First Capital Bancorp, Inc. Reports Net Income Of $1.0 Million For The Second Quarter Of 2014, Net Income Of $0.07 Per Diluted Share Outstanding Net Income For The First Half Of 2014 $2.0 Million Annualized Loan Growth Of 14.43%
GLEN ALLEN, Va., July 30, 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 second quarter and first half of 2014. For the three months ended June 30, 2014, the Company had net income available to common shareholders of $1.0 million, or $0.07 per diluted share, compared to net income available to common shareholders of $915 thousand, or $0.07 per diluted share, for the same period in 2013. This represents a $94 thousand or 10.27% increase in net income available to common shareholders in the second quarter of 2014 compared to the second quarter of 2013.
For the six months ended June 30, 2014, the Company had net income available to common shareholders of $2.0 million or $0.13 per diluted share compared to net income available to common shareholders of $1.6 million or $0.12 per diluted share for the same period in 2013. This represents a $339 thousand or 20.89% increase over the same period in 2013.
Factors contributing to the Company's increase in net income during the second quarter of 2014 are as follows:
- Net interest income improved to $4.8 million for the second quarter of 2014, compared to $4.4 million in the second quarter of 2013, an increase of $351 thousand or 7.95%, driven primarily from loan growth.
- The increase in net interest income was somewhat offset by a decrease in non interest income. Non interest income was $483 thousand for the second quarter of 2014 compared to $744 thousand in the second quarter of 2013, a $261 thousand or 35.08% decrease from the prior year. Strategic decisions were made to exit the wholesale mortgage business in the first quarter of 2014, causing a decrease in noninterest income of $303 thousand, but which the Company expects will be accretive to earnings overall.
- The net interest margin was 3.63% for the quarter ended June 30, 2014, compared to 3.61% for the quarter ended June 30, 2013, a 2 basis point increase. This increase was driven by the utilization of the bond portfolio to fund the average increase in loans outstanding and the continued decline in cost of funds primarily from CD products, as well as FHLB advance repricings.
- Non-interest expense was essentially unchanged from the second quarter of 2013.
- There was no provision for loan losses in either the second quarter of 2014 or the second quarter of 2013.
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