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

Stocks in this article: FCTY

SUMMARY FINANCIAL INFORMATION

The following tables present relevant financial data from the Company's recent performance (dollars in thousands, except per share data):

  December 31,
Balance Sheet Results: 2012 2011
Total Assets  $499,173 $405,274
Total Loans $266,671 $233,005
Allowance for Loan Losses ("ALL") $6,015 $5,284
Non-Performing Assets $1,944 $7,606
Investment Securities-AFS, at estimated fair value $181,225 $129,906
Deposits:    
Non-Interest Bearing Demand Deposits $196,026 $122,843
Interest Bearing Demand Deposits 23,233 20,739
Money Market Deposits and Savings 152,094 142,061
Certificates of Deposit 45,328 46,811
Total Deposits $416,681 $332,454
Total Stockholders' Equity $49,173 $45,051
Gross Loans to Deposits 63.99% 70.08%
Ending Book Value per Share $5.38 $4.97
     
  Quarters Ended December 31,
Quarterly Operating Results (unaudited): 2012 2011
Net Interest Income $3,965 $3,036
Provision for Loan Losses $ --  $--
Non-Interest Income $726 $316
Non-Interest Expense $3,728 $2,849
Income Tax Provision $51 $71
Net Income $912 $432
Basic Earnings per Share $0.11 $0.05
Diluted Earnings per Share $0.10 $0.05
Quarterly Net Interest Margin* 3.24% 3.07%
     
Reconciliation of QTD Net Income to Pre-Tax, Pre-Provision Earnings:  
Net Income  $912 $432
Provision for Loan Losses  --  --
Income Tax Provision 51 71
Pre-Tax, Pre-Provision Earnings $963 $503
     
  Years Ended December 31,
YTD Operating Results: 2012 2011
Net Interest Income $14,073 $11,281
Provision for Loan Losses  $--  $275
Non-Interest Income $1,986 $934
Non-Interest Expense $13,006 $10,844
Income Tax Provision $111 $71
Net Income $2,942 $1,025
Basic Earnings per Share $0.35 $0.12
Diluted Earnings per Share $0.33 $0.11
YTD Net Interest Margin 3.12% 3.21%
     
Reconciliation of YTD Net Income to Pre-Tax, Pre-Provision Earnings:  
Net Income  $2,942 $1,025
Provision for Loan Losses  --  275
Income Tax Provision 111 71
Pre-Tax, Pre-Provision Earnings $3,053 $1,371
     
*Percentages are reported on an annualized basis.    
CONTACT: Alan I. Rothenberg
         Chairman/Chief Executive Officer
         Phone: (310) 270-9501
         
         Jason P. DiNapoli
         President/Chief Operating Officer
         Phone: (310) 270-9505

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