This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

1st Century Bancshares, Inc. Reports Financial Results For The Quarter And Year Ended December 31, 2012

LOS ANGELES, March 6, 2013 (GLOBE NEWSWIRE) -- 1st Century Bancshares, Inc. (the "Company") (Nasdaq:FCTY), the holding company for 1st Century Bank, N.A. (the "Bank"), today reported net income for the quarter and year ended December 31, 2012 of $912,000 and $2.9 million, respectively, compared to $432,000 and $1.0 million, respectively, for the same periods last year. Pre-tax, pre-provision earnings for the quarter and year ended December 31, 2012 were $963,000 and $3.1 million, respectively, compared to $503,000 and $1.4 million, respectively, for the same periods last year. 

Pre-tax, pre-provision earnings, a non-GAAP financial measure, is presented because management believes adjusting the Company's results to exclude taxes and loan loss provisions provides stockholders with a useful metric for evaluating the core profitability of the Company. A schedule reconciling our GAAP net income to pre-tax, pre-provision earnings is provided in the table below.

Alan I. Rothenberg, Chairman of the Board and Chief Executive Officer of the Company stated, "I'm pleased to announce our financial results for this year. Net income for the current year increased to $2.9 million and exceeded the prior year results by over 187%. We've also experienced robust growth in our balance sheet primarily resulting from a 25% increase in our deposit balances compared to the previous year. At the end of this year, total assets were $499 million, which is the largest reported asset size in our Company's history. In addition, I'm further encouraged by the decline in our non-performing assets, which have declined to $1.9 million compared to $7.6 million at the end of last year. Our non-performing assets are at the lowest level since 2008, when the economic recession started. Highlights for the year end include: 

  • Growth in total assets from $405 million at December 31, 2011 to $499 million at December 31, 2012;
  • Growth in total deposits from $332 million at December 31, 2011 to $417 million at December 31, 2012, while reducing our cost of deposits from 27 basis points during the prior year to 17 basis points during the current year;
  • Continued improvement in our credit quality, with non-performing assets being reduced to $1.9 million at December 31, 2012, compared to $7.6 million at December 31, 2011; 
  • Growth in total investments from $130 million at December 31, 2011 to $181 million at December 31, 2012;
  • Improved net interest income of $14.1 million for the year ended December 31, 2012, respectively, compared to $11.3 million for the same period last year, despite a decrease in our net interest margin; and
  • Improved diluted earnings per share, increasing to $0.33 per share for the year ended December 31, 2012, compared to $0.11 per share during the same period last year."  

Jason P. DiNapoli, President and Chief Operating Officer of the Company stated, "I'm encouraged by our financial results for this year and I'm cautiously optimistic that we're well positioned to benefit as economic conditions improve. The progress this year in developing our franchise is primarily attributable to our strong team and their efforts to establish our Bank as the premier community bank serving the Westside of Los Angeles. In addition, our credit strategy to aggressively identify and address problem assets has allowed us to focus our attention on future opportunities, as opposed to dealing with credit issues stemming from the recession." 

1 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs