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 Six Months Ended June 30, 2013

LOS ANGELES, Aug. 7, 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 three and six months ended June 30, 2013 of $4.4 million and $5.8 million, respectively, compared to $751,000 and $1.3 million for the same periods last year. Earnings for the three and six months ended June 30, 2013 included a $3.2 million income tax benefit in connection with the reversal of our deferred tax valuation allowance and a $535,000 gain on the sale of investment securities. Pre-tax, pre-provision earnings for the three and six months ended June 30, 2013 was $1.2 million and $2.2 million, respectively, compared to $770,000 and $1.4 million 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 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 second quarter financial results. This quarter we are reporting the highest book value per share and earnings in the Company's history. At the end of the second quarter, our book value per share increased to $5.77 per share from $5.12 per share at June 30, 2012, while our net income for the quarter increased to $4.4 million, or $0.49 per diluted share, from $751,000, or $0.09 per diluted share, during the same period last year."

Jason P. DiNapoli, President and Chief Operating Officer of the Company, added, "I'm proud of our quarterly results and I'm optimistic that we will continue to build on these trends for the remainder of the year. Our increased earnings were led by the reversal of our deferred tax valuation allowance, which resulted in an income tax benefit of approximately $3.2 million. Excluding the impact of this item, net income improved by over 50% compared to the same period last year. This increase was primarily related to gains recognized in connection with the opportunistic sale of investment securities. We've also continued to enjoy robust quality loan growth, with total loans increasing by over $45 million since the beginning of the year. I believe that, in addition to our quality loan growth and our increasing book value per share, that our credit quality, regulatory capital ratios and earnings will remain a source of strength and a cornerstone for future initiatives." 

1 of 7

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 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 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