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First Capital Bancorp, Inc. Reports Net Income Of $1.0 Million For The Fourth Quarter 2013, Full Year 2013 Net Income Of $3.9 Million

Stocks in this article: FCVA

GLEN ALLEN, Va., Jan. 29, 2014 (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 fourth quarter of 2013. For the three months ended December 31, 2013, the Company had net income of $1.0 million and net income available to common shareholders of $916 thousand, or $0.06 per diluted share, compared to net income of $641 thousand and net income available to common shareholders of $555 thousand, or $0.04 per diluted share, for the same period in 2012. This represents a $361 thousand or 56.32% increase in net income in the fourth quarter of 2013 compared to the fourth quarter of 2012 and a $360 thousand or 64.75% increase in net income available to common shareholders.

Earnings

For the year ended December 31, 2013, the Company had net income of $3.9 million and net income available to common shareholders of $3.5 million or $0.25 per diluted share compared to a net loss of $6.0 million and a net loss allocable to common shareholders of $6.6 million or ($0.76) per diluted share for the same period in 2012. The loss for 2012 was due primarily to the implementation of the Asset Resolution Plan associated with the Company's May 2012 Rights offering.

Factors contributing to the Company's increase in net income during the fourth quarter of 2013 are as follows:

  • Net interest income improved to $4.8 million for the fourth quarter of 2013, compared to $4.2 million in the fourth quarter of 2012, an increase of $516 thousand or 12.17%.
  • A recovery of the provision for loan losses of $200 thousand during the 2013 quarter was recognized, compared to a provision for loan losses of $165 thousand in the fourth quarter of 2012, resulting in a $365 thousand quarter over quarter improvement.
  • Noninterest income totaled $437 thousand for the fourth quarter of 2013 compared to $634 thousand in the fourth quarter of 2012, a decrease of $197 thousand or 31.2%, driven by the decrease in gains on sales of mortgage loans experienced in the fourth quarter of 2013.
  • Total noninterest expense was $4.1 million for the fourth quarter of 2013, compared to $3.7 million in the fourth quarter of 2012, an increase of $408 thousand or 11.05%, primarily due to an increase in salaries and employment benefits related to incentive accruals and a one-time accelerated restricted stock vesting expense of approximately $205 thousand. These increases were partially offset by decreases in professional services, marketing and FDIC assessments.

The net interest margin was 3.72% for the quarter ended December 31, 2013, compared to 3.46% for the quarter ended December 31, 2012, a 26 basis point increase. For the year ended December 31, 2013 the net interest margin was 3.64% compared to 3.39% for the year ended December 31, 2012. This increase was driven by increases in loans outstanding, decreases in the bond portfolio, decreases in nonaccrual loans, and increases in demand deposit.

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