LOS ANGELES, May 8, 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 ended March 31, 2013 of $1.4 million compared to $592,000 for the same period last year. Pre-tax, pre-provision earnings for the quarters ended March 31, 2013 and 2012 were $980,000 and $608,000, respectively.
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 extremely proud to announce our first quarter financial results. Net income for the period was $1.4 million, or $0.16 per diluted share, compared to $592,000, or $0.07 per diluted share, during the same period last year. Our increased earnings were primarily driven by favorable loan growth, as well as improved credit quality. During the quarter, our average loans grew by over $43 million as compared to the same period last year, while our non-performing loans declined to less than $1.0 million. Non-performing loans currently represent only 0.31% of our total loan portfolio, compared to a peak of 6.66% at September 30, 2009. The decline in these problem loans during the current quarter was primarily attributable to the full repayment and recovery of non-performing loan balances."Jason P. DiNapoli, President and Chief Operating Officer of the Company added, "I am very encouraged with our results for the first quarter. Our core profitability continues to improve, our book value per share continues to grow and, with our credit quality issues substantially behind us, we can focus further attention and resources on our long-term strategic objective of becoming the premier community business bank serving the Westside of Los Angeles."