SALINAS, CA / ACCESSWIRE / October 31, 2017 / 1st Capital Bank (OTC PINK: FISB) reported unaudited net income of $1.02 million for the three months ended September 30, 2017, an increase of 58.1% compared to net income of $645 thousand in the third quarter of 2016 and an increase of 19.4% compared to net income of $855 thousand in the second quarter of 2017, the immediately preceding quarter. Earnings per common share were $0.23 (diluted), compared to $0.19 (diluted) for the prior quarter.
On a year-date-basis, unaudited net income was $2.66 million for the nine months ended September 30, 2017, an increase of $625 thousand, or 30.7%, compared to $2.04 million for the nine months ended September 30, 2016. Earnings per common share were $0.60 (diluted) and $0.47 (diluted) for the nine-month periods ended September 30, 2017 and 2016, respectively.
Net loans increased $7.7 million, or 1.8%, during the third quarter, from $412.6 million at June, 2017 to $420.2 million at September 30, 2017. Growth was concentrated in the single-family residential loan portfolio ($4.5 million), home equity lines of credit ($1.0 million) and multifamily loans ($1.3 million). Year over year, gross loans outstanding increased 3.5% from $412.4 million as of September 30, 2016 to $426.5 million as of September 30, 2017. However, the loan mix improved significantly during the past year as commercial and industrial loans increased $2.7 million (5.7%), owner-occupied real estate loans increased $14.6 million (27.8%), multifamily loans increased $8.0 million (14.9%), and investor commercial real estate loans increased $8.5 million (9.0%). This growth mitigated the $20 million decline (16.0%) in the single-family residential loan portfolio, as a result of normal principal repayments and payoffs of loans in the portfolio, since September 30, 2016.
”We closed the third quarter with a record net $420 million in loans outstanding, and enter the fourth quarter with an excellent backlog of new lending opportunities,” said Thomas E. Meyer, President and Chief Executive Officer. ”We are particularly pleased with our growth in noninterest income, especially the significant increase in recurring service charge income as well as a lift in SBA gains on sale.”
Net interest income before provision for loan losses increased $254 thousand, or 5.5%, to $4.91 million, compared to $4.66 million in the prior quarter, reflecting a $7.5 million, or 1.4%, increase in average earning assets and an increase of eleven basis points in the yield on interest-earning assets. Net interest margin likewise increased ten basis points, from 3.42% in the second quarter of 2017 to 3.52% in the third quarter of 2017. Year over year, quarterly net interest income before provision for losses increased $730 thousand, or 17.5%, and net interest margin increased 32 basis points, from 3.20% to 3.52%, as a result of the growth in the Bank’s commercial real estate and commercial and industrial loan portfolios.
Non-interest income increased $103 thousand, or 42.4%, from $243 thousand in the second quarter of 2017 to $346 thousand in the third quarter of 2017. The increase was primarily attributable to an increase in gain on sale of Small Business Administration (”SBA”) guaranteed loans from $14 thousand in the second quarter of 2017 to $98 thousand in the third quarter of 2017. Quarterly non-interest income other than gain on sale increased $19 thousand, or 8.5%, primarily from increased service charges on deposits. Year over year, non-interest income increased $508 thousand, or 150.5%, from $338 thousand during the first nine months of 2016 to $845 thousand during the first nine months of 2017. The increase resulted from a $165 thousand increase on increase on gains on sale of SBA loans and a $352 thousand increase in other recurring non-interest income.
The Bank’s efficiency ratio improved from 71.8% in the second quarter of 2017 to 66.9% in the third quarter of 2017, as the Bank’s non-interest expenses remained unchanged, while total revenues grew 6.1% over the same period.
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
Net interest income before provision for credit losses was $4.91 million in the third quarter of 2017, an increase of $254 thousand, or 5.4%, compared to $4.66 million in the second quarter of 2017 and an increase of $730 thousand, or 17.5%, compared to $4.18 million in the third quarter of 2016. Net interest income before provision for credit losses for the nine months ended September 30, 2017 was $14.02 million, an increase of $1.61 million or 13.0%, compared to $12.41 million for the nine months ended September 30, 2016.
Average earning assets were $551.3 million during the third quarter of 2017, an increase of 0.8% compared to $546.7 million in the second quarter of 2017. The yield on earning assets was 3.65% in the third quarter of 2017, compared to 3.54% in the second quarter of 2017, primarily due to an increase in the average balance of loans from $412 million in the second quarter of 2017 to $420 million in the third quarter of 2017, and secondly, due to increase in yields in the investment portfolio. The yield on the loan portfolio increased from 4.11% in the third quarter of 2016 and 4.24% in the second quarter of 2017 to 4.29% in the third quarter of 2017. The average balance of the investment portfolio increased $1.0 million, from $73.5 million in the second quarter of 2017 to $74.5 million in the third quarter of 2017, reflecting $5 million in new investments offset by the 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 0.93% in the third quarter of 2016 and 1.45% in the second quarter of 2017 to 1.63% in the third quarter of 2017, as variable-rate mortgage-backed securities and collateralized mortgage obligations repriced upward.
The cost of interest-bearing liabilities declined slightly from 0.23% in both the third quarter of 2016 and the second quarter of 2017, to 0.22% in the third quarter of 2017, while the average balance of interest-bearing liabilities decreased from $282 million in the third quarter of 2016 and from $288 million in the second quarter of 2017 to $276 million in the third quarter of 2017. 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 average balances of $27 million, $48 million, and $31 million in the third quarter of 2016 and the second and third quarters of 2017, respectively. The average balance of noninterest-bearing demand deposit accounts increased from $194 million, or 40.8% of total deposits, in the third quarter of 2016 to $220 million, or 43.2% of total deposits, in the second quarter of 2017 and to $239 million, or 46.2% of total deposits, in the third quarter of 2017. The Bank’s overall cost of funds decreased slightly, from 0.13% in the third quarter of 2016 and second quarter of 2017, to 0.12% in the third quarter of 2017.
”Year over year, the Bank’s net interest margin has improved markedly, resulting from continued improvement in both our asset mix and asset yields, while keeping deposit costs relatively unchanged,” said Michael J. Winiarski, Chief Financial Officer.
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 provisions for loan losses of $255 thousand in the third quarter of 2016, $25 thousand in the second quarter of 2017, and $85 thousand in the third quarter of 2017, reflecting reductions in the level of criticized assets, changes in the mix of loan types within the portfolio and their respective historical loss rates, management’s assessment of the amounts expected to be realized from certain loans identified as impaired, and growth in the portfolio. Impaired loans totaled $5.3 million at September 30, 2017, compared to $5.4 million at June 30, 2017, and $9.7 million at September 30, 2016.
At September 30, 2017, non-performing loans were 0.06% of the total loan portfolio, compared to 0.07% at June 30, 2017 and 0.39% at September, 2016. At September 30, 2017, the allowance for loan losses was 1.48% of outstanding loans, compared to 1.49% at June 30, 2017 and 1.52% at September 30, 2016, respectively. The Bank recorded net charge-offs of $24 thousand in the third quarter of 2017, compared to net recoveries of $8 thousand during the second quarter of 2017, and net recoveries of $13 thousand in the third quarter of 2016.
NON-INTEREST INCOME
Non-interest income recognized in the third quarter of 2017 totaled $346 thousand, including $98 thousand in gain on sale of Small Business Administration (”SBA”) guaranteed loans, compared to $243 thousand in the second quarter of 2017, including $14 thousand in gain on sale of SBA loans, and $105 thousand in the third quarter of 2016, without any gain on sale recognition. Overall, this represents an increase in non-interest income other than gain on sales of $19 thousand (or 8.5%) compared to the second quarter of 2017, and an increase of $144 thousand compared to the third quarter of 2016.
Management has been actively seeking to increase non-interest income across a range of sources, including account analysis fees, lockbox service fees, and mortgage brokerage fees. In addition, in the fourth quarter of 2016, the Bank increased its investment in Bank-owned life insurance (”BOLI”) policies by $5.0 million, from $2.4 million to $7.4 million. On a year-to-date basis, non-interest income increased 150.5%, from $338 thousand to $845 thousand, including a 75.8% increase in service charges on deposits, from $99 thousand to $175 thousand; a 273.6% increase in BOLI dividends, from $44 thousand to $166 thousand; an 873.2% increase in gain on sale of loans, from $19 thousand to $184 thousand; and a 93.0% increase in other income, from $166 thousand to $320 thousand.
NON-INTEREST EXPENSES
Non-interest expenses were essentially unchanged for the third quarter of 2017 from the previous quarter at $3.52 million, and increased $572 thousand, or 16.3%, compared to $2.94 million recognized in the third quarter of 2016. Year-to-date 2017 non-interest expenses totaled $10.44 million, an increase of $1.43 million, or 15.9%, compared to $9.0 million for the first nine months of 2016.
Salaries and benefits decreased $77 thousand, or 3.5%%, to $2.13 million in the third quarter of 2017 from $2.20 million in the second quarter of 2017 and increased $324 thousand, or 18.0%, compared to $1.80 million in the third quarter of 2016. These increases reflect the hiring primarily of loan production and underwriting personnel, including those specializing in government-guaranteed lending and single-family residential lending to support the introduction of home equity lines of credit and the Bank’s mortgage brokerage program. The Bank’s professional services expense increased $42 thousand, or 21.4%, to $236 thousand in the third quarter of 2017, from $194 thousand in the second quarter of 2017, and increased $128 thousand, or 118.1 %, from $108 thousand in the third quarter of 2016, primarily as a result of regulatory compliance consulting fees associated with the introduction of the Bank’s single-family loan products.
The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 66.9% for the third quarter of 2017, compared to 71.8% for the second quarter of 2017 and 68.7% for the third quarter of 2016. Annualized non-interest expenses as a percent of average total assets were 2.45%, 2.52%, and 2.21% for the third quarter of 2017, the second quarter of 2017, and the third quarter of 2016, respectively.
PROVISION FOR INCOME TAXES
The Bank’s effective tax rate was 38.4% in the third quarter of 2017, compared to 37.0% for the second quarter of 2017 and 40.7% for the third quarter of 2016. The lower effective rate in the second quarter of 2017 reflects the settlement of certain disputed Enterprise Zone interest deductions dating from 2012.
About 1st Capital Bank
The Bank’s primary target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast Region of California. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration (”SBA”) and the U.S. Department of Agriculture (”USDA”). A full suite of deposit accounts is also furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, and San Luis Obispo. The Bank’s corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank’s website is www.1stCapital.bank. The main telephone number is 831.264.4000. The primary facsimile number is 831.264.4001.
Member FDIC / Equal Opportunity Lender / SBA Preferred Lender
Forward-Looking Statements
Certain of the statements contained herein that are not historical facts are ”forward-looking statements” within the meaning of and subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may contain words or phrases including, but not limited, to: ”believe,” ”expect,” ”anticipate,” ”intend,” ”estimate,” ”target,” ”plans,” ”may increase,” ”may fluctuate,” ”may result in,” ”are projected,” and variations of those words and similar expressions. All such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that might cause such a difference include, among other matters, changes in interest rates; economic conditions including inflation and real estate values in California and the Bank’s market areas; governmental regulation and legislation; credit quality; competition affecting the Bank’s businesses generally; the risk of natural disasters and future catastrophic events including terrorist related incidents and other factors beyond the Bank’s control; and other factors. The Bank does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
This news release is available at the www.1stCapital.bank internet site for no charge.
For further information, please contact:
Thomas E. Meyer
President and Chief Executive Officer
831.264.4057 office
Tom.Meyer@1stCapitalBank.com
or
Michael J. Winiarski
Chief Financial Officer
831.264.4014 office
Michael.Winiarski@1stCapitalBank.com
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
September 30,
June 30,
March 31,
September 30,
Financial Condition Data [1]
2017
2017
2017
2016
Assets
Cash and due from banks
$
27,484
$
16,824
$
20,999
$
3,585
Funds held at the Federal Reserve Bank [2]
32,903
32,800
37,975
17,482
Time deposits at other financial institutions
747
747
747
996
Available-for-sale securities, at fair value
72,685
74,850
73,504
84,175
Loans receivable held for investment:
Construction / land (including farmland)
16,532
17,005
20,155
16,453
Residential 1 to 4 units
106,670
102,154
113,397
127,010
Home equity lines of credit
8,804
7,776
10,207
11,578
Multifamily
61,773
60,494
53,471
53,763
Owner occupied commercial real estate
67,124
67,169
61,182
52,526
Investor commercial real estate
102,904
102,854
95,485
94,378
Commercial and industrial
50,145
50,527
44,548
47,440
Other loans
12,560
10,848
10,108
9,259
Total loans
426,512
418,827
408,553
412,407
Allowance for loan losses
(6,301
)
(6,241
)
(6,208
)
(6,255
)
Net loans
420,211
412,586
402,345
406,152
Premises and equipment, net
2,376
2,343
1,824
1,433
Bank owned life insurance
7,599
7,543
7,487
2,395
Investment in FHLB[3] stock, at cost
3,163
3,163
2,939
2,939
Accrued interest receivable and other assets
6,168
6,276
5,668
4,551
Total assets
$
573,336
$
557,132
$
553,488
$
523,708
Liabilities and shareholders’ equity
Deposits:
Noninterest bearing demand deposits
$
238,560
$
233,488
$
211,599
$
191,079
Interest bearing checking accounts
39,622
30,175
36,907
36,479
Money market deposits
119,384
116,739
126,638
120,181
Savings deposits
109,193
111,150
115,094
113,052
Time deposits
12,922
13,212
13,181
14,503
Total deposits
519,681
504,764
503,419
475,294
Accrued interest payable and other liabilities
2,060
2,087
1,283
1,403
Shareholders’ equity
51,595
50,281
48,786
47,011
Total liabilities and shareholders’ equity
$
573,336
$
557,132
$
553,488
$
523,708
Shares outstanding
4,443,889
4,428,930
4,374,209
4,127,686
Nominal and tangible book value per share
$
11.61
$
11.35
$
11.15
$
11.23
Ratio of net loans to total deposits
80.86
%
81.74
%
79.92
%
85.45
%
[1] = Loans receivable held for investment are presented according to definitions applicable to the regulatory Call Report.
[2] = Includes cash letters in the process of collection settled through the Federal Reserve Bank.
[3] = Federal Home Loan Bank
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited
(Dollars in thousands, except per share data)
Three Months Ended
September 30,
June 30,
March 31,
September 30,
Operating Results Data [1]
2017
2017
2017
2016
Interest and dividend income
Loans
$
4,539
$
4,365
$
4,187
$
4,028
Investment securities
306
266
246
203
Federal Home Loan Bank stock
56
53
70
64
Other
165
139
102
48
Total interest and dividend income
5,066
4,823
4,605
4,343
Interest expense
Interest bearing checking
3
4
4
3
Money market deposits
78
82
78
79
Savings deposits
64
68
64
68
Time deposits
9
10
8
11
Total interest expense on deposits
154
164
154
161
Interest expense on borrowings
—
—
—
—
Total interest expense
154
164
154
161
Net interest income
4,912
4,659
4,451
4,182
Provision for loan losses
85
25
—
255
Net interest income after provision
for loan losses
4,827
4,634
4,451
3,927
Noninterest income
Service charges on deposits
65
58
52
32
BOLI dividend income
56
56
54
14
Gain on sale of loans
98
14
72
—
Gain on sale of securities
—
—
—
—
Other
127
115
78
59
Total noninterest income
346
243
256
105
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,
2017
2017
2017
2016
Noninterest expenses
Salaries and benefits
2,125
2,202
2,191
1,801
Occupancy
283
263
229
231
Data and item processing
157
158
135
149
Professional services
236
194
124
108
Furniture and equipment
115
126
124
114
Provision for unfunded loan
commitments
5
(4
)
18
(10
)
Other
595
580
587
551
Total noninterest expenses
3,516
3,519
3,408
2,944
Income before provision for income taxes
1,657
1,358
1,299
1,088
Provision for income taxes
636
503
512
443
Net income
$
1,021
$
855
$
787
$
645
Common Share Data [2]
Earnings per common share
Basic
$
0.23
$
0.19
$
0.18
$
0.15
Diluted
$
0.23
$
0.19
$
0.18
$
0.15
Weighted average common shares outstanding
Basic
4,437,987
4,412,158
4,357,401
4,329,406
Diluted
4,498,482
4,476,055
4,428,015
4,377,177
[1] = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.
[2] = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 5% stock dividend declared November 23, 2016 and paid December 15, 2016.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Nine Months Ended
September 30,
September 30,
Operating Results Data [1]
2017
2016
Interest and dividend income
Loans
$
13,091
$
11,981
Investment securities
818
583
Federal Home Loan Bank stock
179
178
Other
406
218
Total interest and dividend income
14,494
12,960
Interest expense
Interest bearing checking
11
8
Money market deposits
238
277
Savings deposits
196
228
Time deposits
27
33
Total interest expense in deposits
472
546
Interest expense on borrowings
—
—
Total interest expense
472
546
Net interest income
14,022
12,414
Provision for loan losses
110
295
Net interest income after provision for loan losses
13,912
12,119
Noninterest income
Service charges on deposits
175
99
BOLI dividend income
166
44
Gain on sale of loans
184
19
Gain on sale of securities
—
10
Other
320
166
Total noninterest income
845
338
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
Nine Months Ended
September 30,
September 30,
2017
2016
Noninterest expenses
Salaries and benefits
6,518
5,578
Occupancy
775
669
Data and item processing
450
448
Professional services
554
332
Furniture and equipment
365
349
Provision for unfunded loan commitments
19
(20
)
Other
1,762
1,656
Total noninterest expenses
10,443
9,012
Income before provision for income taxes
4,314
3,445
Provision for income taxes
1,651
1,407
Net income
$
2,663
$
2,038
Common Share Data [2]
Earnings per common share
Basic
$
0.60
$
0.47
Diluted
$
0.60
$
0.47
Weighted average common shares outstanding
Basic
4,402,645
4,305,666
Diluted
4,467,630
4,353,905
[1] = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.
[2] = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 5% stock dividend declared November 23, 2016 and paid December 15, 2016.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
September 30,
June 30,
March 31,
September 30,
Asset Quality
2017
2017
2017
2016
Loans past due 90 days or more and accruing
interest
$
—
$
—
$
—
$
—
Nonaccrual restructured loans
—
—
—
1,465
Other nonaccrual loans
257
301
124
154
Other real estate owned
—
—
—
—
$
257
$
301
$
124
$
1,619
Allowance for loan losses to total loans
1.48
%
1.49
%
1.52
%
1.52
%
Allowance for loan losses to nonperforming loans
2,451.75
%
2,073.42
%
5,006.45
%
386.35
%
Nonaccrual loans to total loans
0.06
%
0.07
%
0.03
%
0.39
%
Nonperforming assets to total assets
0.04
%
0.05
%
0.02
%
0.31
%
Regulatory Capital and Ratios
Common equity tier 1 capital
$
51,726
$
50,533
$
49,137
$
46,924
Tier 1 regulatory capital
$
51,726
$
50,533
$
49,137
$
46,924
Total regulatory capital
$
56,756
$
55,466
$
53,889
$
51,469
Tier 1 leverage ratio
9.07
%
9.03
%
8.97
%
8.94
%
Common equity tier 1 risk based capital ratio
12.90
%
12.85
%
12.98
%
12.97
%
Tier 1 risk based capital ratio
12.90
%
12.85
%
12.98
%
12.97
%
Total risk based capital ratio
14.15
%
14.11
%
14.23
%
14.23
%
Three Months Ended
September 30,
June 30,
March 31,
September 30,
Selected Financial Ratio [1]
2017
2017
2017
2016
Return on average total assets
0.71
%
0.61
%
0.58
%
0.49
%
Return on average shareholders’ equity
7.93
%
6.90
%
6.61
%
5.48
%
Net interest margin
3.52
%
3.42
%
3.36
%
3.20
%
Net interest income to average total assets
3.42
%
3.34
%
3.30
%
3.17
%
Efficiency ratio
66.87
%
71.79
%
72.40
%
68.67
%
[1] = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
Three Months Ended
September 30,
June 30,
March 31,
September 30,
Selected Average Balances
2017
2017
2017
2016
Gross loans
$
419,933
$
411,708
$
400,404
$
389,580
Investment securities
74,471
73,545
76,057
87,364
Federal Home Loan Bank stock
3,163
3,104
2,939
2,939
Other interest earning assets
56,673
58,353
57,376
39,513
Total interest earning assets
$
554,240
$
546,710
$
536,776
$
519,396
Total assets
$
569,570
$
559,182
$
546,805
$
524,905
Interest bearing checking accounts
$
33,672
$
33,949
$
34,223
$
32,142
Money market deposits
119,533
127,569
121,748
121,476
Savings deposits
109,916
113,346
108,703
113,052
Time deposits
12,985
13,190
13,097
15,062
Total interest bearing deposits
276,106
288,054
277,771
281,732
Noninterest bearing demand deposits
240,149
219,608
219,807
194,335
Total deposits
$
516,255
$
507,662
$
497,578
$
476,067
Borrowings
$
—
$
44
$
—
$
65
Shareholders’ equity
$
51,049
$
49,699
$
48,260
$
46,844
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
Nine Months Ended
September 30,
September 30,
Selected Financial Ratios [1]
2017
2016
Return on average total assets
0.64
%
0.51
%
Return on average shareholders’ equity
7.17
%
5.92
%
Net interest margin
3.43
%
3.13
%
Net interest income to average total assets
3.36
%
3.10
%
Efficiency ratio
70.24
%
70.46
%
[1] = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
Nine Months Ended
September 30,
September 30,
Selected Average Balances [1]
2017
2016
Gross loans
$
410,753
$
384,214
Investment securities
74,685
81,543
Federal Home Loan Bank stock
3,070
2,794
Other interest earning assets
57,465
61,412
Total interest earning assets
$
545,973
$
529,963
Total assets
$
558,602
$
535,405
Interest bearing checking accounts
$
33,946
$
31,016
Money market deposits
122,942
130,460
Savings deposits
110,660
114,383
Time deposits
13,090
17,269
Total interest bearing deposits
280,638
293,128
Noninterest bearing demand deposits
226,596
194,592
Total deposits
$
507,234
$
487,720
Borrowings
$
15
$
26
Shareholders’ equity
$
49,679
$
46,006
[1] = Certain reclassifications have been made to prior period financial statements to conform them to the current period presentation.
SOURCE: 1st Capital Bank
ReleaseID: 479658
