WALHALLA, SC / ACCESSWIRE / October 31, 2020 / ​​​Community First Bancorporation, Inc. (OTC PINK:CFOK), parent company for Community First Bank, Inc. (the "Bank") and SeaTrust Mortgage Company ("STM"), announced its financial results for the third quarter of 2020. Highlights of the results include:

Total consolidated earnings were $842,000 for the third quarter and $1,307,000 for the nine-month period ended September 30, 2020.
Net interest income grew by 11.3% year over year for the nine months of 2020.
Non-interest income included results for STM and increased 140% over the level reported in the first nine months of 2019.
Total assets as of September 30, 2020 were $518,462,000, an increase of $23,953,000 or 4.8% compared to total assets of $494,509,000 as of June 30, 2020, and an increase of 23.9% compared to total assets of $418,564,000 as of December 31, 2019.
As of September 30, 2020, total gross loans held for investment were $395,092,000, an increase of 22.7% compared to total gross loans held for investment of $322,012,000 at December 31, 2019. Loans held for investment included $19,035,000 of loans made under the Small Business Administration ("SBA") Paycheck Protection Program ("PPP").
Loans held for sale increased 214.8% to $18,102,000 compared to $5,750,000 as of June 30, 2020.
Total deposits as of September 30, 2020 were $423,668,000 compared to $353,246,000 as of December 31, 2019, an increase of $70,422,000 or 19.9% over December 31, 2019 totals.

Total consolidated earnings of $842,000 were recorded for the third quarter of 2020 compared to $110,000 for the second quarter of 2020 and $443,000 for the third quarter of 2019. Earnings per common share for the third quarter totaled $0.15 compared to $0.01 for the second quarter of 2020 and $0.07 for the third quarter of 2019. Activity in both STM's mortgage business and the Bank's SBA portfolio generated significant increases in non-interest income in the third quarter. Low interest rates and technology paired with our outstanding team have enabled us to capitalize on opportunities available to our mortgage subsidiary. Despite the impact of the COVID-19 pandemic generally and upon our new branch locations in particular, our team still managed to grow deposits by 2.1% during the quarter.

Net interest income grew by 11.3% year over year for the first nine months of 2020, driven primarily by solid loan growth experienced over the period. Net loans held for investment grew $72,232,000 or 22.7% over the nine months ended September 30, 2020. The growth included over $19 million of PPP loans made by the Bank in the communities we serve to over 400 small business customers impacted by the pandemic. However, yields on loans made under the PPP program negatively impacted overall yields on loans during the second and third quarters. In addition, the Company deferred recognition of a portion of the net fee income receivable from the SBA on our PPP loans until those loans are forgiven or repaid. Net loan fees on PPP loans totaled approximately $750,000 at origination. These net fees are being amortized over the life of the loans. Overall loan yields for the first nine months of 2020 were 4.92% compared to 5.26% in the first nine months of 2019. Declines in market interest rates resulting from the pandemic also negatively impacted overall earning asset yields by approximately 34 basis points for the first nine months of 2020 compared to the first nine of 2019. Cost of funds did not decrease by the same magnitude, thereby decreasing our net interest margin by 25 basis points in the first nine months of 2020 compared to the first nine months of 2019.

Non-interest income for the third quarter of 2020 totaled $2,338,000 compared to $1,085,000 for the second quarter of 2020 and $652,000 for the third quarter of 2019. The increase was primarily due to loans originated and sold by STM, which began these activities late in the first quarter of 2020. An additional positive factor in the third quarter was an increase in gains on sales of SBA loans in 2020 compared to 2019. Through the first nine months of 2020 SBA loan sales generated almost $200,000 of additional non-interest income in comparison to 2019.

Non-interest expense increased to $13,567,000 for the nine-month period ended September 30, 2020 compared to $10,979,000 for the nine-month period ended September 30, 2019. Non-interest expenses were impacted in 2020 by several factors. The opening of our Dallas, North Carolina branch in the first quarter of 2020, the opening of a second North Carolina branch in Charlotte in the second quarter and expenditures related to the pandemic all resulted in increased non-interest expense. STM increased both its loan origination and processing capabilities throughout 2020. STM began originating loans in the first quarter with locations in Wilmington, North Carolina, and Seneca, South Carolina. STM has since added production personnel in the Greensboro, Jacksonville and Charlotte, North Carolina areas and additional operations personnel in its corporate office in Wilmington, NC, and originators in Georgia and Florida. To date STM has originated over $77,916,000 in single family mortgage loans, primarily in North and South Carolina.

President and CEO Richard D. Burleson commented: "2020 has been a remarkable year in many ways for Community First Bancorporation. While some of the most challenging times in recent history of our great nation have challenged us all, at Community First the global pandemic has not only forced us to forge new ways of providing services to our customers and communities, but has also presented us with unprecedented opportunities. We are pleased with the results STM has been able to achieve in its first year, and are excited to see what the future holds, especially considering that STM originated its first loan one month before the pandemic began. In addition, our previously announced merger with Security Federal Bancorp, Inc. of Elizabethton, Tennessee will offer us new markets and experienced personnel in both Eastern Tennessee and in mortgage loan servicing."

Mr. Burleson continued, "On October 20, 2020 the North Carolina Commissioner of Banking approved our first loan production office ("LPO") in Western North Carolina to be located at 37 Church Street, Waynesville, NC 28780. We believe that this LPO will allow our Bank to capitalize on the disruption in that market arising from several recent mergers and we expect to build out our franchise in Western North Carolina with the initial use of LPOs that will be converted to branches once we have obtained enough loans to profitably open full-service financial centers. These LPOs and future branches will complete the bridge from the upstate of South Carolina into our new markets in Eastern Tennessee."

Mr. Burleson continued, "The impact of the pandemic on our customer base has been fairly moderate to date. In order to assist our customers in dealing with the pandemic's impact on them, the Bank granted deferrals of all or a portion of payments on 139 loans with total outstanding balances of approximately $64 million. The majority of loans granted deferrals were with customers in the hardest-hit industries such as retail, hotels and restaurants."

For additional information, please see our website at https://www.c1stbank.com/About-Us/Newsroom.

Media Contact Information

Alisa Suddeth
asuddeth@c1stbank.com
(O) 864-886-7184

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SOURCE: Community First Bancorporation

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CHARLOTTE, NC / ACCESSWIRE / October 31, 2020 / Gold hit new records in 2020, topping over $2,000. According to a recent post at American IRA, a Self-Directed IRA administration firm based in Asheville, NC, this could be a perfect time for retirement investors to research precious metals. Tackling this topic in a recent post at the American IRA blog, the Self-Directed IRA administration firm explained why gold remains more than relevant in 2020.

According to the post, "investors are sometimes thrown off by the idea that a nontraditional asset like gold might still be relevant within a retirement portfolio." However, the post points to recent prices as highlighting why gold remains more relevant than ever. Although precious metals have a role in investments dating back to antiquity, they still remain hard assets that many retirement investors flock to when they want to hedge their bets outside of turbulence in the stock market. Other real assets that can be held within a Self-Directed IRA include real estate, for example.

Given the state of the economy in 2020-particularly the challenges created by massive debt and the COVID-19 pandemic-it may not be surprising that gold has performed so well. For investors who have some retirement funds in gold thanks to a Self-Directed IRA, this has helped "cushion the blow" of difficult economic circumstances.

"Investors with a Self-Directed IRA can choose to invest in gold," noted Jim Hitt, CEO of American IRA. "This post explains how some investors think about gold and view it as a hard asset. But it also explains the specifics of gold investing within a Self-Directed IRA." The post tackles specifics as to what kind of gold bullion can be held within a retirement portfolio: for example, gold bars hallmarked by a NYMEX or COMEX-approved refiner or assayer.

"As a Self-Directed IRA administration firm, we don't give specific investment advice," said Jim Hitt. "But posts like these help people understand why these alternative asset classes exist."

For more information, contact American IRA by dialing 866-7500-IRA or visit the website at www.AmericanIRA.com.

"About:
American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.

The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.

As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in Asheville and Charlotte, NC and Atlanta, GA."

SOURCE: American IRA, LLC

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LOS ANGELES, CA / ACCESSWIRE / October 31, 2020 / Compare-autoinsurance.org (https://compare-autoinsurance.org) is a top auto insurance brokerage website, providing car insurance quotes online from trustworthy agencies all over the United States. This website has recently launched a blog post that presents the top 10 ways to save money on car insurance.

For more info and free car insurance quotes online, visit http://compare-autoinsurance.org/10-ways-in-which-a-driver-can-save-for-car-insurance.

Car insurance costs can reach several thousand dollars per year, depending on the provider, risk profile and coverage options. Insurance rates are determined after analyzing multiple risk factors. Some of these factors are under policyholder's control. Find out more and get free quotes from https://compare-autoinsurance.org.

Bundle policies. Companies with great financial power will ask if the policyholder would like to get more insurance services from them. A person can easily bundle car insurance with homeowners/renters/condo insurance and save big. When completing online questionnaires, the user is asked if he owns the home/apartment where he/she lives. If the user owns it, he will be provided with a bundle option. In some cases, a person can save as much as 20% simply by bundling coverage.
Cover all vehicles under the same plan. Covering multiple vehicles under the same insurer will also be financially rewarding. Multi-vehicle plans also provide a discount. The value of the discount is directly proportional to the number of insured vehicles.
Carefully select the value of the deductibles. It is up to the policyholder to set deductibles. The usually recommended value is $500, for both comprehensive and collision coverage. However, the policyholder can choose higher values and lower the overall premiums. Use online quotes to adjust deductibles and see how much money can be saved.
Drop unnecessary coverage on older cars. If the car is older than 10 years, keeping full coverage is likely to make the owner overpay. Since a car's value diminishes over time, keeping full coverage for cars older than 5-6 years is likely a financial mistake. Visit Kelly Blue Book and check the current value of the car. If it is very low, drop full coverage.
Maintain a spotless driving record. Whenever a person tries to obtain online quotes, he will be asked for claims and traffic violations in the recent 3-5 years. Traffic violations and accidents will not only increase premiums but can also determine a carrier to consider a client "high-risk" driver and eventually, drop him.
Drive a safe car. Consider a car's safety rating before buying it. Look for annual crash-test ratings and NHTSA safety rankings. Lots of new models are fitted with the latest sensors and accident prevention systems. A safe car is cheaper and easier to insure. Medium-sized family cars are usually really safe and cheap to insure, being mass-produced – that means that there are plenty of affordable spare parts.
Install extra safety and anti-theft devices. Investing in car's safety will be greatly appreciated by insurance companies. Drivers can qualify for several discounts. Furthermore, installing car recovery systems will lower the comprehensive component of the premium.
Enroll in a defensive driving course. Insurance companies can offer or suggest a defensive driving course. The client will improve his driving skills and will get a discount. Many online questionnaires ask drivers (especially the young ones) if they have participated in courses provided by the local DMV or they are willing to participate in defensive driving classes. Drivers can also get discounts for enrolling and graduating "refresher courses".
Periodically check the insurance market. It is recommended to get car insurance quotes at least once every 6 months and check the average premium costs. Being permanently aware of the average costs will help drivers to avoid overpaying. Some insurance companies practice a marketing tactic called "price optimization". Basically, they rely on drivers to stay with a single company and not check the market. Loyal drivers are "rewarded" with more expensive premiums.
Pay-in-Full. Paying for the whole coverage period will help drivers save around 10% on their insurance. Get online quotes and see how much it can be saved by paying for everything in advance.

"Use our tips and you will surely get better car insurance rates," said Russell Rabichev, Marketing Director of Internet Marketing Company.

Compare-autoinsurance.org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

For more information, please visit https://compare-autoinsurance.org

CONTACT:

Company Name: Internet Marketing Company
Person for contact: Daniel C
Phone Number: (818) 359-3898
Email: cgurgu@internetmarketingcompany.biz
Website: https://compare-autoinsurance.org

SOURCE: Internet Marketing Company

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SALINAS, CA / ACCESSWIRE / October 30, 2020 / 1st Capital Bank (OTC PINK:FISB) reported unaudited net income of $953 thousand for the three months ended September 30, 2020, a decrease of 29.4% compared to net income of $1.35 million in the second quarter of 2020 and a decrease of 50.8% compared to net income of $1.94 million in the third quarter of 2019. Earnings per share were $0.17 (diluted) for the third quarter of 2020, compared to $0.24 (diluted) for the prior quarter, and $0.35 (diluted) for the third quarter of 2019.

Unaudited net income for the nine-month period ended September 30, 2020 was $2.91 million, a decrease of 45.6% compared to net income of $5.35 million for the nine-month period ended September 30, 2019. Year-to-date earnings per share were $0.52 (diluted) and $0.96 (diluted) for the nine-month periods ended September 30, 2020 and 2019, respectively.

"The economic effects of the global pandemic continued to impact the Bank's operating results in the third quarter of 2020," said Samuel D. Jimenez, chief executive officer. "Repricing and prepaying assets have depressed our asset yields and compressed our net interest margin by 0.20% to 3.45%. In addition, an overall downward migration of loan risk ratings with a modest increase in non-performing loans resulted in continuing loan loss provisions. On an optimistic note, we filled out our executive team during the quarter and opportunistically strengthened our lending team in San Luis Obispo County, adding three experienced local lenders to the team. While the future remains uncertain, we believe we are taking appropriate steps to position the Bank for future success."

Operating results reflect a provision for loan losses of $650 thousand in the third quarter of 2020, compared to provisions of $825 thousand and $650 thousand in the first and second quarters of 2020, respectively, to recognize incurred losses in the Bank's loan portfolio, which are attributable primarily to the COVID-19 outbreak and consequent action taken by governmental officials to curtail the operations of businesses deemed nonessential. The Bank did not record a provision for loan losses in the third quarter of 2019.

As of September 30, 2020, the Bank's allowance for loan and lease losses was $8.8 million, or 1.40% percent of loans held for investment, compared to $8.1 million, or 1.30% of loans held for investment, as of June 30, 2020 and $6.6 million, or 1.29% of loans held for investment, as of December 31, 2019. The Bank's allowance for loan losses as of September 30, 2020 was 1.69% of loans held for investment excluding its net investment of $106.6 million in loans insured under the U.S. Small Business Administration's ("SBA") Paycheck Protection Program ("PPP"). As of June 30, 2020, the allowance was 1.55% of loans not insured under the PPP. The Bank recognized net recoveries of $61 thousand, $12 thousand, and $9 thousand in the third quarter of 2020, the second quarter of 2020, and the third quarter of 2019, respectively, and recognized no loan or lease charge-offs in such periods.

"In the third quarter, it became increasingly apparent that the economy's recovery from the effects of the COVID-19 pandemic will take longer than previously estimated," said Dale R. Diederick, chief credit officer. "The trend in coronavirus cases is again increasing, creating continued uncertainty regarding the speed of the recovery and volatility in the value and market absorption of commercial real estate. The Bank also has seen a downward migration in loan risk ratings. These trends caused management to determine that continuing to provide for credit losses in the third quarter was prudent."

Total assets increased $12.3 million in the third quarter, from $736.7 million at June 30, 2020 to $749.0 million at September 30, 2020, an increase of 1.7%. Net loans held for investment increased $3.8 million, or 0.6%, during the third quarter, from $615.6 million at June 30, 2020 to $619.4 million at September 30, 2020.

In the third quarter, PPP loans outstanding increased $5.9 million, or 5.9%. Single-family loans purchased by the Bank in prior quarters declined $11.1 million, or 10.6%, while the portfolio of loans originated by the Bank increased $15.6 million, or 3.0%. Growth in the core loan portfolio was concentrated in multi-family loans, which increased $7.9 million, or 11.0%. Commercial and industrial loans increased $1.1 million, or 2.3%, and commercial real estate loans increased $1.8 million, or 0.7%. Undrawn, available credit increased $21.3 million, from $67.0 million at June 30, 2020 to $88.3 million at September 30, 2020.

"In the third quarter of 2020, the Bank continued to source new business opportunities as competing banks withdrew from the market," said Jon D. Ditlevsen, president. "Our new lenders in San Luis Obispo already have contributed to the Bank's success in building market share in that attractive market. At the same time, Santa Cruz, Monterey, and the Salinas Valley continue to provide numerous opportunities to extend credit well within our credit risk acceptance criteria. During the third quarter we funded $40.9 million in core commercial and industrial and commercial real estate loans, as well as $6.0 million in PPP fundings, compared to $33.2 million in non-PPP core production in the prior quarter."

Third Quarter Highlights:

Return on average equity was 5.26%, compared to 7.74% for the second quarter of 2020 and 11.79% for the third quarter of 2019.
Return on average assets was 0.51%, compared to 0.75% for the second quarter of 2020 and 1.25% for the third quarter of 2019.
Gross loans held for investment increased $4.5 million, or 0.7%, during the third quarter of 2020, from $623.7 million at June 30, 2020 to $628.2 million at September 30, 2020.
Non-accrual loans were $1.5 million, or 0.24% of loans outstanding, at September 30, 2020, compared to $490 thousand at June 30, 2020 and $492 thousand at December 31, 2019. Loans 30 to 89 days delinquent increased from $856 thousand at March 31, 2020 to $2.3 million at June 30, 2020 and $8.0 million at September 30, 2020.
The Bank's net loans to deposits ratio decreased from 94.6% at June 30, 2020 to 93.6% at September 30, 2020.
Sources of liquidity comprising secured borrowing capacity with the Federal Home Loan Bank of San Francisco and deposits eligible to be moved onto the Bank's balance sheet in the form of reciprocal deposits totaled $283.9 million at September 30, 2020. $25.0 million of additional liquidity under Federal funds facilities also was available.
Deposits totaled $661.6 million at September 30, 2020, compared to $650.8 million at June 30, 2020, an increase of $10.8 million, or 1.7%.
Demand deposits increased $13.7 million, or 4.0%, from $343.0 million at June 30, 2020 to $356.7 million at September 30, 2020 and made up 53.9% of total deposits at September 30, 2020.
The Bank's cost of funds decreased from 0.15% in the second quarter of 2020 to 0.13% in the third quarter of 2020.
Non-interest income increased from $181 thousand in the second quarter of 2020 to $326 thousand in the third quarter of 2020.
Non-interest expenses increased from $3.95 million in the second quarter of 2020 to $4.58 million in the third quarter of 2020, primarily because of increased headcount and legal and recruiting fees, as well as reduced absorption of direct loan origination costs.
The Bank's common equity Tier 1 ("CET1") risked-based capital ratio was 14.16%, and its Tier 1 leverage ratio was 9.58% at September 30, 2020, compared to 14.12% and 9.66%, respectively, at June 30, 2020.
Net interest margin decreased from 3.65% in the second quarter of 2020 to 3.45% in the third quarter of 2020.
Deferred loan origination fees (net of unamortized direct loan origination costs) on PPP loans totaled $2.49 million at September 30, 2020.

Throughout the third quarter of 2020, all branch offices of the Bank, other than the limited service branch at the Bank's headquarters office, which historically has had very limited transaction activity, remained open. Approximately 65% of Bank employees were working remotely. Seven of the Bank's 94 employees have tested positive for the coronavirus, and all have recovered and returned to work after quarantine periods.

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

Net interest income before provision for credit losses was $6.22 million in the third quarter of 2020, a decrease of $97 thousand, or 1.5%, compared to $6.32 million in the second quarter of 2020 and an increase of $234 thousand, or 3.9%, compared to $5.99 million in the third quarter of 2019.

Average earning assets were $718.6 million during the third quarter of 2020, an increase of 3.1% compared to $697.2 million in the second quarter of 2020. The yield on earning assets was 3.55% in the third quarter of 2020, compared to 3.78% in the second quarter of 2020. The decrease in yield reflected lower yields on both the loan and investment portfolios and the absence of $100 thousand of deferred SBA fees on PPP loans recognized in connection with loan payoffs in the second quarter of 2020.

The average balance of the investment portfolio decreased $1.7 million, from $63.0 million in the second quarter of 2020 to $61.3 million in the third quarter of 2020, and the tax-equivalent yield decreased from 2.03% in the second quarter of 2020 to 1.78% in the third quarter of 2020, as variable rate instruments with annual resets repriced downward.

The yields on non-PPP commercial and industrial and commercial real estate loans in the third quarter of 2020 were 4.16% and 4.72% on average balances of $48.7 million and $243.7 million, respectively, compared to 4.46% and 4.74% on average balances of $50.5 million and $242.2 million in the second quarter of 2020. The average balance of multi-family residential loans increased to $76.1 million in the third quarter of 2020 from $64.9 million in the second quarter of 2020, while the respective yields were 4.21% and 4.42%. The portfolio of single-family residential first liens yielded 3.24% and 3.48% on average balances of $121.3 million and $128.3 million in the third quarter of 2020 and the second quarter of 2020, respectively.

The Bank recognizes income on its net investment in PPP loans (outstanding principal plus direct loan origination costs less deferred loan fees paid by the SBA) based on the amortization schedule of the underlying loan. Unamortized loan fees are taken into income at the time a loan is paid off. Interest income on PPP loans in the third quarter totaled $693 thousand, compared to $608 thousand in the second quarter. Second quarter income included $100 thousand of deferred fees recognized as income in connection with loan payoffs; no such income was recognized in the third quarter. During the third quarter, the average balance of PPP loans was $105.7 million, with a yield of 2.66%, compared to $77.6 million, with a yield of 3.18%, in the second quarter.

The cost of interest-bearing liabilities was 0.28% in the third quarter of 2020, compared to 0.30% in the second quarter of 2020, while the average balance of interest-bearing liabilities decreased 6.1% from $317.1 million in the second quarter of 2020 to $297.6 million in the third quarter of 2020. The average balance of reciprocal deposits, all of which are money market deposits, decreased 79.6% from $29.7 million in the second quarter of 2020 to $6.1 million in the third quarter of 2020 at a cost of 0.09% and 0.05%, respectively. Reciprocal deposits totaled $15.3 million as of June 30, 2020; there were no reciprocal deposits on the Bank's balance sheet as of September 30, 2020.

The Bank's portfolio of certificates of deposit had average balances of $19.2 million in the second quarter of 2020 and $17.7 million in the third quarter of 2020, and an average cost of funds of 1.12% and 0.79%, respectively. As of September 30, 2020, $14.9 million of certificates of deposit had maturities of one year or less.

On May 28, 2020, the Bank drew down $10.0 million under the Federal Home Loan Bank of San Francisco's zero interest rate Recovery Advance program. $5.0 million of this amount is payable November 27, 2020, and the remaining $5.0 million is payable May 27, 2021.

The Bank's overall cost of funds decreased from 0.15% in the second quarter of 2020 to 0.13% in the third quarter of 2020.

CREDIT QUALITY AND PROVISION FOR CREDIT LOSSES

The Bank's core market comprises Monterey, San Luis Obispo, and Santa Cruz Counties, all of which are located along California's Central Coast. As of September 30, 2020, approximately $58.4 million, or 82.5%, of owner-occupied commercial real estate loans, $238.5 million, or 94.8%, of investor real estate loans, $26.1 million, or 21.4%, of single-family residential loans, and substantially all multi-family, construction, and farmland loans, as well as all home equity lines of credit, were collateralized by properties located within the Bank's market area. An additional $15.6 million of commercial real estate loans was collateralized by properties located in neighboring San Benito and Santa Clara Counties. All single-family residential loans were collateralized by properties located in California, and substantially all commercial and industrial loans were to businesses operating within the Bank's market area or San Benito County.

As of October 29, 2020, the State of California had assigned a "widespread" pandemic risk rating (the most severe of four ratings) to Monterey County, a "substantial" risk rating (the second most severe) to San Luis Obispo County, and a "moderate" risk rating (the third most severe) to Santa Cruz County. The State of California has indicated that under a "widespread" risk rating, many non-essential business operations (including shopping malls, retailers not offering merchandise deemed essential, bars, restaurants not offering take-out and/or outdoor dining, and most personal services) are closed, under a "substantial" risk rating, some non-essential indoor business operations are closed, and under a "moderate" risk rating, some indoor business operations are open with modifications.

A summary of loans outstanding by industry sector as of September 30, 2020 is provided within the disclosure of Condensed Financial Data.

Single-family mortgages totaling $93.4 million as of September 30, 2020 are serviced by the Bank's outside single-family loan servicers in conformity with guidance issued by the Government-Sponsored Entities, including forbearance under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). The Bank services all other loans (including all home equity lines of credit) in its portfolio.

As of September 30, 2020, the Bank had forbearance agreements as defined by the CARES Act in effect on seven non-conforming single-family mortgages serviced by the Bank's outside servicers totaling $5.9 million. Such forbearance agreements call for the deferral of payments for 90 days, with a 30-day catch-up period and allow for one extension of the 90-day term. In addition, as of September 30, 2020, the Bank had in effect deferment agreements with three borrowers with loans aggregating $1.9 million, comprising one $1.2 million nonowner-occupied commercial real estate loan and two owner-occupied commercial real estate loans totaling $713 thousand. Loans on forbearance or deferment plans totaled $53.9 million as of June 30, 2020.

At September 30, 2020, non-accrual loans totaled $1.5 million or 0.24% of the Bank's loans held for investment, compared with $490 thousand, or 0.08%, at June 30, 2020, and $492 thousand, or 0.10%, at December 31, 2019.

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.

The Bank recorded a provision for loan losses of $650 thousand in the third quarter of 2020, compared to $650 thousand in the second quarter of 2020 and no provision in the third quarter of 2019. Although the mix of loan types within the portfolio (excluding PPP loans) and their respective historical loss rates were largely unchanged, management recognized that loan risk ratings had migrated downward, which drove an increase in the quantitative factors within the Bank's allowance for loan and leases model. In addition, during the third quarter it became apparent that economic conditions would continue to be affected by the COVID-19 pandemic longer than originally anticipated. Therefore, the qualitative factors used to compute the allowance for loan and lease losses were adjusted upward. In particular, management made upward adjustments to the qualitative factors for portfolio concentrations and the level of and trend in classified loans, as well as general economic conditions. Impaired loans totaled $836 thousand at September 30, 2020, compared to $891 thousand at June 30, 2020 and $652 thousand at December 31, 2019 and were extended to borrowers engaged in manufacturing, retail trade, and business services. The amount of impairment was $481 thousand at September 30, 2020, compared to $501 thousand at June 30, 2020 and $326 thousand at December 31, 2019.

At September 30, 2020, the allowance for loan losses was 1.40% of outstanding loans held for investment, compared to 1.30% at June 30, 2020 and 1.33% at September 30, 2019, respectively. The ratio of the allowance for loan and lease losses to loans not guaranteed by the SBA under the PPP was 1.69% as of September 30, 2020, compared to 1.55% as of June 30, 2020. The Bank recorded net recoveries of $61 thousand in the third quarter of 2020, compared to $12 thousand in the second quarter of 2020 and $9 thousand in the third quarter of 2019. The Bank did not record any charge-offs during such periods.

NON-INTEREST INCOME

Non-interest income recognized in the third quarter of 2020 was $326 thousand, compared to $181 thousand in the second quarter of 2020. A $52 thousand increase in gain on sale of loans and a $72 thousand increase in mortgage referral fees were the primary causes of the increase.

NON-INTEREST EXPENSES

Non-interest expenses increased $625 thousand, or 15.8%, to $4.58 million in the third quarter of 2020, compared to $3.95 million for the second quarter of 2020, and increased $618 thousand, or 15.6%, compared to $3.96 million recognized in the third quarter of 2019.

Salaries and benefits increased $311 thousand, or 13.0%, to $2.70 million in the third quarter of 2020 from $2.39 million in the second quarter of 2020, and increased $252 thousand, or 10.3%, compared to $2.45 million in the third quarter of 2019. Employee salaries increased $109 thousand, or 5.4%, sequentially and $91 thousand, or 4.5%, year over year. In addition, the absorption of direct loan origination costs decreased $190 thousand sequentially and $38 thousand year over year, reflecting the origination of 413 PPP loans at a standard cost of $750 per loan in the second quarter of 2020.

Professional fees increased $183 thousand, or 111.0%, to $350 thousand in the third quarter of 2020 from $167 thousand in the second quarter of 2020, and increased $207 thousand, or 145.8%, compared to $143 thousand in the third quarter of 2019. The increase is attributable to a $125 thousand sequential increase in legal fees and a sequential increase of $50 thousand in executive recruiting fees.

The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 69.9% for the third quarter of 2020, compared to 60.8% for the second quarter of 2020 and 60.0% for the third quarter of 2019. Annualized non-interest expenses as a percent of average total assets were 2.45%, 2.20%, and 2.56% for the third quarter of 2020, the second quarter of 2020, and the third quarter of 2019, respectively, reflecting the sequential increase in non-interest expenses and the increase in earning assets in the second quarter of 2020 attributable to the PPP.

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 and the U.S. Department of Agriculture. A full suite of deposit accounts also is furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, San Luis Obispo, and Santa Cruz County. 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 pandemics, 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:

Samuel D. Jimenez

Michael J. Winiarski

Chief Executive Officer

Chief Financial Officer

831.264.4057 office

831.264.4014 office

Sam.Jimenez@1stCapitalBank.com

Michael.Winiarski@1stCapitalBank.com

— financial data follow —

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

 
2020
 
 
2020
 
 
2020
 
 
2019
 

Assets

Cash and due from banks

 
$
6,966
 
 
$
6,719
 
 
$
6,582
 
 
$
5,947
 

Funds held at the Federal Reserve Bank2

 
 
38,715
 
 
 
29,056
 
 
 
30,071
 
 
 
47,529
 

Available-for-sale securities, at fair value

 
 
59,649
 
 
 
62,473
 
 
 
63,728
 
 
 
68,386
 

Loans held for sale

 
 
442
 
 
 
488
 
 
 
–
 
 
 
–
 

Loans receivable held for investment:

Construction / land (including farmland)

 
 
15,850
 
 
 
16,372
 
 
 
21,193
 
 
 
18,602
 

Residential 1 to 4 units

 
 
115,881
 
 
 
127,192
 
 
 
136,014
 
 
 
141,907
 

Home equity lines of credit

 
 
6,034
 
 
 
6,630
 
 
 
7,656
 
 
 
7,158
 

Multifamily

 
 
79,693
 
 
 
71,795
 
 
 
57,900
 
 
 
54,324
 

Owner occupied commercial real estate

 
 
70,935
 
 
 
70,478
 
 
 
73,488
 
 
 
63,587
 

Investor commercial real estate

 
 
173,557
 
 
 
172,219
 
 
 
171,266
 
 
 
153,849
 

Commercial and industrial

 
 
48,812
 
 
 
47,717
 
 
 
50,460
 
 
 
38,801
 

Paycheck Protection Program

 
 
106,559
 
 
 
100,652
 
 
 
–
 
 
 
–
 

Other loans

 
 
10,877
 
 
 
10,638
 
 
 
12,510
 
 
 
16,042
 

Total loans

 
 
628,198
 
 
 
623,693
 
 
 
530,487
 
 
 
494,270
 

Allowance for loan losses

 
 
(8,804
)
 
 
(8,093
)
 
 
(7,431
)
 
 
(6,582
)

Net loans

 
 
619,394
 
 
 
615,600
 
 
 
523,056
 
 
 
487,688
 

Premises and equipment, net

 
 
3,034
 
 
 
2,541
 
 
 
2,189
 
 
 
2,131
 

Bank owned life insurance

 
 
8,215
 
 
 
8,167
 
 
 
8,119
 
 
 
8,020
 

Investment in FHLB3 stock, at cost

 
 
3,534
 
 
 
3,534
 
 
 
3,501
 
 
 
3,501
 

Accrued interest receivable and other assets

 
 
9,073
 
 
 
8,113
 
 
 
8,514
 
 
 
14,254
 

Total assets

 
$
749,022
 
 
$
736,691
 
 
$
645,760
 
 
$
637,456
 

Liabilities and shareholders' equity

Deposits:

Noninterest-bearing demand deposits

 
$
356,730
 
 
$
343,042
 
 
$
252,760
 
 
$
255,369
 

Interest-bearing checking accounts

 
 
54,228
 
 
 
46,774
 
 
 
41,857
 
 
 
47,148
 

Money market deposits

 
 
128,039
 
 
 
138,796
 
 
 
158,178
 
 
 
140,515
 

Savings deposits

 
 
105,431
 
 
 
103,152
 
 
 
99,789
 
 
 
103,224
 

Time deposits

 
 
17,147
 
 
 
19,031
 
 
 
19,400
 
 
 
19,399
 

Total deposits

 
 
661,575
 
 
 
650,795
 
 
 
571,984
 
 
 
565,655
 

Borrowings

 
 
10,000
 
 
 
10,000
 
 
 
–
 
 
 
–
 

Accrued interest payable and other liabilities

 
 
5,059
 
 
 
4,856
 
 
 
4,961
 
 
 
5,466
 

Shareholders' equity

 
 
72,388
 
 
 
71,040
 
 
 
68,815
 
 
 
66,335
 

Total liabilities and shareholders' equity

 
$
749,022
 
 
$
736,691
 
 
$
645,760
 
 
$
637,456
 

Shares outstanding

 
 
5,543,393
 
 
 
5,535,804
 
 
 
5,528,218
 
 
 
5,502,514
 

Nominal and tangible book value per share

 
$
13.06
 
 
$
12.83
 
 
$
12.45
 
 
$
12.06
 

Ratio of net loans to total deposits

 
 
93.62
%
 
 
94.59
%
 
 
91.45
%
 
 
86.22
%

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 Data1

 
2020
 
 
2020
 
 
2020
 
 
2019
 

Interest and dividend income

Loans

 
$
6,133
 
 
$
6,234
 
 
$
5,683
 
 
$
5,578
 

Investment securities

 
 
253
 
 
 
296
 
 
 
375
 
 
 
442
 

Other

 
 
51
 
 
 
32
 
 
 
130
 
 
 
249
 

Total interest and dividend income

 
 
6,437
 
 
 
6,562
 
 
 
6,188
 
 
 
6,269
 

Interest expense

Interest-bearing checking

 
 
3
 
 
 
3
 
 
 
3
 
 
 
3
 

Money market deposits

 
 
101
 
 
 
116
 
 
 
175
 
 
 
125
 

Savings deposits

 
 
72
 
 
 
68
 
 
 
89
 
 
 
88
 

Time deposits

 
 
36
 
 
 
53
 
 
 
56
 
 
 
62
 

Total interest expense

 
 
212
 
 
 
240
 
 
 
323
 
 
 
278
 

Net interest income

 
 
6,225
 
 
 
6,322
 
 
 
5,865
 
 
 
5,991
 

Provision for loan losses

 
 
650
 
 
 
650
 
 
 
825
 
 
 
–
 

Net interest income after provision

for loan losses

 
 
5,575
 
 
 
5,672
 
 
 
5,040
 
 
 
5,991
 

Noninterest income

Service charges on deposits

 
 
73
 
 
 
64
 
 
 
94
 
 
 
88
 

BOLI dividend income

 
 
48
 
 
 
48
 
 
 
48
 
 
 
52
 

Gain on sale of loans

 
 
52
 
 
 
–
 
 
 
–
 
 
 
33
 

Gain on sale of investments

 
 
–
 
 
 
–
 
 
 
–
 
 
 
60
 

Other

 
 
153
 
 
 
69
 
 
 
146
 
 
 
372
 

Total noninterest income

 
 
326
 
 
 
181
 
 
 
288
 
 
 
605
 

1ST CAPITAL BANK

CONDENSED FINANCIAL DATA

(Unaudited)

(Dollars in thousands, except per share data)

 
Three Months Ended
 

 
September 30,
 
 
June 30,
 
 
March 30,
 
 
September 30,
 

 
2020
 
 
2020
 
 
2020
 
 
2019
 

Noninterest expenses

Salaries and benefits

 
 
2,704
 
 
 
2,393
 
 
 
2,824
 
 
 
2,452
 

Occupancy

 
 
390
 
 
 
353
 
 
 
363
 
 
 
372
 

Data and item processing

 
 
225
 
 
 
206
 
 
 
221
 
 
 
220
 

Furniture and equipment

 
 
127
 
 
 
189
 
 
 
191
 
 
 
150
 

Professional services

 
 
350
 
 
 
167
 
 
 
161
 
 
 
143
 

Provision for unfunded loan

commitments

 
 
41
 
 
 
–
 
 
 
(17
)
 
 
(7
)

Other

 
 
741
 
 
 
645
 
 
 
752
 
 
 
630
 

Total noninterest expenses

 
 
4,578
 
 
 
3,953
 
 
 
4,495
 
 
 
3,960
 

Income before provision for income taxes

 
 
1,323
 
 
 
1,900
 
 
 
833
 
 
 
2,636
 

Provision for income taxes

 
 
370
 
 
 
550
 
 
 
225
 
 
 
698
 

Net income

 
$
953
 
 
$
1,350
 
 
$
608
 
 
$
1,938
 

Common Share Data1

Earnings per common share

Basic

 
$
0.17
 
 
$
0.24
 
 
$
0.11
 
 
$
0.35
 

Diluted

 
$
0.17
 
 
$
0.24
 
 
$
0.11
 
 
$
0.35
 

Weighted average common shares outstanding

Basic

 
 
5,540,643
 
 
 
5,531,341
 
 
 
5,521,518
 
 
 
5,492,657
 

Diluted

 
 
5,575,971
 
 
 
5,563,391
 
 
 
5,582,687
 
 
 
5,578,507
 

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 22, 2019 and paid December 20, 2019.

1ST CAPITAL BANK

CONDENSED FINANCIAL DATA

(Unaudited)

(Dollars in thousands, except per share data)

 
Nine Months Ended
 

 
September 30,
 
 
September 30,
 

Operating Results Data1

 
2020
 
 
2019
 

Interest and dividend income

Loans

 
$
18,050
 
 
$
16,829
 

Investment securities

 
 
924
 
 
 
1,355
 

Other

 
 
213
 
 
 
789
 

Total interest and dividend income

 
 
19,187
 
 
 
18,973
 

Interest expense

Interest-bearing checking

 
 
9
 
 
 
9
 

Money market deposits

 
 
392
 
 
 
394
 

Savings deposits

 
 
229
 
 
 
264
 

Time deposits

 
 
145
 
 
 
165
 

Total interest expense

 
 
775
 
 
 
832
 

Net interest income

 
 
18,412
 
 
 
18,141
 

Provision for loan losses

 
 
2,125
 
 
 
–
 

Net interest income after provision for loan losses

 
 
16,287
 
 
 
18,141
 

Noninterest income

Service charges on deposits

 
 
231
 
 
 
246
 

BOLI dividend income

 
 
144
 
 
 
155
 

Gain on sale of loans

 
 
52
 
 
 
41
 

Gain on sale of investments

 
 
–
 
 
 
60
 

Other

 
 
368
 
 
 
1,105
 

Total noninterest income

 
 
795
 
 
 
1,607
 

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

 
Nine Months Ended
 

 
September 30,
 
 
September 30,
 

 
2020
 
 
2019
 

Noninterest expenses

Salaries and benefits

 
 
7,921
 
 
 
7,826
 

Occupancy

 
 
1,106
 
 
 
1,004
 

Data and item processing

 
 
652
 
 
 
719
 

Furniture and equipment

 
 
507
 
 
 
449
 

Professional services

 
 
678
 
 
 
381
 

Provision for unfunded loan commitments

 
 
24
 
 
 
(30
)

Other

 
 
2,138
 
 
 
2,114
 

Total noninterest expenses

 
 
13,026
 
 
 
12,463
 

Income before provision for income taxes

 
 
4,056
 
 
 
7,285
 

Provision for income taxes

 
 
1,145
 
 
 
1,933
 

Net income

 
$
2,911
 
 
$
5,352
 

Common Share Data1

Earnings per common share

Basic

 
$
0.53
 
 
$
0.98
 

Diluted

 
$
0.52
 
 
$
0.96
 

Weighted average common shares outstanding

Basic

 
 
5,531,202
 
 
 
5,479,831
 

Diluted

 
 
5,573,522
 
 
 
5,566,810
 

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 22, 2019 and paid December 20, 2019.

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

 
September 30,
 
 
June 30,
 
 
March 31,
 
 
September 30,
 

Asset Quality

 
2020
 
 
2020
 
 
2020
 
 
2019
 

Loans past due 90 days or more and accruing

interest

 
$ 
–
 
 
$ 
–
 
 
$ 
–
 
 
$ 
–
 

Nonaccrual restructured loans

 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 

Other nonaccrual loans

 
 
1,535
 
 
 
490
 
 
 
492
 
 
 
–
 

Other real estate owned

 
 
–
 
 
 
–
 
 
 
–
 
 
 
–
 

 
$ 
1,535
 
 
$ 
490
 
 
$ 
492
 
 
$ 
–
 

Allowance for loan losses to total loans

 
 
1.40
%
 
 
1.30
%
 
 
1.40
%
 
 
1.33
%

Allowance for loan losses to nonperforming loans

 
 
573.55
%
 
 
1651.63
%
 
 
1510.37
%
 
 
n/a
 

Nonaccrual loans to total loans

 
 
0.24
%
 
 
0.08
%
 
 
0.09
%
 
 
0.00
%

Nonperforming assets to total assets

 
 
0.20
%
 
 
0.07
%
 
 
0.08
%
 
 
0.00
%

Regulatory Capital and Ratios

Common equity tier 1 capital

 
$ 
70,831
 
 
$ 
69,675
 
 
$ 
68,150
 
 
$ 
65,536
 

Tier 1 regulatory capital

 
$ 
70,831
 
 
$ 
69,675
 
 
$ 
68,150
 
 
$ 
65,536
 

Total regulatory capital

 
$ 
77,117
 
 
$ 
75,868
 
 
$ 
74,404
 
 
$ 
71,377
 

Tier 1 leverage ratio

 
 
9.58
%
 
 
9.66
%
 
 
10.77
%
 
 
10.67
%

Common equity tier 1 risk-based capital ratio

 
 
14.16
%
 
 
14.12
%
 
 
13.66
%
 
 
14.05
%

Tier 1 risk-based capital ratio

 
 
14.16
%
 
 
14.12
%
 
 
13.66
%
 
 
14.05
%

Total risk-based capital ratio

 
 
15.42
%
 
 
15.37
%
 
 
14.91
%
 
 
15.30
%

 
Three Months Ended
 

 
September 30,
 
 
June 30,
 
 
March 31,
 
 
September 30,
 

Selected Financial Ratios1

 
2020
 
 
2020
 
 
2020
 
 
2019
 

Return on average total assets

 
 
0.51
%
 
 
0.75
%
 
 
0.38
%
 
 
1.25
%

Return on average shareholders' equity

 
 
5.26
%
 
 
7.74
%
 
 
3.53
%
 
 
11.79
%

Net interest margin2

 
 
3.45
%
 
 
3.65
%
 
 
3.87
%
 
 
4.05
%

Net interest income to average total assets

 
 
3.33
%
 
 
3.51
%
 
 
3.71
%
 
 
3.87
%

Efficiency ratio

 
 
69.88
%
 
 
60.79
%
 
 
73.06
%
 
 
60.04
%

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

 
2020
 
 
2020
 
 
2020
 
 
2019
 

Gross loans

 
$ 
628,889
 
 
$ 
608,076
 
 
$ 
519,468
 
 
$ 
481,402
 

Investment securities

 
 
61,323
 
 
 
63,034
 
 
 
65,163
 
 
 
68,949
 

Other interest earning assets

 
 
28,349
 
 
 
26,044
 
 
 
24,964
 
 
 
38,721
 

Total interest earning assets

 
$ 
718,561
 
 
$ 
697,154
 
 
$ 
609,595
 
 
$ 
589,072
 

Total assets

 
$ 
741,263
 
 
$ 
721,907
 
 
$ 
633,623
 
 
$ 
614,674
 

Interest-bearing checking accounts

 
$ 
47,246
 
 
$ 
43,774
 
 
$ 
42,092
 
 
$ 
42,295
 

Money market deposits

 
 
127,094
 
 
 
152,748
 
 
 
132,363
 
 
 
113,151
 

Savings deposits

 
 
105,548
 
 
 
101,291
 
 
 
103,156
 
 
 
111,502
 

Time deposits

 
 
17,748
 
 
 
19,247
 
 
 
19,367
 
 
 
19,933
 

Total interest-bearing deposits

 
 
297,636
 
 
 
317,060
 
 
 
296,978
 
 
 
286,881
 

Noninterest-bearing demand deposits

 
 
356,738
 
 
 
326,152
 
 
 
262,416
 
 
 
256,989
 

Total deposits

 
$ 
654,374
 
 
$ 
643,212
 
 
$ 
559,394
 
 
$ 
543,870
 

Borrowings

 
$ 
10,000
 
 
$ 
3,736
 
 
$ 
–
 
 
$ 
–
 

Shareholders' equity

 
$ 
71,849
 
 
$ 
69,982
 
 
$ 
69,006
 
 
$ 
65,219
 

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

 
Nine Months Ended
 

 
September 30,
 
 
September 30,
 

Selected Financial Ratios

 
2020
 
 
2019
 

Return on average total assets

 
 
0.55
%
 
 
1.16
%

Return on average shareholders' equity

 
 
5.52
%
 
 
11.40
%

Net interest margin2

 
 
3.64
%
 
 
4.08
%

Net interest income to average total assets

 
 
3.51
%
 
 
3.93
%

Efficiency ratio

 
 
67.82
%
 
 
63.11
%

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.

 
Nine Months Ended
 

 
September 30,
 
 
September 30,
 

Selected Average Balances

 
2020
 
 
2019
 

Gross loans

 
$ 
585,636
 
 
$ 
484,615
 

Investment securities

 
 
63,167
 
 
 
69,510
 

Other interest earning assets

 
 
26,459
 
 
 
43,381
 

Total interest earning assets

 
$ 
675,262
 
 
$ 
597,506
 

Total assets

 
$ 
699,085
 
 
$ 
617,766
 

Interest-bearing checking accounts

 
$ 
44,381
 
 
$ 
37,740
 

Money market deposits

 
 
137,364
 
 
 
122,094
 

Savings deposits

 
 
103,340
 
 
 
106,075
 

Time deposits

 
 
18,784
 
 
 
18,937
 

Total interest-bearing deposits

 
 
303,869
 
 
 
284,846
 

Noninterest-bearing demand deposits

 
 
315,254
 
 
 
264,987
 

Total deposits

 
$ 
619,123
 
 
$ 
549,833
 

Borrowings

 
$ 
4,599
 
 
$ 
–
 

Shareholders' equity

 
$ 
70,285
 
 
$ 
62,767
 

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

September 30, 2020:

 
Original Loan-to-Value Ratio
 

 
Average
 
 
Median
 
 
Maximum
 

Construction/land

 
 
25.85
%
 
 
28.36
%
 
 
65.93
%

Residential 1 to 4 units

 
 
52.27
%
 
 
53.33
%
 
 
78.32
%

Home equity lines of credit

 
 
23.54
%
 
 
32.46
%
 
 
75.00
%

Multifamily

 
 
43.71
%
 
 
45.81
%
 
 
71.81
%

Owner-occupied CRE

 
 
47.77
%
 
 
48.24
%
 
 
84.94
%

Investor CRE

 
 
41.37
%
 
 
42.25
%
 
 
77.85
%

September 30, 2020:

 
Original Loan-to-Value Ratio
 

 
Under 50%
 
 
50%-60%
 
 
60%-70%
 
 
70%-75%
 
 
75%-80%
 
 
Over 80%
 
 
Total
 

Construction/land

 
$ 
12,511
 
 
$ 
–
 
 
$ 
3,339
 
 
$ 
–
 
 
$ 
–
 
 
$ 
–
 
 
$ 
15,850
 

Residential 1 to 4 units

 
 
42,608
 
 
 
31,186
 
 
 
25,989
 
 
 
11,692
 
 
 
4,406
 
 
 
–
 
 
 
115,881
 

Home equity lines of credit

 
 
5,541
 
 
 
282
 
 
 
209
 
 
 
2
 
 
 
–
 
 
 
–
 
 
 
6,034
 

Multifamily

 
 
34,303
 
 
 
21,446
 
 
 
19,471
 
 
 
4,473
 
 
 
–
 
 
 
–
 
 
 
79,693
 

Owner-occupied CRE

 
 
26,874
 
 
 
19,960
 
 
 
15,285
 
 
 
7,940
 
 
 
180
 
 
 
696
 
 
 
70,935
 

Investor CRE

 
 
104,851
 
 
 
45,722
 
 
 
16,388
 
 
 
3,441
 
 
 
3,155
 
 
 
–
 
 
 
173,557
 

 
$ 
226,688
 
 
$ 
118,596
 
 
$ 
80,681
 
 
$ 
27,548
 
 
$ 
7,741
 
 
$ 
696
 
 
$ 
461,950
 

September 30, 2020:

 
Commercial Real Estate Loans
 

 
Investor
 
 
Owner-Occupied
 

Office

 
$ 
31,309
 
 
$ 
19,197
 

Industrial and warehouse

 
 
28,013
 
 
 
22,658
 

Hotels and motels

 
 
27,440
 
 
 
–
 

Retail

 
 
21,712
 
 
 
6,743
 

Mini storage

 
 
13,387
 
 
 
–
 

Health care

 
 
12,637
 
 
 
8,097
 

Mixed use

 
 
32,188
 
 
 
4,873
 

Other

 
 
6,871
 
 
 
9,367
 

 
 
173,557
 
 
 
70,935
 

Multifamily residential

 
 
79,693
 
 
 
–
 

Single-family residential

 
 
30,909
 
 
 
91,006
 

 
$ 
284,159
 
 
$ 
161,941
 

September 30, 2020:

 
Commercial and
 

 
and Industrial Loans
 

Health care

 
$ 
27,336
 

Agricultural

 
 
22,419
 

Manufacturing

 
 
20,392
 

Wholesale trade

 
 
17,294
 

Construction

 
 
17,291
 

Real estate rental/leasing

 
 
10,313
 

Professional services

 
 
9,867
 

Retail trade

 
 
5,589
 

Other

 
 
36,189
 

 
$ 
166,690
 

SOURCE: 1st Capital Bank

ReleaseID: 613657

LOS ANGELES, CA / ACCESSWIRE / October 31, 2020 / Compare-autoinsurance.org (https://compare-autoinsurance.org) is a top auto insurance brokerage website, providing car insurance quotes online from trustworthy agencies all over the United States. This website has recently launched a guide that explains what a no-claim bonus is and why drivers should protect this bonus.

A no-claim bonus represents a reward given to the policyholder for not making a claim for a certain period of time. Typically, this bonus is accumulated after one year of not making claims. Find out more about the No-Claim Bonus (NCB) and get free car insurance quotes from https://compare-autoinsurance.org.

If the client does not make any claims within 12 months, he will earn an NCB. Some companies allow the drivers to get the bonus after 10 months.

Theoretically, a policyholder can have an unlimited number of NCBs. However, the insurance companies usually limit to maximum 5 periods without claim. After that, the discount will be granted. There are few ways drivers can increase the chances of accumulating an NCB:
Avoid being involved in accidents. This is the most obvious method of protecting a valuable discount. Not being involved in accidents means not making claims and thus, not canceling the hard-earned reward.
Install safety devices. Increasing the safety rating of the vehicle will reduce the chances of being involved in accidents. And again, this means no claims.
Get a safer car. It is important to know that NBC is transferred to another car if the policyholder switches cars. So, a safer car means better chances for an NCB.
Avoid claims for very minor accidents. If all that resulted from an accident was just a few scratches and dents, then filing a claim may not be the best solution. Why ruin a potentially more valuable NCB when repairing the damage costs less than $100?

Compare-autoinsurance.org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc.

For more information, please visit https://compare-autoinsurance.org.

"A no-claim bonus can help you save hundreds of dollars. Find out how to get that bonus and protect it," said Russell Rabichev, Marketing Director of Internet Marketing Company.

CONTACT:

Company Name: Internet Marketing Company
Person for contact: Daniel C
Phone Number: (818) 359-3898
Email: cgurgu@internetmarketingcompany.biz
Website: https://compare-autoinsurance.org

SOURCE: Internet Marketing Company

ReleaseID: 613686

CLAREMONT, CA / ACCESSWIRE / October 31, 2020 / Born in San Salvador, El Salvador, Elias Castro came to America when he was twelve years old and grew up in a lower, middle-class family in Pacoima, California. His life has been full of overcoming such as the barrier of learning a second language and a new culture. Additionally, he struggled to find his passion and purpose in life. This led to difficult lessons on the importance of finances. Elias always knew he wanted to help others. This, combined with a lack of fulfillment in previous careers, pushed him to develop new skill sets to maximize opportunities. Elias states, "In a way, I manifested and created this opportunity for myself by becoming better personally."

These skill sets led his work in finances. He now helps people plan for their financial futures as a financial broker-dealer. He describes his position saying, "I'm a recruiter and provide an opportunity to those looking to start in this career path. I teach, coach, mentor, train, and provide the skills necessary for a successful career. I teach others to be their own boss and have unlimited earning potential. I additionally provide the tools and guidance necessary to have a successful relationship with money."

The ability to educate and change people's lives is what Elias holds as his great success. He wants people to understand that there is a way to be financially stable and debt-free that is better than a 9 – 5 job. In an interview, Elias gave some life-learned advice "In order to be successful in life you have to work hard and smart, stay focused & driven, be disciplined and always have the drive and will to help others. Find yourself a mentor and be excellent." He also related that "My biggest inspiration comes from seeing the lack of financial literacy in this country and seeing all those who struggle because of it. It is my mission to change that."

Elias's company works with the top 200 major finance and insurance companies across the United States and Canada and has had offices around the states since 1906. He contributes his success to the lessons that life has taught him and his will to become the best version of himself. This success is sure to continue as Elias holds most strongly to the notion that one must "NEVER QUIT." He hopes to have created 1 million job opportunities and served 1 million clients by the time his career is over.

Keep up with Elias Castro on Instagram here

Media Contact/Content Provider:
Lost Boy Entertainment
Email: info@lostboyentco.com

SOURCE: Lost Boy Entertainment Company

ReleaseID: 613683

VANCOUVER, BC / ACCESSWIRE / October 30, 2020 / Core One Labs Inc. (CSE:COOL)(OTC PINK:CLABF), (Frankfurt:LD62) (WKN: A2P8K3) (the "Company") is pleased to announce it has entered into a Letter of Intent (the "LOI") with High Tower Capital Inc. ("High Tower") dated effective October 15, 2020 to sell certain assets and subsidiaries to High Tower for CAD$3,000,000 and the assumption of USD$4,015,885 in related liabilities. High Tower will also assume all ongoing obligations related to the Assets (as defined below).

Core One has successfully engaged in negotiations to sell off non-core assets of the business, allowing it to focus on entering the psychedelic space and the continued development of its CannaStripTM technology. The additional capital generated from this sale will be used to further develop the thin strip technologies for use with psilocybin, as well as expanding the newly acquired psychedelic assets. In addition to the money coming in from the sale of the asset, this move also significantly reduces the monthly capital outlays the Company had been paying, resulting in cash to be allocated to strategic initiatives designed at increasing visibility in the psychedelic space.

"Reducing Core One's capital outlays on non-core assets is essential to repositioning the company in the psychedelic space. I believe the psychedelic space is poised to become the next large pharmaceutical breakthrough in addressing both alcohol and opioid addiction, as well as anxiety and depression. The global market size for the treatment of these conditions is substantial, and the Company is excited to be part of these developments. By adapting our existing technology to become an effective and safe delivery method for psilocybin, Core One has the ability to become a leader in this space," said Joel Shacker CEO of the company.

Terms of the LOI

In consideration for the acquisition of the Assets, High Tower will complete a series of cash payments to the Company totaling CAD$3,000,000 (collectively, the "Consideration Payments") and will assume responsibility for all outstanding liabilities and obligations of Rêveur, Core, CSPA, AgroCo, SciCo, AgroLLC and DevCo, (all as defined below) including all ongoing employment obligations and certain additional liabilities of the Company associated with the Assets.

The Assets are comprised of the following:

a) all of the issued and outstanding share capital of Rêveur Holdings Inc. ("Rêveur"), a California corporation, including its principal assets which are all of the issued and outstanding share capital of Core Isogenics Inc. ("Core"), a California corporation, and CSPA Group, Inc. ("CSPA"), a California corporation;

b) all of the issued and outstanding share capital of LDS Agrotech Inc. ("AgroCo"), a Nevada corporation, held by the Company which represents seventy-five percent (75%) of the outstanding share capital of AgroCo;

c) all of the issued and outstanding share capital of LDS Scientific Inc. ("SciCo"), a Nevada corporation, held by the Company which represents seventy-five percent (75%) of the outstanding share capital of SciCo;

d) the membership interest in Agrotech LLC ("AgroLLC"), a California limited liability company, held by the Company which represents a fifty percent (50%) membership interest in AgroLLC;

e) all of the issued and outstanding share capital of LDS Development Corporation ("DevCo"), a California corporation, except for all tangible and intangible assets of DevCo related to the manufacturing and distribution of "CannaStrips" including all associated intellectual property and manufacturing equipment (the "Excluded Assets"); and

f) all tangible and intangible assets currently being held by and utilized by Rêveur, Core, CSPA and DevCo, including, without limitation, all existing contracts, leases, client files, client billing records, vendor records, furniture, fixtures, equipment, employee files, employee time records, and other information customary for the cultivation, manufacturing and distribution of cannabis and cannabis related products, but excluding the Excluded Assets

(collectively, the "Assets")

Completion of the sale of the Assets remains subject to a number of conditions, including the satisfactory completion of due diligence, receipt of any required regulatory approvals and the negotiation of definitive documentation. The sale of the Assets cannot be completed until these conditions have been satisfied.

The Company is at arms-length from High Tower, and each of its shareholders. A success fee of CAD$30,000, payable in common shares of the Company, is expected to be paid to third-party consultant who will be assisting with the Asset sale.

About Core One Labs Inc.

Core One Labs Inc. is a research and technology company with a state-of-the-art cannabis production and packaging facility located in Southern California. The Company's technology produces infused strips (like breath strips) that are not only a safer, healthier option to other forms of delivery but also superior bioavailability of cannabis constituents. The technology provides a new way to accurately meter the dosage and assure the purity of selected product. The Company holds an interest in walk-in medical clinics located in Vancouver and West Vancouver, British Columbia which maintain a database of over 200,000 patients combined. The Company intends to further develop its product offerings through research and development in these clinics, including the integration of intellectual property related to psychedelic treatments and novel drug therapies.

Core One Labs Inc.

Joel Shacker
Chief Executive Officer

FOR MORE INFORMATION, PLEASE CONTACT:

info@core1labs.com
1-866-347-5058

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Disclaimer Statement:

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, including with respect to the completion of the Asset sale to High Tower and statements made about the future plans and prospects of the Company. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the cannabis sector in the United States and the emerging psychedelic sector in Canada and the need to comply with governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.

SOURCE: Core One Labs Inc.

ReleaseID: 613680

LOS ANGELES, CA / ACCESSWIRE / October 30, 2020 / The COVID-19 pandemic has given more attention to the long-standing problem of disparities in health care in low-income communities of color. Health experts have struggled to address the fact that people in these communities are disproportionately impacted by social determinants that impact their health, receive fewer health care services, encounter barriers when trying to access health care, and face difficulty in finding health care providers. The pandemic has shown these problems to a much wider audience, as the virus's severity and death rates among Black and Latino people have been much higher than among whites.

"Fixing health disparities experienced by underserved communities is a complex challenge with no single solution," said Dr. Cynthia Telles, Community Health Committee chair for the Kaiser Foundation Health Plan and Hospitals Boards of Directors. "One of the approaches is to build a more diverse and inclusive health care workforce. Our nation currently lacks diversity in health care professionals, including but not limited to physicians and mental health care providers."

Patients typically respond better when they form a trusted connection with their medical and mental health providers. Those connections can be formed in many ways, including when people in underrepresented communities see themselves reflected in the diverse makeup of their care teams, physicians, and therapists.

But the ability of California health care organizations to recruit and retain health care professionals who are experienced, educated, and trained in diverse environments – while critical to delivering equitable and culturally competent care – is very difficult because of the small number of health care professionals from diverse communities graduating from California state colleges and universities.

Nearly 25 years ago, California put in place a ban on affirmative action, becoming only one of nine states that prohibit any consideration of race as a tool to fight discrimination in university admissions, state hiring, and state contracting. The ban has had a significant impact on California's ability to produce Black and Latino health care professionals.

Latinos make up over half of our state's public school students but just 25 percent of the University of California undergraduate students, and roughly only 6 percent of practicing physicians. Research by an economist at the University of California Berkeley found that the ban may have dissuaded more than 1,000 Black and Latino students from even applying to the UC system every year. Experts at the University of California Los Angeles School of Medicine concluded that the ban significantly cut the number of Latino UC medical school graduates.

A measure on this November's ballot would repeal the California ban on affirmative action. If Proposition 16 passes, state entities – including public colleges and universities – will once again be allowed to consider race, sex, ethnicity, or national origin in college admissions, hiring, and state contracting. Its passage would not allow racial or gender quotas, which have been illegal since 1978.

"If we can ensure California's public universities are accessible to a diverse future health care workforce, comprised of people who are as diverse as the communities we serve, we can go a long way toward reducing health disparities," said Dr. Cynthia Telles. "I strongly believe that the passage of Proposition 16 will help us improve health outcomes for everyone in our communities."

There are many other reasons to support Proposition 16, including its positive effect on equity in-state jobs and promotions and reducing wage gaps. It will help small businesses in California owned by women and people of color compete more fairly against bigger, wealthier companies for the more than 600,000 state government contracts awarded each year.

CONTACT:
Andrew Mitchell
Email: media@cambridgeglobalmedia.com
Phone: 404-955-7133

SOURCE: Cynthia Telles

ReleaseID: 613668