 
(47
)
 
 
(253
)
 
 
(175
)
Loss from operations
 
 
(618
)
 
 
(953
)
 
 
(2,180
)
 
 
(1,677
)
Other (expense) income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oil and gas royalties and lease income, net
 
 
79
 
 
 
313
 
 
 
705
 
 
 
1,059
 
Other income
 
 
12
 
 
 
4
 
 
 
4
 
 
 
22
 
Interest income
 
 
66
 
 
 
9
 
 
 
241
 
 
 
21
 
Net loss from continuing operations
 
 
(461
)
 
 
(627
)
 
 
(1,230
)
 
 
(575
)
Net loss from discontinued operations
 
 
(58
)
 
 
(22,163
)
 
 
(80
)
 
 
(22,260
)
Net loss before taxes
 
 
(519
)
 
 
(22,790
)
 
 
(1,310
)
 
 
(22,835
)
Taxes
 
 
—
 
 
 
(293
)
 
 
—
 
 
 
(293
)
Net loss after taxes
 
$
(519
)
 
$
(23,083
)
 
$
(1,310
)
 
$
(23,128
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss per share
 
$
(0.03
)
 
$
(0.96
)
 
$
(0.06
)
 
$
(0.96
)

Revenues decreased approximately 67% and 62% during the three and twelve months ended August 31, 2016 compared to the three and twelve months ended August 31, 2015, respectively. The decreases are attributable to a decrease in frack water sales.

Our summarized financial position as of August 31, 2016 and 2015 is as follows:

 
 
August 31,
 
 
 
 
In 000’s
 
 
 
 
 
 
 
2016
 
 
2015
 
 
$ Change
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and marketable securities
 
$
27,873
 
 
$
37,089
 
 
$
(9,216
)
Other current assets
 
 
1,213
 
 
 
2,492
 
 
 
(1,279
)
Total current assets
 
 
29,086
 
 
 
39,581
 
 
 
(10,495
)
Long-term investments
 
 
6,853
 
 
 
—
 
 
 
6,853
 
Investments in water and water systems, net
 
 
28,322
 
 
 
27,708
 
 
 
614
 
Land and mineral interests
 
 
5,346
 
 
 
5,092
 
 
 
254
 
Other long-term assets
 
 
1,273
 
 
 
680
 
 
 
593
 
Total assets
 
$
70,880
 
 
$
73,061
 
 
$
(2,181
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$
482
 
 
$
1,499
 
 
$
(1,017
)
Other long-term liabilities
 
 
1,400
 
 
 
1,476
 
 
 
(76
)
Total liabilities
 
 
1,882
 
 
 
2,975
 
 
 
(1,093
)
Total shareholders’ equity
 
 
68,998
 
 
 
70,086
 
 
 
(1,088
)
Total liabilities and shareholders’ equity
 
$
70,880
 
 
$
73,061
 
 
$
(2,181
)

CALL DETAILS

When: 3PM Eastern on Tuesday November 1, 2016
Call in number: 1-855-241-1929 (conference ID: 9507554)
International Call in number: 1-443-295-9247
Replay available until: November 8, 2016
Replay call in number: 1-855-859-2056 (conference ID: 9507554)

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Forward-looking statements are all statements, other than statements of historical facts, including in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, such as the transformative nature of the sale of our farms, the focus on our water utility assets, and our position to take advantage of new opportunities to expand our water services Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ from projected results include the risk factors discussed in Part I, Item 1A of our most recent Annual Report on Form 10-K and those factors discussed from time to time in our press releases, public statements and documents filed or furnished with the U.S. Securities and Exchange Commission.  Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated or intended. Except as required by law, we disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Company Information

Pure Cycle owns water assets in the State of Colorado in the Denver, Colorado metropolitan area. Pure Cycle provides wholesale water and wastewater services to customers located in the Denver metropolitan area including the design, construction, operation and maintenance of water and wastewater systems.

Additional information including our recent press releases and Annual Reports are available at www.purecyclewater.com, or you may contact our President, Mark W. Harding, at 303-292-3456 or at info@purecyclewater.com.

SOURCE: Pure Cycle Corporation

ReleaseID: 447848

SANTA BARBARA, CA / ACCESSWIRE / October 27, 2016 / Santa Barbara, also referred to as the American Riviera, is internationally renowned for its enviable Mediterranean climate, dramatic mountain backdrops, and picturesque coastlines. The iconic city isn’t known nearly as well, however, for its vibrant, meaningful neighborhoods and generous citizens, according to local real estate expert, Kenny
Slaught. The Investec CEO believes strong heritage, a prosperous small business sector, and dedicated nonprofit organizations play essential roles in creating these unique, proactive communities.

 

As early as 1925, Santa Barbara city planners, recognizing the natural charm of Southern California, developed legislation to preserve Spanish Colonial architecture, and the city became the first populace in the United States to consider the importance of historical buildings. The County Courthouse, the most common downtown destination for visiting tourists, is adorned with brilliantly colored tiles and murals that display striking scenes from the city’s past. A church that has been operating for over 200 years, The Old Mission, also known as the “Queen of Missions,” provides an amazing view into the formation of the New World through guided tours and an expansive museum.

Aside from a sought after tourist destination, Santa Barbara has presently become a center for young and developing businesses, said Kenny
Slaught. Dozens of promising, new companies have been founded in recent years, and many, including AppScale, LastLine, TrackR, and Salty Girl Seafood, have come directly out of the University of California Santa Barbara. With over $200 million raised for area startups from private investors in the last year, the Central Coast boasts nearly twice the investment per capita in innovation than the greater Los Angeles area, a much larger market. While some may feel the tempting pull of Silicon Valley or Hollywood, local entrepreneurs recognize the significance of building a business in an environment that promotes growth. As a result, the region is one of the best places in the country to launch and cultivate startups, spawning remarkable biotech, medical, technology, and scientific businesses like Inogen, Raytheon, Sonos, and BioIQ.

The third pillar of Santa Barbara’s exceptional community is a widespread commitment to philanthropy by the county’s civic leaders, business professionals, and residents. The city’s deep tradition of nonprofit activity and generous giving is seen today through numerous charities, volunteer organizations and community initiatives, and dates back to 1928 with the creation of the Santa Barbara Foundation. Active local nonprofits eliminate the need for public officials to seek assistance from national foundations, and allow for immediate attention to be given to the needs of the community.

Kenny Slaught is a strategic investor, entrepreneur, and the Founder & President of Investec Real Estate Companies. Founded in 1983, Slaught has grown the business into the leading property development and management firm in Santa Barbara County through the acquisition of over three million feet of coastal California apartment, office, retail, and self-storage space. In addition to his business endeavors, Slaught is a passionate philanthropist and active supporter of nonprofits throughout the Southern California region.

Kenny Slaught – Founder and President of Investec Real Estate Companies: http://KennySlaughtNews.com

Kenny Slaught – California Real Estate Benefiting from Technology Based Investing: http://www.nasdaq.com/press-release/kenny-slaught–california-real-estate-benefiting-from-technology-based-investing-20160921-00056#ixzz4OKCfVA2J

Kenny Slaught — Discusses the History of Architecture in Santa Barbara: http://finance.yahoo.com/news/kenny-slaught-discusses-history-architecture-061351293.html

Contact Information

PR Agency Contact:
ICMediaDirect.com
TEL: 1.800.595.0821
www.ICMediaDirect.com

SOURCE: Kenny Slaught

ReleaseID: 447856

Upcoming Lead Plaintiff Deadline is November 18, 2016

NEW YORK, NY / ACCESSWIRE / October 27, 2016 / Wolf
Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed against Misonix, Inc. (“Misonix” or the “Company”) (NASDAQ: MSON) and certain of its officers in the United States District Court for the Eastern District of New York. The class action is on behalf of a class consisting of all persons or entities who purchased Misonix securities between November 5, 2015 through September 14, 2016, inclusive (the “Class Period”).

Shareholders who have incurred losses in Misonix, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You
may also review the filed complaint and obtain additional information
concerning the action on our website, www.whafh.com.

If you purchased shares of Misonix, Inc., you may, no later than November 18, 2016, request that the Court appoint you lead plaintiff of the proposed class.

According to the filed Complaint, Defendants made false and/or misleading statements and/or failed to disclose that: (1) insufficiencies existed in Misonix’s internal controls over financial reporting; and (2) consequently, Defendants’ statements about Misonix’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On September 14, 2016, Misonix revealed that it would delay its Annual Report filing on Form 10-K for the fiscal year ended June 30, 2016 due to the pending investigation by Misonix’s Audit Committee in connection to its defects in internal control over financial reporting at June 30, 2016. Following this news, Misonix stock dropped 18.4% during trading on September 15, 2016.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein
Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

## Follow the firm and learn about newly filed cases on Twitter and Facebook. ##

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

Attorney Advertising. Prior results do not guarantee or predict a similar outcome.

SOURCE: Wolf Haldenstein Adler Freeman & Herz LLP

ReleaseID: 447845

LOS ANGELES, CA / ACCESSWIRE / October 27, 2016 / Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Polaris Industries Inc. (“Polaris” or the “Company”) (NYSE: PII) concerning possible violations of federal securities laws between February 20, 2015 and September 11, 2016 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the November 15, 2016 lead plaintiff motion deadline.

To participate in this class action lawsuit, click here. You can also call Brian Lundin, Esquire, of Lundin Law PC, at 888-713-1033, or e-mail him at brian@lundinlawpc.com.

No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.

The complaint alleges that during the Class Period, Polaris made false and/or misleading statements and/or failed to disclose that: Polaris was unable to sufficiently validate the initially identified repair for certain of its recalled RZR vehicles; that the Company would ultimately need to implement a more complex and expensive repair solution; that the financial impact of RZR vehicle recalls was greater than the Company had disclosed to investors; that Polaris overstated its full-year 2016 guidance; and that as a result of the above, the Company’s public statements were materially false and misleading at all relevant times.

On September 12, 2016, Polaris lowered its earnings guidance range for the full year 2016. The lower guidance is related to the impact of the Company’s stop-ride/stop-sale advisory on July 25, 2016 pending a formal recall for the MY2016 RZR Turbo off-road vehicles due to potential fire hazard. When this information became public, the Polaris stock price dropped, causing investors harm.

Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact:

Lundin Law PC

Brian Lundin, Esq.

Telephone: 888-713-1033

Facsimile: 888-713-1125

brian@lundinlawpc.com
http://lundinlawpc.com/

SOURCE: Lundin Law PC

ReleaseID: 447852

TORONTO, ON AND NEW YORK, NY / ACCESSWIRE / October 27, 2016 / Intertainment Media Inc. (TSXV: INT) (OTC Pink: ITMTF) (FSE: I4T) (“Intertainment” or the “Company”) announces that it will be unable to file its audited annual financial statements for the financial year ending June 30, 2016, related management’s discussions and analysis and CEO and CFO certificates (collectively the “Financial Statements”) by the deadline of October 28, 2016, as prescribed by National Instrument 51-202 – Continuous Disclosure Obligations.

The Company is in a challenging financial position and does not have the financial resources available to pay outstanding auditor fees or for an audit of its Financial Statements. The Company has therefore chosen to forego filing its Financial Statements as it pursues strategic alternatives for the Company’s future.

The Company is unable, at this time, to predict when, or if, it will be able to file the Financial Statements. The Company is investigating all strategic alternatives and will file updated press releases as and when it has information to report.

It is anticipated that the applicable regulatory authorities will issue a cease trade order against the Company for its failure to file the required Financial Statements by the prescribed deadline.

Contact

For further information on the Company please contact:

info@intertainmentmedia.com

Cautionary Note

The Company is currently in a difficult financial position and shares of the Company may be cease traded. Shareholders are advised that they may not be able to trade their shares in the Company if and when a cease trade order is implemented against the Company.

This news release contains certain “forward-looking information” within the meaning of such statements under applicable securities law.

Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Actual timelines associated may vary from those anticipated in this news release and such variations may be material. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on this forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Intertainment Media Inc.

ReleaseID: 447849

TORONTO, ON / ACCESSWIRE / October 27, 2016 / Bison Gold Resources Inc. (TSXV: BGE) (the “Company”) announces that Mr. Dale Dunlop has resigned as Chairman and a Director of the Company effective immediately. The Company would like to thank Mr. Dunlop for his contributions to the Company.

For further information, please contact:

Amir Mousavi, Chief Executive Officer
Bison Gold Resources Inc.
Tel: (647) 846-3339
www.bisongold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

SOURCE: Bison Gold Resources Inc.

ReleaseID: 447847

COSTA MESA, CA / ACCESSWIRE / October 27, 2016 / NEMUS Bioscience, Inc. (OTCQB: NMUS) today announced the closing of its Preferred Stock financing for gross proceeds of $500,000. ROTH Capital Partners acted as the exclusive placement agent for the transaction.

ABOUT NEMUS BIOSCIENCE, INC.

The Company is a biopharmaceutical company, headquartered in Costa Mesa, California, focused on the discovery, development, and commercialization of cannabis-based therapeutics for significant unmet medical needs in global markets. Utilizing certain proprietary technology licensed from the University of Mississippi, NEMUS is working to develop novel ways to deliver cannabis-based drugs for specific indications, with the aim of optimizing the clinical effects of such drugs, while limiting the potential adverse events. NEMUS’ strategy will explore the use of natural and synthetic compounds, alone or in combination. The Company is led by a highly qualified team of executives with decades of biopharmaceutical experience and significant background in early-stage drug development. For more information, visit www.nemusbioscience.com.

FORWARD LOOKING STATEMENTS

Statements in this document that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. In some cases, forward-looking statements can be identified by terminology including “goal,” “focus,” “aims,” “believes,” “can,” “challenge,” “predictable” “will,” or the negative of these terms or other comparable terminology. We operate in a rapidly-changing environment and new risks emerge from time to time. As a result, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make.

CONTACTS:

Adam Holdsworth, Investor Relations
Email: adamh@pcgadvisory.com
Phone: 646-862-4607

Janet Vasquez, Public Relations
Email: jvasquez@jvprny.com
Phone: 212-645-5498

SOURCE: NEMUS Bioscience, Inc.

ReleaseID: 447850

MONTEREY, CA / ACCESSWIRE / October 27, 2016 / 1st Capital Bank (OTC Pink: FISB) reported unaudited net income of $645 thousand for the three months ended September 30, 2016, an increase of 59.2% compared to net income of $405 thousand in the three months ended September 30, 2015 and a decrease of 6.3% compared to income of $689 thousand in the three months ended June 30, 2016, the immediately preceding quarter. Earnings per share were $0.15 (diluted), compared to $0.17 (diluted) for the prior quarter.

On a year-to-date basis, unaudited net income increased 19.4% to $2.04 million for the nine months ended September 30, 2016, compared to $1.71 million for the nine months ended September 30, 2015, when operating results included $249 thousand of non-recurring, non-taxable bank-owned life insurance benefits.

Net loans increased $28 million during the third quarter, from $378 million at June 30, 2016 to $406 million at September 30, 2016. Organic growth was concentrated in commercial real estate loans, which grew $10 million, or 5.5%, in the third quarter. The single-family residential portfolio increased $17 million, or 13.9%, as the result of a $20 million loan pool purchase, while the commercial and industrial loan portfolio decreased $2 million, or 4.2%, during the third quarter. Because of the increase in the loan portfolio, the Bank recorded a provision for loan losses of $255 thousand in the third quarter of 2016, compared to $365 thousand in the third quarter of 2015 and $40 thousand in the second quarter of 2016.

Net interest income before provision for loan losses for the three-month period ended September 30, 2016 was $4.18 million, an increase of 2.5% compared to $4.08 million recognized in the three-month period ended June 30, 2016. On a year-over-year basis, quarterly net interest income before provision for loan losses increased $402 thousand, or 10.6%, from $3.78 million recognized in the third quarter of 2015, and year-to-date net interest income before provision for loan losses increased 12.6%, from $11.0 million in the nine months ended September 30, 2015 to $12.4 million in the nine months ended September 30, 2016. Net interest margin increased from 2.99% in the second quarter of 2016 to 3.20% in the third quarter of 2016.

“We continue to be pleased with the growth in our core loan portfolio. Excluding purchased loans, our portfolio grew 9.8% over the past twelve months, and 4.8% in the third quarter of 2016. Consequently, it was necessary to build our allowance for loan losses to a level commensurate with our outstanding loans, which now exceed $400 million,” said Thomas E. Meyer, President and Chief Executive Officer.

“We believe the current level of the allowance for loan and lease losses is consistent with the inherent risk of the portfolio,” added Dale R. Diederick, Chief Credit Officer, “and we are happy to report that we received payment in full in October 2016 of a $1.5 million land loan that was on non-accrual status at September 30, 2016. This will add approximately $80 thousand of non-recurring interest income to our October operating results.”

Total assets declined $22 million in the third quarter, to $524 million at September 30, 2016, compared to $546 million at June 30, 2016, as a result of a decrease in deposits of $23 million, or 4.6%, from $498 million at June 30, 2016 to $475 million at September 30, 2016. Over the same period, deposits placed into Promontory Interfinancial Network’s Insured Cash Sweep (“ICS”) product but not carried on the Bank’s balance sheet increased $16 million, from $11 million at June 30, 2016 to $27 million at September 30, 2016. These funds may be moved back into the Bank’s deposit portfolio at the Bank’s discretion. The overall decline in the level of deposits under the Bank’s management of $7 million, or 1.4%, from $509 million at June 30, 2016 to $502 million at September 30, 2016 reflects normal seasonal trends, particularly among the Bank’s agricultural industry depositors.

The Bank’s investment portfolio decreased $5 million, or 5.6%, due to normal amortization and principal prepayments in its portfolios of mortgage-backed securities and collateralized mortgage obligations, and the Bank’s cash position decreased $45 million, from $67 million at June 30, 2016 to $22 million at September 30, 2016, as funds were moved into the ICS program and invested in the loan portfolio.

“During the third quarter, our net interest margin expanded as we put our on-balance sheet liquidity to work in the loan portfolio and moved excess funds off our balance sheet and into the ICS program, providing us with a source of recurring fee income. This had the added benefit of increasing our leverage capital ratio to a level more in line with our risk appetite,” said Michael J. Winiarski, Chief Financial Officer. The Bank’s leverage capital ratio increased from 8.33% at June 30, 2016 to 8.94% at September 30, 2016.

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

Net interest income before provision for credit losses was $4.18 million for the third quarter of 2016, an increase of $402 thousand, or 10.6%, compared to the third quarter of 2015 and an increase of $103 thousand, or 2.5%, compared to $4.08 million for the second quarter of 2016.

Average earning assets were $519 million during the third quarter of 2016, a decrease of 5.3% compared to $548 million in the second quarter of 2016. The yield on earning assets was 3.33% in the third quarter, compared to 3.14% in the second quarter of 2016, primarily due to a significant reduction in the Bank’s interest-bearing cash balances and an increase in the average balance of loans from $383 million in the second quarter of 2016 to $390 million in the third quarter of 2016.

The cost of interest-bearing liabilities declined from 0.26% in the second quarter of 2016 to 0.23% in the third quarter of 2016, while the average balance of interest-bearing liabilities decreased from $313 million in the second quarter of 2016 to $282 million in the third quarter of 2016, as the Bank experienced a seasonal decrease in deposits, particularly from larger depositors, and funds were placed into the ICS program. The average balance of noninterest-bearing demand deposit accounts (“DDAs”) was stable at $194 million in both the second and third quarters of 2016. The Bank’s overall cost of funds decreased three basis points, from 0.16% in the second quarter of 2016 to 0.13% in the third quarter of 2016.

Gross loans receivable increased $28 million, or 7.3%, to $412 million at September 30, 2016 from $384 million at June 30, 2016 and increased $26 million, or 6.6%, from $387 million outstanding at September 30, 2015. During the third quarter of 2016, the Bank’s commercial real estate portfolio increased 5.5%, from $190 million to $201 million. Year over year, the commercial real estate portfolio grew 14.0%. Within the commercial real estate portfolio, loans on multi-family residential properties increased $4 million, from $50 million at June 30, 2016 to $54 million at September 30, 2016. Single-family residential loans, increased $17 million, or 13.9%, as normal amortization and prepayments offset the purchase of a $20 million pool of hybrid adjustable loans. Commercial and industrial loans outstanding decreased $3 million, from $50 million outstanding at June 30, 2016 to $47 million at September 30, 2016. Year over year, commercial and industrial loans increased 4.1%.

Non-performing loans were substantially unchanged, declining slightly to $1.6 million at September 30, 2016 from $1.7 million at June 30, 2016. Loans over 90 days past due (all of which were on non-performing status) were $79 thousand and $1.5 million at June 30, 2016 and September 30, 2016, respectively.

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 estimated probable losses inherent in the loan portfolio in light of losses historically incurred by the Bank and adjusted for qualitative factors associated with the loan portfolio. In the third quarter of 2016, the Bank recorded a $255 thousand provision for losses, compared to provisions for losses of $40 thousand in the second quarter of 2016 and $365 thousand in the third quarter of 2015, in each case primarily to recognize the increased exposure to credit losses associated with growth in the loan portfolio.

The increase in the provision reflects 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 $9.5 million at September 30, 2016, compared to $9.7 million at June 30, 2016, and $9.4 million at September 30, 2015.

At September 30, 2016, non-performing loans were 0.39% of the total loan portfolio, compared to 0.45% at June 30, 2016 and 0.49% at September 30, 2015. At September 30, 2016, the allowance for loan losses was 1.52% of outstanding loans, compared to 1.56% at June 30, 2016 and 1.53% at September 30, 2015, respectively. The Bank recorded net recoveries of $13 thousand in the third quarter of 2016, compared to net recoveries of $8 thousand in the second quarter of 2016.

NON-INTEREST INCOME

Non-interest income recognized in the third quarter of 2016 was $74 thousand, compared to $104 thousand in the second quarter of 2016, when it included $19 thousand in gain on sale of Small Business Administration guaranteed loans. This represented a decrease of $30 thousand compared to second quarter of 2016, and a decrease of $32 thousand compared to the third quarter of 2015.

NON-INTEREST EXPENSES

Non-interest expenses decreased $62 thousand, or 2.1%, to $2.91 million in the third quarter of 2016, compared to $2.98 million for the second quarter of 2016, and increased $77 thousand, or 2.7%, compared to $2.84 million recognized in the third quarter of 2015. Salaries and benefits decreased $82 thousand, or 4.3%, from $1.88 million in the second quarter of 2016 to $1.80 million in the third quarter of 2016.

For the nine months ended September 30, 2016, non-interest expenses were $8.92 million, an increase of $603 thousand, or 7.2%, compared to $8.32 million recognized in the nine months ended September 30, 2015. Salaries and benefits increased $505 thousand, or 10.0%, from $5.07 million to $5.58 million over the same period, reflecting an increase in average headcount from 66 employees for the nine months ended September 30, 2015 to 73 employees for the nine months ended September 30, 2016, including the opening of a branch office in San Luis Obispo, California in June 2015.

The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 68.4% for the third quarter of 2016, compared to 71.1% for the second quarter of 2016 and 73.0% for the third quarter of 2015. Annualized non-interest expenses as a percent of average total assets were 2.21%, 2.16%, and 2.31% for the third quarter of 2016, the second quarter of 2016, and the third quarter of 2015, respectively.

PROVISION FOR INCOME TAXES

The Bank’s effective book tax rate was 40.7% in the third quarter of 2016, compared to 41.1% for the second quarter of 2016 and 40.9% for the third quarter of 2015.

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 5 Harris Court, Building N, Monterey, California 93940. 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

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 share and per share data)

 

 
 
September 30,
 
 
June 30,
 
 
March 31,
 
 
September 30,
 
Financial Condition Data1
 
2016
 
 
2016
 
 
2016
 
 
2015
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Cash and due from banks
 
$
3,585
 
 
$
33,927
 
 
$
4,300
 
 
$
3,380
 
  Funds held at the Federal Reserve Bank2
 
 
17,482
 
 
 
32,219
 
 
 
84,490
 
 
 
16,004
 
  Time deposits at other financial institutions
 
 
996
 
 
 
1,245
 
 
 
4,233
 
 
 
2,241
 
  Available-for-sale securities, at fair value
 
 
84,175
 
 
 
89,178
 
 
 
76,869
 
 
 
88,891
 
  Loans receivable held for investment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Construction / land (including farmland)
 
 
16,453
 
 
 
15,655
 
 
 
16,403
 
 
 
17,814
 
    Residential 1 to 4 units
 
 
127,010
 
 
 
112,899
 
 
 
122,437
 
 
 
129,564
 
    Home equity lines of credit
 
 
11,578
 
 
 
8,805
 
 
 
7,342
 
 
 
9,636
 
    Multifamily
 
 
53,763
 
 
 
49,868
 
 
 
44,360
 
 
 
35,202
 
    Owner occupied commercial real estate
 
 
52,526
 
 
 
51,419
 
 
 
55,450
 
 
 
55,111
 
    Investor commercial real estate
 
 
94,378
 
 
 
88,920
 
 
 
85,238
 
 
 
85,766
 
    Commercial and industrial
 
 
47,440
 
 
 
49,530
 
 
 
42,802
 
 
 
45,584
 
    Other loans
 
 
9,259
 
 
 
7,263
 
 
 
5,791
 
 
 
8,022
 
        Total loans
 
 
412,407
 
 
 
384,359
 
 
 
379,823
 
 
 
386,699
 
    Allowance for loan losses
 
 
(6,255
)
 
 
(5,987
)
 
 
(5,940
)
 
 
(5,926
)
  Net loans
 
 
406,152
 
 
 
378,372
 
 
 
373,883
 
 
 
380,773
 
  Premises and equipment, net
 
 
1,433
 
 
 
1,471
 
 
 
1,537
 
 
 
1,679
 
  Bank owned life insurance
 
 
2,395
 
 
 
2,380
 
 
 
2,365
 
 
 
2,335
 
  Investment in FHLB3 stock, at cost
 
 
2,939
 
 
 
2,939
 
 
 
2,593
 
 
 
2,593
 
  Accrued interest receivable and other assets
 
 
4,551
 
 
 
4,313
 
 
 
4,089
 
 
 
4,422
 
Total assets
 
$
523,708
 
 
$
546,044
 
 
$
554,359
 
 
$
502,318
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and shareholders’ equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Noninterest bearing demand deposits
 
$
191,079
 
 
$
194,904
 
 
$
193,334
 
 
$
175,958
 
    Interest bearing checking accounts
 
 
36,479
 
 
 
28,742
 
 
 
30,154
 
 
 
30,999
 
    Money market deposits
 
 
120,181
 
 
 
146,228
 
 
 
143,616
 
 
 
104,876
 
    Savings deposits
 
 
113,052
 
 
 
112,934
 
 
 
124,759
 
 
 
96,634
 
    Time deposits
 
 
14,503
 
 
 
15,298
 
 
 
15,511
 
 
 
29,788
 
        Total deposits
 
 
475,294
 
 
 
498,106
 
 
 
507,374
 
 
 
438,255
 
  Borrowings
 
 
—
 
 
 
—
 
 
 
—
 
 
 
19,000
 
  Accrued interest payable and other liabilities
 
 
1,403
 
 
 
1,672
 
 
 
1,554
 
 
 
1,336
 
  Shareholders’ equity
 
 
47,011
 
 
 
46,266
 
 
 
45,431
 
 
 
43,727
 
Total liabilities and shareholders’ equity
 
$
523,708
 
 
$
546,044
 
 
$
554,359
 
 
$
502,318
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares outstanding
 
 
4,127,686
 
 
 
4,119,026
 
 
 
4,090,186
 
 
 
4,035,417
 
Nominal and tangible book value per share
 
$
11.39
 
 
$
11.23
 
 
$
11.11
 
 
$
10.84
 
Ratio of net loans held for investment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    to total deposits
 
 
85.45
%
 
 
75.96
%
 
 
73.69
%
 
 
86.88
%

1 = Loans 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 share and per share data)

 

 
 
Three Months Ended
 
 
September 30,
 
June 30,
 
March 31,
 
September 30,
Operating Results Data1
 
2016
 
2016
 
2016
 
2015
Interest and dividend income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Loans
 
$
4,028
 
 
$
3,933
 
 
$
4,020
 
 
$
3,718
 
  Investment securities
 
 
203
 
 
 
190
 
 
 
190
 
 
 
149
 
  Federal Home Loan Bank stock
 
 
64
 
 
 
62
 
 
 
52
 
 
 
61
 
  Other
 
 
48
 
 
 
100
 
 
 
70
 
 
 
19
 
  Total interest and dividend income
 
 
4,343
 
 
 
4,285
 
 
 
4,332
 
 
 
3,947
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest bearing checking
 
 
3
 
 
 
2
 
 
 
3
 
 
 
3
 
  Money market deposits
 
 
79
 
 
 
112
 
 
 
86
 
 
 
77
 
  Savings deposits
 
 
68
 
 
 
82
 
 
 
78
 
 
 
73
 
  Time deposits
 
 
11
 
 
 
9
 
 
 
13
 
 
 
13
 
    Total interest expense on deposits
 
 
161
 
 
 
205
 
 
 
180
 
 
 
166
 
  Interest expense on borrowings
 
 
—
 
 
 
—
 
 
 
—
 
 
 
1
 
      Total interest expense
 
 
161
 
 
 
205
 
 
 
180
 
 
 
167
 
Net interest income
 
 
4,182
 
 
 
4,080
 
 
 
4,152
 
 
 
3,780
 
Provision for loan losses
 
 
255
 
 
 
40
 
 
 
—
 
 
 
365
 
Net interest income after provision
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     for loan losses
 
 
3,927
 
 
 
4,040
 
 
 
4,152
 
 
 
3,415
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Service charges on deposits
 
 
32
 
 
 
32
 
 
 
35
 
 
 
29
 
  BOLI dividend income
 
 
14
 
 
 
15
 
 
 
15
 
 
 
15
 
  Gain on sale of loans
 
 
—
 
 
 
19
 
 
 
—
 
 
 
38
 
  Gain on sale of securities
 
 
—
 
 
 
10
 
 
 
—
 
 
 
—
 
  Other
 
 
29
 
 
 
28
 
 
 
19
 
 
 
25
 
    Total noninterest income
 
 
75
 
 
 
104
 
 
 
69
 
 
 
107
 

 

 

1ST CAPITAL BANK

CONDENSED FINANCIAL DATA, continued

(Unaudited)

(Dollars in thousands, except share and per share data) 

 

 
 
Three Months Ended
 
 
September 30,
 
June 30,
 
March 31,
 
September 30,
 
 
2016
 
2016
 
2016
 
2015
Noninterest expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Salaries and benefits
 
 
1,801
 
 
 
1,883
 
 
 
1,894
 
 
 
1,702
 
  Occupancy
 
 
231
 
 
 
216
 
 
 
222
 
 
 
224
 
  Data and item processing
 
 
149
 
 
 
151
 
 
 
148
 
 
 
161
 
  Professional services
 
 
108
 
 
 
142
 
 
 
82
 
 
 
137
 
  Furniture and equipment
 
 
114
 
 
 
112
 
 
 
123
 
 
 
127
 
  Provision for unfunded loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    commitments
 
 
(10
)
 
 
(25
)
 
 
15
 
 
 
(6
)
  Other
 
 
521
 
 
 
496
 
 
 
549
 
 
 
492
 
    Total noninterest expenses
 
 
2,914
 
 
 
2,975
 
 
 
3,033
 
 
 
2,837
 
Income before provision for income taxes
 
 
1,088
 
 
 
1,169
 
 
 
1,188
 
 
 
685
 
Provision for income taxes
 
 
443
 
 
 
480
 
 
 
484
 
 
 
280
 
Net income
 
$
645
 
 
$
689
 
 
$
704
 
 
$
405
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Share Data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Earnings per share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Basic
 
$
0.16
 
 
$
0.17
 
 
$
0.17
 
 
$
0.10
 
    Diluted
 
$
0.15
 
 
$
0.17
 
 
$
0.17
 
 
$
0.10
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Weighted average shares outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Basic
 
 
4,123,244
 
 
 
4,105,825
 
 
 
4,072,586
 
 
 
4,035,543
 
    Diluted
 
 
4,168,740
 
 
 
4,150,068
 
 
 
4,120,678
 
 
 
4,108,966
 

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

 

1ST CAPITAL BANK

CONDENSED FINANCIAL DATA

(Unaudited)

(Dollars in thousands, except share and per share data)

         

 
 
Nine Months Ended
 
 
September 30,
 
September 30,
Operating Results Data1
 
2016
 
2015
Interest and dividend income
 
 
 
 
 
 
 
 
  Loans
 
$
11,981
 
 
$
10,794
 
  Investment securities
 
 
583
 
 
 
457
 
  Federal Home Loan Bank stock
 
 
178
 
 
 
221
 
  Other
 
 
218
 
 
 
59
 
    Total interest and dividend income
 
 
12,960
 
 
 
11,531
 
Interest expense
 
 
 
 
 
 
 
 
  Interest bearing checking
 
 
8
 
 
 
8
 
  Money market deposits
 
 
277
 
 
 
247
 
  Savings deposits
 
 
228
 
 
 
208
 
  Time deposits
 
 
33
 
 
 
38
 
    Total interest expense in deposits
 
 
546
 
 
 
501
 
  Interest expense on borrowings
 
 
—
 
 
 
2
 
      Total interest expense
 
 
546
 
 
 
503
 
Net interest income
 
 
12,414
 
 
 
11,028
 
Provision for loan losses
 
 
295
 
 
 
565
 
Net interest income after provision for loan losses
 
 
12,119
 
 
 
10,463
 
 
 
 
 
 
 
 
 
 
Noninterest income
 
 
 
 
 
 
 
 
  Service charges on deposits
 
 
99
 
 
 
89
 
  BOLI dividend income
 
 
44
 
 
 
45
 
  BOLI benefits
 
 
—
 
 
 
249
 
  Gain on sale of loans
 
 
19
 
 
 
89
 
  Gain on sale of securities
 
 
10
 
 
 
—
 
  Other
 
 
76
 
 
 
64
 
    Total noninterest income
 
 
248
 
 
 
536
 
 
 
 
 
 
 
 
 
 

 

1ST CAPITAL BANK

CONDENSED FINANCIAL DATA

(Unaudited)

(Dollars in thousands, except share and per share data)

       

 
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2016
 
2015
Noninterest expenses
 
 
 
 
 
 
 
 
  Salaries and benefits
 
 
5,578
 
 
 
5,073
 
  Occupancy
 
 
669
 
 
 
622
 
  Data and item processing
 
 
448
 
 
 
447
 
  Professional services
 
 
332
 
 
 
400
 
  Furniture and equipment
 
 
349
 
 
 
332
 
  Provision for unfunded loan commitments
 
 
(20
)
 
 
12
 
  Other
 
 
1,566
 
 
 
1,433
 
    Total noninterest expenses
 
 
8,922
 
 
 
8,319
 
Income before provision for income taxes
 
 
3,445
 
 
 
2,680
 
Provision for income taxes
 
 
1,407
 
 
 
973
 
Net income
 
$
2,038
 
 
$
1,707
 
 
 
 
 
 
 
 
 
 
Common Share Data
 
 
 
 
 
 
 
 
  Earnings per share
 
 
 
 
 
 
 
 
    Basic
 
$
0.50
 
 
$
0.42
 
    Diluted
 
$
0.49
 
 
$
0.42
 
 
 
 
 
 
 
 
 
 
  Weighted average shares outstanding
 
 
 
 
 
 
 
 
    Basic
 
 
4,100,634
 
 
 
4,016,532
 
    Diluted
 
 
4,146,576
 
 
 
4,077,158
 
 
 
 
 
 
 
 
 
 

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

 

1ST CAPITAL BANK

CONDENSED FINANCIAL DATA

(Unaudited)

(Dollars in thousands)

 

 
 
September 30,
 
 
June 30,
 
 
March 31,
 
 
September 30,
 
Asset Quality
 
2016
 
 
2016
 
 
2016
 
 
2015
 
  Loans past due 90 days or more and accruing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    interest
 
$
—  
 
 
$
—  
 
 
$
—  
 
 
$
—  
 
  Nonaccrual restructured loans
 
 
1,465
 
 
 
1,491
 
 
 
1,507
 
 
 
1,543
 
  Other nonaccrual loans
 
 
154
 
 
 
248
 
 
 
183
 
 
 
358
 
  Other real estate owned
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
$
1,619
 
 
$
1,739
 
 
$
1,690
 
 
$
1,901
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Allowance for loan losses to total loans
 
 
1.52
%
 
 
1.56
%
 
 
1.56
%
 
 
1.53
%
  Allowance for loan losses to nonperforming loans
 
 
386.35
%
 
 
344.28
%
 
 
351.48
%
 
 
311.73
%
  Nonaccrual loans to total loans
 
 
0.39
%
 
 
0.45
%
 
 
0.44
%
 
 
0.49
%
  Nonperforming assets to total assets
 
 
0.31
%
 
 
0.32
%
 
 
0.30
%
 
 
0.38
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Regulatory Capital and Ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Common equity tier 1 capital
 
$
46,924
 
 
$
46,143
 
 
$
45,230
 
 
$
43,437
 
  Tier 1 regulatory capital
 
$
46,924
 
 
$
46,143
 
 
$
45,230
 
 
$
43,437
 
  Total regulatory capital
 
$
51,469
 
 
$
50,447
 
 
$
49,423
 
 
$
47,745
 
  Tier 1 leverage ratio
 
 
8.94
%
 
 
8.33
%
 
 
8.58
%
 
 
8.94
%
  Common equity tier 1 risk based capital ratio
 
 
12.97
%
 
 
13.47
%
 
 
13.56
%
 
 
12.67
%
  Tier 1 risk based capital ratio
 
 
12.97
%
 
 
13.47
%
 
 
13.56
%
 
 
12.67
%
  Total risk based capital ratio
 
 
14.23
%
 
 
14.73
%
 
 
14.52
%
 
 
13.92
%

 

 
 
Three Months Ended
 
 
September 30,
 
June 30,
 
March 31,
 
September 30,
Selected Financial Ratios1
 
2016
 
2016
 
2016
 
2015
  Return on average total assets
 
 
0.49
%
 
 
0.50
%
 
 
0.54
%
 
 
0.33
%
  Return on average shareholders’ equity
 
 
5.48
%
 
 
6.01
%
 
 
6.24
%
 
 
3.68
%
  Net interest margin
 
 
3.20
%
 
 
2.99
%
 
 
3.20
%
 
 
3.12
%
  Net interest income to average total assets
 
 
3.17
%
 
 
2.96
%
 
 
3.17
%
 
 
3.08
%
  Efficiency ratio
 
 
68.45
%
 
 
71.10
%
 
 
71.86
%
 
 
72.99
%

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

 

 
 
Three Months Ended
 
 
September 30,
 
June 30,
 
March 31,
 
September 30,
Selected Average Balances
 
2016
 
2016
 
2016
 
2015
  Gross loans
 
$
389,580
 
 
$
383,020
 
 
$
379,982
 
 
$
355,960
 
  Investment securities
 
 
87,364
 
 
 
77,748
 
 
 
79,454
 
 
 
97,070
 
  Federal Home Loan Bank stock
 
 
2,939
 
 
 
2,848
 
 
 
2,593
 
 
 
2,593
 
  Other interest earning assets
 
 
39,513
 
 
 
84,807
 
 
 
60,156
 
 
 
24,842
 
    Total interest earning assets
 
$
519,396
 
 
$
548,423
 
 
$
522,185
 
 
$
480,465
 
  Total assets
 
$
524,905
 
 
$
553,957
 
 
$
527,468
 
 
$
486,149
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest bearing checking accounts
 
$
32,142
 
 
$
29,327
 
 
$
31,567
 
 
$
30,203
 
  Money market deposits
 
 
121,476
 
 
 
146,985
 
 
 
123,018
 
 
 
113,377
 
  Savings deposits
 
 
113,052
 
 
 
120,792
 
 
 
109,319
 
 
 
97,353
 
  Time deposits
 
 
15,062
 
 
 
15,434
 
 
 
21,335
 
 
 
29,664
 
    Total interest bearing deposits
 
 
281,732
 
 
 
312,538
 
 
 
285,239
 
 
 
270,597
 
  Noninterest bearing demand deposits
 
 
194,335
 
 
 
193,762
 
 
 
195,684
 
 
 
166,990
 
    Total deposits
 
$
476,067
 
 
$
506,300
 
 
$
480,923
 
 
$
437,587
 
  Borrowings
 
$
65
 
 
$
12
 
 
$
—  
 
 
$
3,742
 
  Shareholders’ equity
 
$
46,844
 
 
$
46,071
 
 
$
45,405
 
 
$
43,697
 

 

1ST CAPITAL BANK

CONDENSED FINANCIAL DATA

(Unaudited)

(Dollars in thousands)

 

 
 
Nine Months Ended
 
 
September 30,
 
September 30,
Selected Financial Ratios1
 
2016
 
2015
  Return on average total assets
 
 
0.51
%
 
 
0.48
%
  Return on average shareholders’ equity
 
 
5.92
%
 
 
5.33
%
  Net interest margin
 
 
3.13
%
 
 
3.11
%
  Net interest income to average total assets
 
 
3.10
%
 
 
3.07
%
  Efficiency ratio
 
 
70.46
%
 
 
71.94
%

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

 

 

 
 
Nine Months Ended
 
 
September 30,
 
September 30,
Selected Average Balances1
 
2016
 
2015
  Gross loans
 
$
384,214
 
 
$
344,889
 
  Investment securities
 
 
81,543
 
 
 
99,946
 
  Federal Home Loan Bank stock
 
 
2,794
 
 
 
2,350
 
  Other interest earning assets
 
 
61,412
 
 
 
27,138
 
    Total interest earning assets
 
$
529,963
 
 
$
474,323
 
  Total assets
 
$
535,405
 
 
$
479,890
 
 
 
 
 
 
 
 
 
 
  Interest bearing checking accounts
 
$
31,016
 
 
$
26,481
 
  Money market deposits
 
 
130,460
 
 
 
119,652
 
  Savings deposits
 
 
114,383
 
 
 
93,193
 
  Time deposits
 
 
17,269
 
 
 
30,006
 
    Total interest bearing deposits
 
 
293,128
 
 
 
269,332
 
  Noninterest bearing demand deposits
 
 
194,592
 
 
 
164,650
 
    Total deposits
 
$
487,720
 
 
$
433,982
 
  Borrowings
 
$
26
 
 
$
1,979
 
  Shareholders’ equity
 
$
46,006
 
 
$
42,858
 

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

 

SOURCE: 1st Capital Bank

ReleaseID: 447841