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

2012 4th Quarter and Year End Highlights

  • The Bank's total risk-based capital ratio was 15.29% at December 31, 2012, compared to the requirement of 10.00% to generally be considered a "well capitalized" financial institution for regulatory purposes. The Bank's equity is comprised solely of common stock, and does not include any capital received in connection with TARP, or other forms of capital such as trust preferred securities, convertible preferred stock or other equity or debt instruments.  
  • Total assets increased 23.2%, or $93.9 million, to $499.2 million at December 31, 2012, from $405.3 million at December 31, 2011.  
  • Total core deposits, which include non-interest bearing demand deposits, interest bearing demand deposits, and money market deposits and savings, were $371.4 million and $285.6 million at December 31, 2012 and 2011, respectively, representing an increase of $85.7 million, or 30.0%.  
  • Net interest margin was 3.24% and 3.12% for the quarter and year ended December 31, 2012, respectively, compared to 3.07% and 3.21% for the same periods last year.  
  • Cost of funds were 20 and 24 basis points for the quarter and year ended December 31, 2012, respectively, compared to 26 and 30 basis points for the same periods last year.  
  • Investment securities were $181.2 million at December 31, 2012, representing 36.3% of our total assets, compared to $129.9 million, or 32.1% of our total assets at December 31, 2011.   
  • Loans were $266.7 million at December 31, 2012, compared to $233.0 million at December 31, 2011. Loan originations were $52.4 million and $123.1 million during the quarter and year ended December 31, 2012, respectively, compared to $58.7 million and $117.1 million during the same periods last year.  
  • As of December 31, 2012, the allowance for loan losses ("ALL") was $6.0 million, or 2.26% of total loans, compared to $5.3 million, or 2.27% of total loans, at December 31, 2011. The ALL to non-performing loans was 324.36% and 69.47% at December 31, 2012 and 2011, respectively.  
  • Non-performing loans to total loans was 0.70% and 3.26% at December 31, 2012 and 2011, respectively.  
  • Non-performing assets as a percentage of total assets declined to 0.39% at December 31, 2012, compared to 1.88% at December 31, 2011.  
  • For the quarter and year ended December 31, 2012, the Company recorded net income of $912,000, or $0.10 per diluted share, and $2.9 million, or $0.33 per diluted share, respectively. During the same periods last year, the Company reported net income of $432,000, or $0.05 per diluted share, and $1.0 million, or $0.11 per diluted share, respectively.

Capital Adequacy

At December 31, 2012, the Company's stockholders' equity totaled $49.2 million compared to $45.1 million at December 31, 2011. At December 31, 2012, the Bank's total risk-based capital ratio, tier 1 risk-based capital ratio, and tier 1 leverage ratio were 15.29%, 14.03%, and 9.22%, respectively, compared to the requirements of 10.00%, 6.00%, and 5.00%, respectively, to generally be considered a "well capitalized" financial institution for regulatory purposes.

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