SALINAS, CA / ACCESSWIRE / October 31, 2019 / 1st Capital Bank (OTC Pink:FISB) reported unaudited net income of $1.94 million for the three months ended September 30, 2019, an increase of 11.3% compared to net income of $1.74 million in the third quarter of 2018 and an increase of 18.3% compared to net income of $1.64 million in the second quarter of 2019, the immediately preceding quarter. Earnings per common share were $0.37 (diluted), compared to $0.31 (diluted) for the prior quarter.
On a year-to-date basis, unaudited net income was $5.35 million for the nine months ended September 30, 2019, an increase of $861 thousand, or 19.2%, compared to $4.49 million for the nine months ended September 30, 2018. Earnings per common share were $1.03 (diluted) and $0.88 (diluted) for the nine-month periods ended September 30, 2019 and 2018, respectively.
For the three months ended September 30, 2019, the Bank's return on average assets was 1.25%, compared with 1.08% for the three months ended June 30, 2019, and 1.12% for the three months ended September 30, 2018. Return on average equity was 11.79% for the three months ended September 30, 2019, compared to 10.47% for the three months ended June 30, 2019, and 12.38% for the three months ended September 30, 2018.
Year-to-date return on average assets and return on average equity totaled 1.16% and 11.40%, respectively; compared with 1.01% and 11.08%, respectively, for the first nine months of 2018.
Net interest margin increased from 3.91% in the third quarter of 2018 to 4.05% in the third quarter of 2019, but declined slightly from 4.06% in the second quarter of 2019, primarily due to a decline in earning asset yield from 4.23% in the second quarter of 2019 to 4.22% in the third quarter of 2019. The Bank's average net loans-to-deposits ratio increased from 85.1% in the third quarter of 2018 to 87.3% in the third quarter of 2019, but declined from 88.1% in the second quarter of 2019, and average gross loans outstanding increased $0.8 million or 0.2%, year-to-year, from $480.6 million to $481.4 million. Net interest income before provision for loan losses for the three-month period ended September 30, 2019 was $5.99 million, a sequential increase of $20 thousand, or 0.3%, compared to $5.97 million recognized in the three-month period ended June 30, 2019. The Bank's cost of funds declined slightly, to 0.20% for the third quarter of 2019, compared to 0.21% for the second quarter of 2019, but increased from 0.17% in the third quarter of 2018. On a year-over-year basis, quarterly net interest income before provision for loan losses increased $97 thousand, or 1.6%, from $5.89 million recognized during the third quarter of 2018.
Net loans increased $12.6 million, or 2.6%, during the third quarter, from $475.1 million at June 30, 2019 to $487.7 million at September 30, 2019. Growth was concentrated in commercial real estate loans including multifamily loans ($14.4 million). Year over year, gross loans outstanding increased 2.0%, from $484.6 million as of September 30, 2018 to $494.3 million as of September 30, 2019. Growth in commercial real estate loans of $20.1 million was the primary driver of the loan growth during the past 12 months, which was partially offset by a $6.0 million decline in single-family residential loans. Yields on commercial and industrial loans increased from 5.50% during the third quarter of 2018 to 5.72% during the third quarter of 2019, but decreased from 6.02% during the second quarter of 2019, due to changes in the Bank's prime lending rate. Yields on commercial real estate loans increased from 4.81% during the third quarter of 2018 to 4.93% and 4.97% during the second and third quarters of 2019, respectively. The yield on the total loan portfolio increased from 4.50% during the third quarter of 2018 to 4.61% and 4.60% during the second and third quarters of 2019, respectively.
"We are pleased to report growth in our core loan portfolio in the third quarter," said Thomas E. Meyer, president and chief executive officer. "Recent additions to our experienced group of relationship managers have sourced quality new opportunities for us."
Non-interest income for the nine-month period ended September 30, 2019 increased 10.9% to $1.61 million, compared to $1.45 million for the nine-month period ended September 30, 2018. Quarterly non-interest income increased $134 thousand, or 28.5% year-over-year, to $605 thousand, compared to non-interest income of $471 thousand recognized in the third quarter of 2018, and increased $77 thousand, or 14.6% compared to non-interest income of $528 thousand recognized in the second quarter of 2019.
The Bank's efficiency ratio improved from 65.6% in the second quarter of 2019 to 60.0% in the third quarter of 2019, as the Bank's non-interest expenses decreased 7.1%, while total revenues grew nominally over the same period.
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
Net interest income before provision for credit losses was $5.99 million in the third quarter of 2019, an increase of $20 thousand, or 0.4%, compared to $5.97 million in the second quarter of 2019 and an increase of $97 thousand, or 1.6%, compared to $5.89 million in the third quarter of 2018. Net interest income before provision for credit losses for the nine months ended September 30, 2019 was $18.1 million, an increase of $1.54 million or 9.3%, compared to $16.6 million for the nine months ended September 30, 2018.
Average earning assets were $589.1 million during the third quarter of 2019, a decrease of 0.6% compared to $592.4 million in the second quarter of 2019. The yield on earning assets was 4.22% in the third quarter of 2019, compared to 4.05% in the third quarter of 2018, primarily due to an increase in the average yield of the loan portfolio from 4.50% in the third quarter of 2018 to 4.60% in the third quarter of 2019; and secondly, due to increase in yields in the investment portfolio. The average balance of the investment portfolio decreased $1.2 million, from $70.2 million in the third quarter of 2018 to $68.9 million in the third quarter of 2019, reflecting normal amortization and prepayments on the Bank's investments in mortgage-backed securities and collateralized mortgage obligations.
The yield on the investment portfolio increased from 2.28% in the third quarter of 2018 to 2.54% in the third quarter of 2019, but declined from 2.62% in the second quarter of 2019 as variable-rate mortgage-backed securities and collateralized mortgage obligations repriced downward in the third quarter.
The cost of interest-bearing liabilities increased from 0.30% in the third quarter of 2018, to 0.40% in the second quarter of 2019, and decreased marginally to 0.39% in the third quarter of 2019, while the average balance of interest-bearing liabilities decreased from $307.6 million in the third quarter of 2018 to $280.4 million in the second quarter of 2019, but increased to $286.9 million in the third quarter of 2019. The Bank experienced normal seasonal fluctuations in deposits, particularly from larger depositors, and managed its leverage ratio, primarily with the Insured Cash Sweep program, which had off-balance sheet quarter-end balances of $109 million, $106 million, and $82 million in the third quarter of 2018 and the second and third quarters of 2019, respectively. The average balance of noninterest-bearing demand deposit accounts increased from $249 million, or 44.8% of total deposits, in the third quarter of 2018 to $262 million, or 48.3% of total deposits in the second quarter of 2018, but decreased to $257 million, or 47.3% of total deposits, in the third quarter of 2019. The Bank's overall cost of funds increased slightly, from 0.17% in the third quarter of 2018 to 0.21% and 0.20% in second quarter and third quarter, respectively, of 2019.
"We continued to benefit from our strong reliable core funding in the third quarter of 2019, although we are seeing some migration of transitory interest-bearing balances into other asset classes as our clients redeploy funds derived from liquidity events," said Michael J. Winiarski, Chief Financial Officer. "Solid expense control also benefitted third quarter results."
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 its estimate of probable credit losses incurred as of the balance sheet date using historical loss data and qualitative factors associated with the loan portfolio.
The Bank recorded no provision for loan losses in the third quarter of 2018, and no provisions for the second and third quarters of 2019, reflecting reductions in the level of criticized assets, changes in the mix of loan types within the portfolio and their respective historical loss rates, and management's assessment of the amounts expected to be realized from certain loans identified as impaired. Impaired loans totaled $181 thousand at September 30, 2019, compared to $240 thousand at June 30, 2019, and $3.3 million at September 30, 2018.
At September 30, 2019 and June 30, 2019, there were no non-performing loans in the Bank's loan portfolio; they totaled 0.60% of the total loans at September, 2018. At September 30, 2019, the allowance for loan losses was 1.33% of outstanding loans, compared to 1.36% at June 30, 2019 and 1.33% at September 30, 2018. The Bank recorded net recoveries of $9 thousand during the third quarter of 2019, compared to net recoveries of $12 thousand in each of the second quarter of 2019 and third quarter of 2018.
NON-INTEREST INCOME
Non-interest income recognized in the third quarter of 2019 totaled $605 thousand, including $93 thousand in gain on sale of loans and investments, compared to $528 thousand in the second quarter of 2019, and $471 thousand in the third quarter of 2018, without any gain on sale recognition. Overall, this represents a decrease in non-interest income other than gain on sales of $16 thousand, or 3.0%, compared to the second quarter of 2019, and an increase of $41 thousand, or 8.7%, compared to the third quarter of 2018.
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. On a year-to-date basis, non-interest income increased 10.9%, from $1.45 million to $1.61 million, including an 11.3% increase in service charges on deposits, from $221 thousand to $246 thousand, and a 99.3% increase in mortgage brokerage fees from $61 thousand to $121 thousand.
NON-INTEREST EXPENSES
Non-interest expenses of $3.96 million for the third quarter of 2019 represented a decrease of 7.1% from the previous quarter of $4.26 million and were essentially unchanged compared to $3.97 million recognized in the third quarter of 2018. Year-to-date 2019 non-interest expenses totaled $12.46 million, an increase of $606 thousand, or 5.1%, compared to $11.86 million for the first nine months of 2018.
Salaries and benefits decreased $248 thousand, or 9.2%, to $2.45 million in the third quarter of 2019 from $2.70 million in the second quarter of 2019 and decreased $30 thousand, or 1.2%, compared to $2.48 million in the third quarter of 2018. These decreases primarily reflect increased absorption of direct loan origination costs associated with higher lending volume and revisions to the standard costs the Bank uses to capitalize such costs. Occupancy costs increased to $372 thousand in the third quarter of 2019 compared to $326 thousand in the second quarter of 2019 due to rents and other costs incurred in establishing a new loan center in Santa Cruz and branch relocation costs in San Luis Obispo.
The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 60.0% for the third quarter of 2019, compared to 65.6% for the second quarter of 2019 and 62.4% for the third quarter of 2018. Annualized non-interest expenses as a percent of average total assets were 2.56%, 2.80%, and 2.56% for the third quarter of 2019, the second quarter of 2019, and the third quarter of 2018, respectively.
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 and a loan production office in Santa Cruz County. The Bank's corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank's website is 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 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 per share data)
September 30,
June 30,
March 31,
September 30,
Financial Condition Data1
2019
2019
2019
2018
Assets
Cash and due from banks
$
5,947
$
5,994
$
6,569
$
5,408
Funds held at the Federal Reserve Bank2
47,529
56,057
60,979
33,571
Time deposits at other financial institutions
–
–
–
996
Available-for-sale securities, at fair value
68,386
70,396
69,320
68,154
Loans receivable held for sale
–
–
–
1,000
Loans receivable held for investment:
Construction / land (including farmland)
18,602
18,014
20,189
22,396
Residential 1 to 4 units
141,907
144,336
139,765
147,205
Home equity lines of credit
7,158
7,920
8,676
7,853
Multifamily
54,324
53,561
54,586
53,984
Owner occupied commercial real estate
63,587
61,242
61,775
65,628
Investor commercial real estate
153,849
142,533
141,452
131,736
Commercial and industrial
38,801
39,603
42,098
38,672
Other loans
16,042
14,468
14,724
17,127
Total loans
494,270
481,677
483,265
484,601
Allowance for loan losses
(6,582
)
(6,572
)
(6,560
)
(6,435
)
Net loans
487,688
475,105
476,705
478,166
Premises and equipment, net
2,131
2,192
1,996
2,109
Bank owned life insurance
8,020
7,968
7,916
7,813
Investment in FHLB3 stock, at cost
3,501
3,501
3,163
3,163
Accrued interest receivable and other assets
14,254
9,577
7,780
6,255
Total assets
$
637,456
$
630,790
$
634,428
$
606,635
Liabilities and shareholders' equity
Deposits:
Noninterest bearing demand deposits
$
255,369
$
270,939
$
268,195
$
248,036
Interest bearing checking accounts
47,148
36,721
35,832
35,274
Money market deposits
140,515
134,108
134,044
139,037
Savings deposits
103,224
100,049
110,877
109,530
Time deposits
19,399
19,694
18,953
16,010
Total deposits
565,655
561,511
567,901
547,887
Accrued interest payable and other liabilities
5,466
5,305
4,818
2,344
Shareholders' equity
66,335
63,974
61,709
56,404
Total liabilities and shareholders' equity
$
637,456
$
630,790
$
634,428
$
606,635
Shares outstanding
5,142,536
5,124,892
5,118,759
5,041,058
Nominal and tangible book value per share
$
12.90
$
12.48
$
12.06
$
11.19
Ratio of net loans to total deposits
86.22
%
84.61
%
83.94
%
87.27
%
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
4 = Some items in prior periods have been reclassified to conform to the current presentation.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
September 30,
June 30,
March 31,
September 30,
Operating Results Data
2019
2019
2019
2018
Interest and dividend income
Loans
$
5,578
$
5,570
$
5,681
$
5,448
Investment securities
442
457
456
404
Federal Home Loan Bank stock
62
59
56
54
Other
187
166
259
222
Total interest and dividend income
6,269
6,252
6,452
6,128
Interest expense
Interest bearing checking
3
3
3
3
Money market deposits
125
140
129
123
Savings deposits
88
85
91
80
Time deposits
62
54
49
28
Total interest expense on deposits
278
282
272
234
Interest expense on borrowings
–
–
–
–
Total interest expense
278
282
272
234
Net interest income
5,991
5,970
6,180
5,894
Provision for loan losses
–
–
–
–
Net interest income after provision
for loan losses
5,991
5,970
6,180
5,894
Noninterest income
Service charges on deposits
88
82
76
78
BOLI dividend income
52
52
51
54
Gain on sale of loans
33
–
8
–
Gain on sale of investments
60
–
–
–
Other
372
394
339
339
Total noninterest income
605
528
474
471
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
September 30,
June 30,
March 31,
September 30,
2019
2019
2019
2018
Noninterest expenses
Salaries and benefits
2,452
2,700
2,674
2,482
Occupancy
372
326
306
299
Data and item processing
220
284
215
204
Furniture and equipment
150
142
157
137
Professional services
143
108
130
161
Provision for unfunded loan
commitments
(7
)
(8
)
(15
)
4
Other
630
711
773
682
Total noninterest expenses
3,960
4,263
4,240
3,969
Income before provision for income taxes
2,636
2,235
2,414
2,396
Provision for income taxes
698
597
638
654
Net income
$
1,938
$
1,638
$
1,776
$
1,742
Common Share Data1
Earnings per common share
Basic
$
0.38
$
0.32
$
0.35
$
0.35
Diluted
$
0.37
$
0.31
$
0.34
$
0.34
Weighted average common shares outstanding
Basic
5,133,324
5,120,053
5,110,382
5,038,340
Diluted
5,213,558
5,207,230
5,186,796
5,147,292
1 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 7% stock dividend to shareholders of record November 21, 2018 and paid December 14, 2018.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Nine Months Ended
September 30,
September 30,
Operating Results Data
2019
2018
Interest and dividend income
Loans
$
16,829
$
15,310
Investment securities
1,355
1,154
Federal Home Loan Bank stock
177
166
Other
612
538
Total interest and dividend income
18,973
17,168
Interest expense
Interest bearing checking
9
11
Money market deposits
394
277
Savings deposits
264
224
Time deposits
165
51
Total interest expense in deposits
832
563
Interest expense on borrowings
–
3
Total interest expense
832
566
Net interest income
18,141
16,602
Provision for loan losses
–
20
Net interest income after provision for loan losses
18,141
16,582
Noninterest income
Service charges on deposits
246
221
BOLI dividend income
155
159
Gain on sale of loans
41
135
Gain on sale of investments
60
–
Other
1,105
934
Total noninterest income
1,607
1,449
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Nine Months Ended
September 30,
September 30,
2019
2018
Noninterest expenses
Salaries and benefits
7,826
7,546
Occupancy
1,004
877
Data and item processing
719
598
Furniture and equipment
449
386
Professional services
381
431
Provision for unfunded loan commitments
(30
)
(2
)
Other
2,114
2,021
Total noninterest expenses
12,463
11,857
Income before provision for income taxes
7,285
6,174
Provision for income taxes
1,933
1,683
Net income
$
5,352
$
4,491
Common Share Data1
Earnings per common share
Basic
$
1.05
$
0.89
Diluted
$
1.03
$
0.88
Weighted average common shares outstanding
Basic
5,121,337
5,028,800
Diluted
5,202,626
5,129,624
1 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 7% stock dividend to shareholders of record November 21, 2018 and paid December 14, 2018.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
September 30,
June 30,
March 31,
September,
2019
2019
2019
2018
Asset Quality
Loans past due 90 days or more and accruing
interest
$
–
$
–
$
–
$
–
Nonaccrual restructured loans
–
–
–
–
Other nonaccrual loans
–
–
–
2,906
Other real estate owned
–
–
–
–
$
–
$
–
$
–
$
2,906
Allowance for loan losses to total loans
1.33
%
1.36
%
1.36
%
1.33
%
Allowance for loan losses to nonperforming loans
n/a
n/a
n/a
221.44
%
Nonaccrual loans to total loans
0.00
%
0.00
%
0.00
%
0.60
%
Nonperforming assets to total assets
0.00
%
0.00
%
0.00
%
0.48
%
Regulatory Capital and Ratios
Common equity tier 1 capital
$
65,536
$
63,446
$
61,585
$
57,166
Tier 1 regulatory capital
$
65,536
$
63,446
$
61,585
$
57,166
Total regulatory capital
$
71,377
$
69,077
$
67,209
$
62,747
Tier 1 leverage ratio
10.67
%
10.40
%
9.79
%
9.35
%
Common equity tier 1 risk based capital ratio
14.05
%
14.12
%
13.72
%
12.83
%
Tier 1 risk based capital ratio
14.05
%
14.12
%
13.72
%
12.83
%
Total risk based capital ratio
15.30
%
15.37
%
14.97
%
14.09
%
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
September 30,
June 30,
March 31,
September 30,
Selected Financial Ratios1
2019
2019
2019
2018
Return on average total assets
1.25
%
1.08
%
1.15
%
1.12
%
Return on average shareholders' equity
11.79
%
10.47
%
11.95
%
12.38
%
Net interest margin2
4.05
%
4.06
%
4.12
%
3.91
%
Net interest income to average total assets
3.87
%
3.92
%
3.99
%
3.80
%
Efficiency ratio
60.04
%
65.58
%
63.73
%
62.36
%
1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
2 = Net interest margin calculated on a tax equivalent yield basis. Prior periods have been updated to conform to current presentation.
Three Months Ended
September 30,
June 30,
March 31,
September 30,
Selected Average Balances
2019
2019
2019
2018
Gross loans
$
481,402
$
484,676
$
487,838
$
480,621
Investment securities
68,949
70,033
69,553
70,152
Federal Home Loan Bank stock
3,501
3,415
3,163
3,163
Other interest earning assets
35,220
34,233
50,778
46,534
Total interest earning assets
$
589,072
$
592,357
$
611,332
$
600,470
Total assets
$
614,674
$
610,453
$
628,320
$
615,388
Interest bearing checking accounts
$
42,295
$
36,569
$
34,268
$
34,883
Money market deposits
113,151
125,529
127,764
140,443
Savings deposits
111,502
99,517
107,158
117,023
Time deposits
19,933
18,759
18,099
15,216
Total interest bearing deposits
286,881
280,374
287,289
307,565
Noninterest bearing demand deposits
256,989
262,225
275,956
249,488
Total deposits
$
543,870
$
542,599
$
563,245
$
557,053
Borrowings
$
–
$
–
$
–
$
–
Shareholders' equity
$
65,219
$
62,740
$
60,286
$
55,858
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Nine Months Ended
September 30,
September 30,
Selected Financial Ratios
2019
2018
Return on average total assets
1.16
%
1.01
%
Return on average shareholders' equity
11.40
%
11.08
%
Net interest margin2
4.08
%
3.83
%
Net interest income to average total assets
3.93
%
3.72
%
Efficiency ratio
63.11
%
65.69
%
1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
2 = Net interest margin calculated on a tax equivalent yield basis. Prior periods have been updated to conform to current presentation.
Six Months Ended
September 30,
September 30,
Selected Average Balances
2019
2018
Gross loans
$
484,615
$
460,685
Investment securities
69,510
71,496
Federal Home Loan Bank stock
3,361
3,163
Other interest earning assets
40,020
46,897
Total interest earning assets
$
597,506
$
582,241
Total assets
$
617,766
$
596,937
Interest bearing checking accounts
$
37,740
$
34,917
Money market deposits
122,094
126,721
Savings deposits
106,075
119,424
Time deposits
18,937
13,517
Total interest bearing deposits
284,846
294,579
Noninterest bearing demand deposits
264,987
245,491
Total deposits
$
549,833
$
540,070
Borrowings
$
–
$
308
Shareholders' equity
$
62,767
$
54,186
SOURCE: 1st Capital Bank
ReleaseID: 564914
