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First Capital Bancorp, Inc. Reports Net Income Of $977 Thousand For The First Quarter Of 2014, Net Income Of $0.06 Per Diluted Share Outstanding, And Annualized Loan Growth Of 12.81%

GLEN ALLEN, Va., April 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 first quarter of 2014. For the three months ended March 31, 2014, the Company had net income of $977 thousand and net income available to common shareholders of $953 thousand, or $0.06 per diluted share, compared to net income of $795 thousand and net income available to common shareholders of $709 thousand, or $0.05 per diluted share, for the same period in 2013. This represents a $286 thousand or 25.24% increase in net income in the first quarter of 2014 compared to the first quarter of 2013, and a $244 thousand or 34.41% quarter to quarter increase in net income available to common shareholders.

Earnings

For the quarter ended March 31, 2014, the Company had net income of $977 thousand and net income available to common shareholders of $953 thousand or $0.06 per diluted share compared to net income of $795 thousand and a net income available to common shareholders of $953 thousand or $0.06 per diluted share for the same period in 2013.

Factors contributing to the Company's increase in net income during the first quarter of 2014 are as follows:
  • Net interest income improved to $4.6 million for the first quarter of 2014, compared to $4.2 million in the first quarter of 2013, an increase of $386 thousand or 9.10%.
  • The net interest margin was 3.64% for the quarter ended March 31, 2014, compared to 3.58% for the quarter ended March 31, 2013, a 6 basis point increase. This increase was driven by increases in loans outstanding, decreases in the bond portfolio, decreases in nonaccrual loans, and increases in demand deposits.
  • A recovery of the provision for loan losses of $292 thousand during the 2014 quarter was recognized, compared to a provision for loan losses of $100 thousand in the first quarter of 2013, resulting in a $392 thousand quarter over quarter improvement.

Growth

At March 31, 2014, total assets were $564.3 million, compared to $526.3 million at March 31, 2013, a $38.0 million or 7.22% increase. Total asset growth for the first quarter of 2014 was an increase from $547.9 million at December 31, 2013, of $16.4 million or 2.99%, which is contrary to the seasonal decline that is typically expected during the first quarter of each year. This growth is primarily attributable to the increased visibility of the Bank's commitment in the local marketplace and the continued improvement in the market area's economic stability. In the first quarter of 2014, loan growth, net of the allowance, was $13.9 million or 3.27% or 12.81% on an annualized basis.

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