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First Capital Bancorp, Inc. Reports Net Income Of $1.1 Million For The Third Quarter 2013 Net Income Of $.07 Per Diluted Share Outstanding

Stocks in this article: FCVA

GLEN ALLEN, Va., Oct. 22, 2013 (GLOBE NEWSWIRE) -- First Capital Bancorp, Inc. (the "Company") (Nasdaq:FCVA) parent company to First Capital Bank (the "Bank") reported today its financial results for the third quarter of 2013. For the three months ended September 30, 2013, the Company had net income of $1.1 million compared to $828 thousand for the same period in 2012, an increase of $249 thousand or 30.07%. Net income available to common shareholders was $991 thousand or $.07 per diluted share for the three months ended September 30, 2013 compared to $743 thousand or $.06 per diluted share for the same period in 2012, an increase of $248 thousand or 33.38%.

Earnings

Net interest income improved to $4.5 million for the quarter ended September 30, 2013, compared to $4.2 million in the third quarter of 2012, an increase of $358 thousand or 8.55%. The net interest margin for the third quarter of 2013 was 3.65% compared to 3.54% in the third quarter of 2012, an 11 basis point improvement year over year and a 4 basis point improvement over the 3.61% net interest margin reported in the second quarter of 2013.

Recoveries during the quarter ended September 30, 2013, resulting from previously charged off loans, provided an increase in the allowance for loan losses such that a provision was not needed. The allowance for loan losses at September 30, 2013, increased to $8.6 million or 2.06% of total loans from $7.2 million or 1.97% of total loans at September 30, 2012, and from $7.3 million or 1.93% of total loans at December 31, 2012.

Noninterest income was $459 thousand for the quarter ended September 30, 2013, compared to $621 thousand in the third quarter of 2012, a decrease of $162 thousand or 26.09%, driven by the decrease in gain on sale of mortgage loans to $142 thousand in the third quarter of 2013 compared to $253 thousand in the third quarter of 2012, and a decrease on gains on the sale of securities of a loss of $7 thousand compared to a gain of $53 thousand for the third quarter of 2012.

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