Net income for the year ended
Financial Highlights
Performance highlights for the quarter ended
- For the quarter ended
December 31, 2021 , the Company's return on average equity was 9.39%, as compared to 8.60% and 11.35% for the quarters endedDecember 31, 2020 andSeptember 30, 2021 , respectively.
- For the quarter ended
December 31, 2021 , the Company’s return on average assets was 0.75%, as compared to 0.82% and 0.92% for the quarters endedDecember 31, 2020 andSeptember 30, 2021 , respectively.
- Earnings per share (diluted) were
$0.33 for the fourth quarter of 2021, compared to$0.40 for the prior quarter, and$0.28 for the fourth quarter of 2020.
- For the quarter ended
December 31, 2021 , the Company’s net interest margin was 3.17%, as compared to 3.54% and 3.26% for the quarters endedDecember 31, 2020 andSeptember 30, 2021 , respectively.
- For the quarter ended
December 31, 2021 , the Company’s efficiency ratio was 68.01%, as compared to 67.65% and 60.58% for the quarters endedDecember 31, 2020 andSeptember 30, 2021 , respectively.
- The Company recorded
$0 provision expense for the quarters endedDecember 31, 2021 ,December 31, 2020 andSeptember 30, 2021 .
- As of
December 31, 2021 , the Company’s nonperforming assets to total assets was 0.10%, as compared to 0.16% and 0.11% for the quarters endedDecember 31, 2020 andSeptember 30, 2021 , respectively.
- As of
December 31, 2021 , the Company reported total assets, total deposits, and total loans of$999.4 million ,$899.2 million , and$564.2 million , respectively.
Performance highlights for the year ended
- The Company's return on average equity was 9.93% for the year ended
December 31, 2021 , as compared to 6.32% for the year endedDecember 31, 2020 .
- The Company’s return on average assets was 0.83% for the year ended
December 31, 2021 , as compared to 0.63% for the year endedDecember 31, 2020 .
- Earnings per share (diluted) increased
$0.53 per share to$1.34 per share for the year endedDecember 31, 2021 from$0.81 per share for the year endedDecember 31, 2020 .
- The Company’s net interest margin was 3.35% for the year ended
December 31, 2021 as compared to 3.62% for the year endedDecember 31, 2020 .
- The Company’s efficiency ratio was 65.65% for the year ended
December 31, 2021 as compared to 67.77% for the year endedDecember 31, 2020 .
- The Company recorded
$0 provision expense for the year endedDecember 31, 2021 as compared to$2.1 million for the year endedDecember 31, 2020 .
“We are pleased with our year over year performance,” commented
1ST CAPITAL BANCORP
CONDENSED FINANCIAL DATA – UNAUDITED
($000’S, except per share data)
For the Three Months Ended | For the Year Ended | ||||||||||||
Operating Results Data | Change | Change | |||||||||||
Interest income | $ | 8,203 | $ | 6,852 | $ | 1,351 | $ | 31,322 | $ | 26,039 | $ | 5,283 | |
Interest expense | 530 | 226 | 304 | 1,563 | 1,001 | 562 | |||||||
Net interest income | 7,673 | 6,626 | 1,047 | 29,759 | 25,038 | 4,721 | |||||||
Provision for loan losses | - | - | - | - | 2,125 | (2,125 | ) | ||||||
Noninterest income | 238 | 233 | 5 | 913 | 1,028 | (115 | ) | ||||||
Noninterest expenses | 5,380 | 4,640 | 740 | 20,135 | 17,666 | 2,470 | |||||||
Income before provision for income taxes | 2,531 | 2,219 | 312 | 10,537 | 6,276 | 4,261 | |||||||
Provision for income taxes | 640 | 626 | 15 | 2,904 | 1,770 | 1,134 | |||||||
Net income | $ | 1,891 | $ | 1,593 | $ | 297 | $ | 7,633 | $ | 4,505 | $ | 3,128 |
Assets | |||||||||||||
Cash and due from banks | $ | 6,768 | $ | 9,668 | $ | 17,876 | $ | 9,304 | |||||
Funds held at the | 77,311 | 120,005 | 43,615 | 97,462 | |||||||||
Available-for-sale securities, at fair value | 333,869 | 297,456 | 264,572 | 106,214 | |||||||||
Loans | 564,241 | 565,031 | 608,101 | 605,154 | |||||||||
Allowance for loan losses | (8,578 | ) | (8,830 | ) | (8,840 | ) | (8,816 | ) | |||||
Net loans | 555,564 | 556,201 | 599,261 | 596,338 | |||||||||
Other Assets | 25,748 | 24,186 | 25,379 | 23,233 | |||||||||
Total assets | $ | 999,360 | $ | 1,007,516 | $ | 950,703 | $ | 832,551 | |||||
Liabilities and Shareholders' Equity | |||||||||||||
Noninterest bearing demand deposits | $ | 463,990 | $ | 438,446 | $ | 412,108 | $ | 386,710 | |||||
Interest bearing checking accounts | 68,575 | 72,867 | 57,421 | 65,686 | |||||||||
Money market | 197,703 | 252,255 | 241,164 | 159,510 | |||||||||
Savings | 157,332 | 135,736 | 129,176 | 121,148 | |||||||||
Time | 11,559 | 12,422 | 13,761 | 15,284 | |||||||||
Interest bearing deposits | 435,169 | 473,280 | 441,522 | 361,628 | |||||||||
Total deposits | 899,159 | 911,726 | 853,630 | 748,338 | |||||||||
Other liabilities | 20,203 | 17,309 | 19,779 | 9,880 | |||||||||
Shareholders' equity | 79,998 | 78,481 | 77,294 | 74,333 | |||||||||
Total liabilities and shareholders' equity | $ | 999,360 | $ | 1,007,516 | $ | 950,703 | $ | 832,551 | |||||
Shares outstanding | 5,609,141 | 5,587,878 | 5,581,848 | 5,570,021 | |||||||||
Earnings per share basic | $ | 0.34 | $ | 0.40 | $ | 0.35 | $ | 0.29 | |||||
Earnings per share diluted | $ | 0.33 | $ | 0.40 | $ | 0.34 | $ | 0.28 | |||||
Nominal and tangible book value per share | $ | 14.26 | $ | 14.04 | $ | 13.85 | $ | 13.35 |
Net Interest Income and Net Interest Margin
The Company's fourth quarter 2021 net interest income increased
The Company's net interest margin decreased by 38 basis points (bps) or 10.7% when compared to the quarter ending
In general terms, prepaying and repricing higher yielding loans have been substantially replaced and supplemented with lower yielding investment securities purchased in the current year. The negative impact has been partially offset by higher yields resulting from fee recognition on PPP loan forgiveness, and to a lesser extent, the impact of the higher yielding consumer loans purchased during the second and fourth quarters.
Provision for Loan Losses
Stable credit quality and improving economic conditions resulted in
Noninterest Expenses
The Company's fourth quarter 2021 non-interest expenses increased
Balance Sheet Summary
The Company's total assets marginally decreased
Total loans outstanding were
PPP loans outstanding were
The investment portfolio increased
Total deposits were
Asset Quality
At
As of
Stock Repurchase Activity
The Company announced a Stock Repurchase Program
1ST CAPITAL BANCORP |
CONDENSED FINANCIAL DATA - UNAUDITED |
($ in 000s) |
Asset Quality | 12/31/2021 | 9/30/2021 | 6/30/2021 | 12/31/2020 | ||||||||
Loans past due 90 days or more and accruing interest | $ | 59 | $ | 146 | $ | - | $ | - | ||||
Other nonaccrual loans | 899 | 921 | 2,161 | 1,299 | ||||||||
Other real estate owned | - | - | - | - | ||||||||
Total nonperforming assets | $ | 958 | $ | 1,067 | $ | 2,161 | $ | 1,299 | ||||
Allowance for loan losses to total loans | 1.52 | % | 1.56 | % | 1.46 | % | 1.46 | % | ||||
Allowance for loan losses to nonperforming loans | 895.41 | % | 827.55 | % | 409.07 | % | 679.60 | % | ||||
Nonaccrual loans to total loans | 0.16 | % | 0.16 | % | 0.36 | % | 0.21 | % | ||||
Nonperforming assets to total assets | 0.10 | % | 0.11 | % | 0.23 | % | 0.16 | % |
1ST CAPITAL BANCORP | ||||||||
CONDENSED FINANCIAL DATA - UNAUDITED | ||||||||
($ in 000s) | ||||||||
Three Months Ended | Year Ended | |||||||
Operating Results Data | 12/31/2021 | 12/31/2021 | ||||||
Interest and dividend income | ||||||||
Loans | $ | 6,857 | $ | 6,530 | $ | 27,555 | $ | 24,581 |
Investment securities | 1,247 | 266 | 3,452 | 1,190 | ||||
60 | 44 | 230 | 176 | |||||
Other income | 39 | 12 | 85 | 92 | ||||
Total interest and dividend income | 8,203 | 6,852 | 31,322 | 26,039 | ||||
Interest expense | 530 | 226 | 1,563 | 1,001 | ||||
Net interest income | 7,673 | 6,626 | 29,759 | 25,038 | ||||
Provision for loan losses | - | - | - | 2,125 | ||||
Net interest income after provision for loan losses | 7,673 | 6,626 | 29,759 | 22,913 | ||||
Noninterest income | 238 | 233 | 913 | 1,028 | ||||
Noninterest expenses | ||||||||
Salaries and benefits expense | 3,305 | 2,937 | 12,408 | 10,858 | ||||
Occupancy expense | 413 | 408 | 1,643 | 1,515 | ||||
Data and item processing | 260 | 249 | 1,064 | 901 | ||||
Furniture and equipment | 117 | 131 | 466 | 638 | ||||
Professional services | 248 | 123 | 736 | 802 | ||||
Other | 1,037 | 792 | 3,818 | 2,952 | ||||
Total noninterest expenses | 5,380 | 4,640 | 20,135 | 17,666 | ||||
Income before provision for income taxes | 2,531 | 2,219 | 10,537 | 6,275 | ||||
Provision for income taxes | 640 | 626 | 2,904 | 1,770 | ||||
Net income | $ | 1,891 | $ | 1,593 | $ | 7,633 | $ | 4,505 |
1ST CAPITAL BANCORP
CONDENSED FINANCIAL DATA - UNAUDITED
($ in 000s)
Assets | |||||||||||||||
Cash and due from banks | $ | 6,768 | $ | 9,668 | $ | 17,876 | $ | 9,304 | |||||||
Funds held at the | 77,311 | 120,005 | 43,615 | 97,462 | |||||||||||
Available-for-sale securities, at fair value | 333,869 | 297,456 | 264,572 | 106,214 | |||||||||||
Loans held for sale | - | - | 1,791 | - | |||||||||||
Loans held for investment | |||||||||||||||
Construction/land (including farmland) | 28,260 | 25,476 | 22,091 | 17,097 | |||||||||||
Residential 1 to 4 units | 61,209 | 68,438 | 75,906 | 102,688 | |||||||||||
Home equity lines of credit | 6,087 | 7,601 | 6,669 | 5,955 | |||||||||||
Multifamily | 82,231 | 81,268 | 77,183 | 84,704 | |||||||||||
Owner occupied commercial real estate | 89,087 | 80,166 | 81,972 | 72,427 | |||||||||||
Investor commercial real estate | 185,939 | 185,001 | 172,776 | 174,437 | |||||||||||
Commercial and industrial | 40,298 | 40,719 | 49,147 | 47,550 | |||||||||||
Paycheck Protection Program | 25,203 | 42,414 | 84,866 | 90,382 | |||||||||||
Other loans | 45,927 | 33,948 | 35,700 | 9,914 | |||||||||||
Total loans held for investment | 564,241 | 565,031 | 606,310 | 605,154 | |||||||||||
Allowance for loan losses | (8,578 | ) | (8,830 | ) | (8,840 | ) | (8,816 | ) | |||||||
Net loans held for investment | 555,663 | 556,201 | 597,470 | 596,338 | |||||||||||
Other assets | 25,748 | 24,186 | 25,379 | 23,233 | |||||||||||
Total assets | $ | 999,360 | $ | 1,007,516 | $ | 950,703 | $ | 832,551 | |||||||
Liabilities and Shareholders' Equity | |||||||||||||||
Noninterest bearing demand deposits | $ | 463,990 | $ | 438,446 | $ | 412,108 | $ | 386,710 | |||||||
Interest bearing checking accounts | 68,575 | 72,867 | 57,421 | 65,686 | |||||||||||
Money market | 197,703 | 252,255 | 241,164 | 159,509 | |||||||||||
Savings | 157,332 | 135,736 | 129,176 | 121,148 | |||||||||||
Time | 11,559 | 12,422 | 13,761 | 15,284 | |||||||||||
Interest bearing deposits | 435,169 | 473,280 | 441,523 | 361,628 | |||||||||||
Total deposits | 899,159 | 911,726 | 853,631 | 748,338 | |||||||||||
Other liabilities | 20,203 | 17,309 | 19,779 | 9,880 | |||||||||||
Shareholders' equity | 79,998 | 78,481 | 77,294 | 74,333 | |||||||||||
Total liabilities and shareholders' equity | $ | 999,360 | $ | 1,007,516 | $ | 950,703 | $ | 832,551 |
1ST CAPITAL BANCORP
CONDENSED FINANCIAL DATA – UNAUDITED
($000’s)
Three Months Ended | Year Ended | |||||
Selected Average Balances | 12/30/2021 | 12/30/2020 | 12/31/2021 | 12/31/2020 | ||
Gross loans | ||||||
Investment securities | 317,032 | 75,020 | 231,420 | 66,146 | ||
3,948 | 3,534 | 3,818 | 3,396 | |||
Other interest earning assets | 92,112 | 46,969 | 58,474 | 28,979 | ||
Total interest earning assets | ||||||
Total assets | ||||||
Interest bearing checking accounts | ||||||
Money market | 232,730 | 136,535 | 206,320 | 137,155 | ||
Savings | 141,290 | 111,468 | 131,905 | 105,383 | ||
Time deposits | 11,965 | 15,937 | 13,609 | 18,068 | ||
Total interest- bearing deposits | 446,091 | 318,060 | 412,572 | 307,427 | ||
Noninterest bearing demand deposits | 468,459 | 364,571 | 422,417 | 327,651 | ||
Total deposits | ||||||
Borrowings | ||||||
Shareholders' equity | ||||||
Three Months Ended | Year Ended | |||||
Selected Financial Ratios | 12/31/2021 | 12/31/2020 | 12/31/2021 | 12/31/2020 | ||
Return on average total assets | 0.75% | 0.82% | 0.83% | 0.63% | ||
Return on average shareholders' equity | 9.46% | 8.60% | 9.93% | 6.32% | ||
Net interest margin | 3.17% | 3.54% | 3.35% | 3.62% | ||
Net interest income to average total assets | 3.05% | 3.42% | 3.24% | 3.48% | ||
Efficiency ratio | 68.01% | 67.65% | 65.65% | 67.77% |
12/31/2021 | 9/30/2021 | 6/30/2021 | 12/31/2020 | |||||||||
Common equity tier 1 capital | $ | 80,819 | $ | 78,702 | $ | 76,158 | $ | 72,461 | ||||
Tier 1 regulatory capital | $ | 80,819 | $ | 78,702 | $ | 76,158 | $ | 72,461 | ||||
Total regulatory capital | $ | 88,798 | $ | 86,122 | $ | 83,518 | $ | 78,957 | ||||
Tier 1 leverage ratio | 8.09 | % | 8.07 | % | 8.64 | % | 9.44 | % | ||||
Common equity tier 1 risk-based capital ratio | 12.82 | % | 13.30 | % | 12.99 | % | 14.01 | % | ||||
Tier 1 capital ratio | 12.82 | % | 13.30 | % | 12.99 | % | 14.01 | % | ||||
Total risk-based capital ratio | 14.07 | % | 14.55 | % | 14.24 | % | 15.27 | % |
About 1st Capital Bancorp
1st Capital Bancorp is the holding company for 1st
Member
Forward-Looking Statements
Certain of the statements contained herein that are not historical facts are “forward-looking statements” within the meaning of and subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may contain words or phrases including, but not limited, to: “believe,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “plans,” “may increase,” “may fluctuate,” “may result in,” “are projected,” and variations of those words and similar expressions. All such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that might cause such a difference include, among other matters, changes in interest rates; economic conditions including inflation and real estate values in
This news release is available at the www.1stCapital.bank internet site for no charge.
For further information, please contact:
Chief Executive Officer | ||
831.264.4057 office | ||
Sam.Jimenez@1stCapitalBank.com | ||
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