LOS ANGELES, Nov. 6, 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 nine months ended September 30, 2013 of $803,000 and $6.6 million, respectively, compared to $687,000 and $2.0 million for the same periods last year. Pre-tax, pre-provision earnings for the three and nine months ended September 30, 2013 was $1.0 million and $3.2 million, respectively, compared to $712,000 and $2.1 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 proud to announce our third quarter financial results. Core earnings growth remains encouraging and for the first time in our history, we've exceeded the $500 million threshold in total assets. Our asset growth is being driven by a combination of quality loan demand and an increase in our deposit relationships. During the current year-to-date period, loans have increased by 34%, while non-interest bearing deposits have grown by 15%."Jason P. DiNapoli, President and Chief Operating Officer of the Company added, "Over the past three quarters, we've seen our loan portfolio grow by over $90 million, while our non-performing assets continue to decline. Since the beginning of this year, our ratio of non-performing assets to total assets has declined by almost 60%. In addition, our business development team has done an outstanding job of generating new customer relationships, which has helped increase both deposit and loan levels. We've always believed that our core deposit relationships would ultimately lead to increased loan opportunities, and the results from this quarter, as well as the year-to-date period, further support this strategy."
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