MONTEREY, CA -- (Marketwired) -- 07/29/16 --1st Capital Bank (OTC PINK: FISB) reported net income of $689 thousand for the three months ended June 30, 2016, an increase of 14.7% compared to net income of $601 thousand in the three months ended June 30, 2015 and a decrease of 2.2% compared to income of $704 thousand in the three months ended March 31, 2016, the immediately preceding quarter. Earnings per share were $0.17 (diluted), compared to $0.17 (diluted) for the prior quarter.
On a year-to-date basis, net income increased 7.0% to $1.39 million for the six months ended June 30, 2016, compared to $1.30 million for the six months ended June 30, 2015, when operating results included $249 thousand of non-taxable bank-owned life insurance benefits.
Net loans increased $4 million during the second quarter, from $374 million at March 31, 2016 to $378 million at June 30, 2016. Growth was concentrated in commercial and industrial loans, which organically grew $7 million, or 15.8%, in the second quarter. Commercial real estate loans increased $5 million, or 2.8%, while the single-family loan portfolio decreased $8 million, or 6.2%, during the second quarter. Because of the growth in the loan portfolio, the Bank recorded a provision for loan losses of $40 thousand, whereas no provision for loan losses was required in the second quarter of 2015 or the first quarter of 2016.
"We are pleased with the continuing growth in our core commercial and industrial and commercial real estate loan portfolios in the second quarter, although that growth has led to lower reported earnings this quarter as we build our allowance for loan losses," said Thomas E. Meyer, President and Chief Executive Officer. "We enter the third quarter of 2016 with a strong pipeline of CRE and C&I loan applications, including a substantial number of applications for Small Business Administration guaranteed loans."
Total assets declined $8 million in the second quarter, to $546 million at June 30, 2016, compared to $554 million at March 31, 2016 as a result of a decrease in deposits of $9 million, or 1.8%, from $507 million at March 31, 2016 to $498 million at June 30, 2016. The Bank's investment portfolio increased $12 million, or 16.0%, as management sold certain monthly adjustable securities totaling $11.7 million and invested $25.2 million in fixed-rate mortgage-backed securities and intermediate-term municipal bonds, absorbing a portion of the cash balances on hand at the beginning of the quarter.
Net interest income before provision for loan losses for the six-month period ended June 30, 2016 was $8.23 million, an increase of 13.6% over net interest income before provision for loan losses of $7.25 million recognized in the six-month period ended June 30, 2015. On a sequential basis, net interest income before provision for loan losses decreased $72 thousand, or 1.7%, to $4.08 million in the second quarter of 2016, compared to $4.15 million in the first quarter of 2016, primarily because of lower prepayment penalties recognized in interest income, which declined $90 thousand. Net interest margin declined from 3.20% in the first quarter of 2016 to 2.99% in the second quarter of 2016, reflecting greater on-balance sheet liquidity driven by the robust growth in deposits in the first quarter of 2016.
"During the second quarter, we took steps to put our on-balance sheet liquidity to work, reduce the level of volatility in our investment and deposit portfolios, and enhance our leverage capital ratio," said Michael J. Winiarski, Chief Financial Officer. "We have reduced our exposure to the prepayment risk associated with certain floating rate mortgage-backed securities with large underlying loan balances and placed more than $8 million of customer funds into Promontory Interfinancial Network's Insured Cash Sweep product, taking these customer deposits off our balance sheet. During July 2016, we moved additional customer deposits totaling $25 million into this program, which provides us with an additional source of recurring fee income."
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
Net interest income before provision for credit losses was $4.08 million for the second quarter of 2016, an increase of $380 thousand, or 10.3%, compared to the second quarter of 2015 and a decrease of $72 thousand, or 1.7%, compared to $4.15 million for the first quarter of 2016.
Average earning assets were $548 million during the second quarter of 2016, an increase of 5.0% compared to $522 million in the first quarter of 2016. The yield on earning assets was 3.14% in the second quarter, compared to 3.33% in the first quarter of 2016. The average balance of the loan portfolio grew $3 million, or 0.8% (3.2% annualized), to $383 million, compared to the first quarter's average balance of $380 million, while the yield on the loan portfolio declined from 4.24% in the first quarter of 2016 to 4.13% in the second quarter of 2016, as prepayment fees included in interest income declined $90 thousand. The average balance of investments available for sale ("AFS") declined $1.7 million sequentially, from $79 million in the first quarter of 2016 to $78 million in the second quarter of 2016. The yield on AFS investments increased 2 basis points from 0.96% in the first quarter of 2016 to 0.98% in the second quarter of 2016. Average interest-bearing cash balances increased $25 million, from $60 million in the first quarter to $85 million in the second quarter of 2016, reflecting the significant increase in deposits in the first quarter.
The cost of interest-bearing liabilities was 0.26% in both the first and second quarter of 2016, while the average balance of interest-bearing liabilities increased from $285 million in the first quarter of 2016 to $313 million in the second quarter of 2016, as the Bank experienced a strong seasonal increase in deposits, particularly from larger depositors, during the latter part of the first quarter. The average balance of noninterest-bearing demand deposit accounts ("DDAs") declined marginally, from $196 million in the first quarter of 2016 to $194 million in the second quarter of 2016. The Bank's overall cost of funds increased one basis point, from 0.15% in the first quarter of 2016 to 0.16% in the second quarter of 2016.
Gross loans receivable increased $4 million, or 1.2%, to $384 million at June 30, 2016 from $380 million at March 31, 2016 and increased $37 million, or 10.7%, from $347 million outstanding at June 30, 2015. During the second quarter of 2016, the Bank's commercial real estate portfolio increased 2.8%, from $185 million to $190 million. Within the commercial real estate portfolio, loans on multi-family residential properties increased $6 million, from $44 million at March 31, 2016 to $50 million at June 30, 2016. Single-family residential loans, which were acquired or originated primarily in prior quarters through loan pool purchases, decreased $8 million, or 6.2%, primarily as a result of normal amortization and prepayments of $9 million. Commercial and industrial loans outstanding increased $7 million, from $43 million outstanding at March 31, 2016 to $50 million at June 30, 2016. Undrawn credit lines declined from $78 million at March 31, 2016 to $69 million at June 30, 2016.
Non-performing loans were substantially unchanged at $1.7 million at March 31, 2016 and June 30, 2016. Loans over 90 days past due (all of which were on non-performing status) were $91 thousand and $79 thousand at March 31, 2016 and June 30, 2016, respectively.
PROVISION FOR CREDIT LOSSES
The provision for credit losses is a charge against current earnings in an amount determined by management to be necessary to maintain the allowance for loan losses at a level sufficient to absorb estimated probable losses inherent in the loan portfolio in light of losses historically incurred by the Bank and adjusted for qualitative factors associated with the loan portfolio. In the second quarter of 2016, the Bank recorded a $40 thousand provision for losses to recognize the increased exposure to credit losses associated with growth in the loan portfolio. There was no provision for loan losses in the first quarter of 2016 or the second quarter of 2015.
The increase in the provision reflects the growth of the portfolio, changes in the mix of loan types within the portfolio and their respective loss histories (including an increase in commercial and industrial loans, which generally have higher losses than real estate loans), as well as management's assessment of the amounts expected to be realized from certain loans identified as impaired. Impaired loans totaled $9.7 million at June 30, 2016, compared to $9.6 million at March 31, 2016, and $9.2 million at June 30, 2015.
At June 30, 2016, non-performing loans were 0.45% of the total loan portfolio, compared to 0.44% at March 31, 2016 and 0.03% at June 30, 2015. At June 30, 2016, the allowance for loan losses was 1.56% of outstanding loans, compared to 1.56% and 1.60% at March 31, 2016 and June 30, 2015, respectively. The Bank recorded net recoveries of $8 thousand in the second quarter of 2016, compared to net recoveries of $19 thousand in the first quarter of 2016.
NON-INTEREST INCOME
Non-interest income recognized in the second quarter of 2016 was $104 thousand, including $19 thousand in gain on sale of Small Business Administration guaranteed loans, an overall increase of $35 thousand compared to $69 thousand in the first quarter of 2016, and a decrease of $8 thousand compared to the second quarter of 2015. The Bank has an active pipeline of loans that meet SBA parameters.
NON-INTEREST EXPENSES
Non-interest expenses decreased $58 thousand, or 1.9%, to $2.98 million in the second quarter of 2016, compared to $3.03 million for the first quarter of 2016, and increased $151 thousand, or 5.4%, compared to the second quarter of 2015. Salaries and benefits decreased nominally, from $1.89 million in the first quarter of 2016 to $1.88 million in the second quarter of 2016. The Bank recognized a credit provision for unfunded loan commitments of $24 thousand in the second quarter of 2016, compared to a provision of $15 thousand in the first quarter of 2016, reflecting the $10 million decrease in unfunded loan commitments as borrowers drew on their lines of credit in the second quarter.
The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 71.1% for the second quarter of 2016, compared to 71.9% for the first quarter of 2016 and 74.1% for the second quarter of 2015. Annualized non-interest expenses as a percent of average total assets were 2.16%, 2.29%, and 2.36% for the second quarter of 2016, the first quarter of 2016, and the second quarter of 2015, respectively.
PROVISION FOR INCOME TAXES
The Bank's effective book tax rate was 41.1% in the second quarter of 2016, compared to 40.7% for the first quarter of 2016 and 39.2% for the second quarter of 2015.
About 1st Capital Bank
The Bank's primary target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast Region of California. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration ("SBA") and the U.S. Department of Agriculture ("USDA"). A full suite of deposit accounts is also furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, and San Luis Obispo. The Bank's corporate offices are located at 5 Harris Court, Building N, Monterey, California 93940. The Bank's website is www.1stCapitalBank.com. The main telephone number is 831.264.4000. The primary facsimile number is 831.264.4001.
Member FDIC / Equal Opportunity Lender / SBA Preferred Lender
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 California and the Bank's market areas; governmental regulation and legislation; credit quality; competition affecting the Bank's businesses generally; the risk of natural disasters and future catastrophic events including terrorist related incidents and other factors beyond the Bank's control; and other factors. The Bank does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
This news release is available at the www.1stCapitalBank.com internet site for no charge.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
Financial Condition June 30, March 31, December 31, June 30,
Data(1) 2016 2016 2015 2015
---------- ---------- ------------ ----------
Assets
Cash and due from banks $ 33,927 $ 4,300 $ 3,334 $ 3,261
Funds held at the
Federal Reserve Bank(2) 32,219 84,490 42,857 23,759
Time deposits at other
financial institutions 1,245 4,233 2,241 2,739
Available-for-sale
securities, at fair
value 89,178 76,869 84,203 98,672
Loans receivable held
for investment:
Construction / land
(including farmland) 15,655 16,403 17,499 20,274
Residential 1 to 4
units 112,899 122,437 124,741 107,792
Home equity lines of
credit 8,805 7,342 8,594 7,515
Multifamily 49,868 44,360 36,862 31,290
Owner occupied
commercial real
estate 51,419 55,450 56,046 53,848
Investor commercial
real estate 88,920 85,238 83,532 75,210
Commercial and
industrial 49,530 42,802 42,528 45,038
Other loans 7,263 5,791 6,909 6,264
---------- ---------- ------------ ----------
Total loans 384,359 379,823 376,711 347,231
Allowance for loan
losses (5,987) (5,940) (5,921) (5,549)
---------- ---------- ------------ ----------
Net loans 378,373 373,883 370,790 341,682
Premises and equipment,
net 1,471 1,537 1,612 1,689
Bank owned life
insurance 2,380 2,365 2,350 2,321
Investment in FHLB(3)
stock, at cost 2,939 2,593 2,593 2,593
Accrued interest
receivable and other
assets 4,313 4,089 3,970 3,950
---------- ---------- ------------ ----------
Total assets $ 546,044 $ 554,359 $ 513,950 $ 480,666
========== ========== ============ ==========
Liabilities and
shareholders' equity
Deposits:
Noninterest bearing
demand deposits $ 194,904 $ 193,334 $ 204,624 $ 159,920
Interest bearing
checking accounts 28,742 30,154 29,838 28,329
Money market deposits 146,228 143,616 110,490 120,449
Savings deposits 112,934 124,759 94,315 98,262
Time deposits 15,298 15,511 29,121 29,434
---------- ---------- ------------ ----------
Total deposits 498,106 507,374 468,388 436,394
Accrued interest payable
and other liabilities 1,672 1,554 1,073 1,056
Shareholders' equity 46,266 45,431 44,489 43,216
---------- ---------- ------------ ----------
Total liabilities and
shareholders' equity $ 546,044 $ 554,359 $ 513,950 $ 480,666
========== ========== ============ ==========
Shares outstanding(4) 4,119,026 4,090,186 4,064,485 4,035,050
Nominal and tangible book
value per share $ 11.23 $ 11.11 $ 10.95 $ 10.71
Ratio of net loans held
for investment to total
deposits 75.96% 73.69% 76.16% 78.30%
1 = Loans held for investment are presented according to definitions
applicable to the regulatory Call Report.
2 = Includes cash letters in the process of collection settled through the
Federal Reserve Bank.
3 = Federal Home Loan Bank
4 = Shares outstanding and book value per share reflect the 5% stock
dividend declared July 29, 2015 and payable September 30, 2015.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended
---------------------------------------------
June 30, March 31, December 31, June 30,
Operating Results Data(1) 2016 2016 2015 2015
---------- ---------- ------------ ----------
Interest and dividend income
Loans $ 3,933 $ 4,020 $ 3,938 $ 3,571
Investment securities 190 190 160 155
Federal Home Loan Bank stock 62 52 58 127
Other 100 70 23 18
---------- ---------- ------------ ----------
Total interest and dividend
income 4,285 4,332 4,179 3,871
---------- ---------- ------------ ----------
Interest expense
Interest bearing checking 2 3 3 2
Money market deposits 112 86 71 88
Savings deposits 82 78 72 68
Time deposits 9 13 14 12
---------- ---------- ------------ ----------
Total interest expense on
deposits 205 180 160 170
Interest expense on
borrowings -- -- 2 1
---------- ---------- ------------ ----------
Total interest expense 205 180 162 171
---------- ---------- ------------ ----------
Net interest income 4,080 4,152 4,017 3,700
Provision for loan losses 40 -- -- --
---------- ---------- ------------ ----------
Net interest income after
provision for loan losses 4,040 4,152 4,017 3,700
---------- ---------- ------------ ----------
Noninterest income
Service charges on deposits 32 35 34 29
BOLI dividend income 15 15 15 14
Gain on sale of loans 19 -- -- 51
Gain on sale of securities 10 -- 11 --
Other 28 19 14 18
---------- ---------- ------------ ----------
Total noninterest income 104 69 74 112
---------- ---------- ------------ ----------
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA, continued
(Unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended
June 30, March 31, December 31, June 30,
2016 2016 2015 2015
---------- ---------- ------------ ----------
Noninterest expenses
Salaries and benefits 1,883 1,894 1,817 1,744
Occupancy 216 222 219 198
Data and item processing 151 148 149 144
Professional services 142 82 132 151
Furniture and equipment 112 123 127 107
Provision for unfunded loan
commitments (25) 15 19 10
Other 496 549 483 470
---------- ---------- ------------ ----------
Total noninterest
expenses 2,975 3,033 2,946 2,824
---------- ---------- ------------ ----------
Income before provision for
income taxes 1,169 1,188 1,145 988
Provision for income taxes 480 484 471 387
---------- ---------- ------------ ----------
Net income $ 689 $ 704 $ 674 $ 601
========== ========== ============ ==========
Common Share Data(2)
Earnings per share
Basic $ 0.17 $ 0.17 $ 0.17 $ 0.15
Diluted $ 0.17 $ 0.17 $ 0.16 $ 0.15
Weighted average shares
outstanding
Basic 4,105,826 4,072,586 4,052,646 4,028,844
Diluted 4,150,069 4,120,678 4,131,661 4,085,410
1 = Certain reclassifications have been made to prior period financial
statements to conform them to the current period presentation.
2 = Earnings per share and weighted average shares outstanding have been
restated to reflect the effect of the 5% stock dividend declared July
29, 2015 and payable September 30, 2015.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
Six Months Ended
---------------------
June 30, June 30,
Operating Results Data(1) 2016 2015
---------- ----------
Interest and dividend income
Loans $ 7,953 $ 7,076
Investment securities 380 308
Federal Home Loan Bank stock 114 160
Other 170 40
---------- ----------
Total interest and dividend income 8,617 7,584
---------- ----------
Interest expense
Interest bearing checking 5 5
Money market deposits 198 170
Savings deposits 160 135
Time deposits 22 25
---------- ----------
Total interest expense in deposits 385 335
Interest expense on borrowings -- 1
---------- ----------
Total interest expense 385 336
---------- ----------
Net interest income 8,232 7,248
Provision for loan losses 40 200
---------- ----------
Net interest income after provision for loan losses 8,192 7,048
---------- ----------
Noninterest income
Service charges on deposits 67 60
BOLI dividend income 30 30
BOLI benefits -- 249
Gain on sale of loans 19 51
Gain on sale of securities 10 --
Other 47 39
---------- ----------
Total noninterest income 173 429
---------- ----------
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
Six Months Ended
----------------------
June 30, June 30,
2016 2015
---------- ----------
Noninterest expenses
Salaries and benefits 3,777 3,371
Occupancy 438 398
Data and item processing 299 286
Professional services 224 263
Furniture and equipment 235 205
Provision for unfunded loan commitments (10) 18
Other 1,045 941
---------- ----------
Total noninterest expenses 6,008 5,482
---------- ----------
Income before provision for income taxes 2,357 1,995
Provision for income taxes 964 693
---------- ----------
Net income $ 1,393 $ 1,302
========== ==========
Common Share Data(2)
Earnings per share
Basic $ 0.34 $ 0.32
Diluted $ 0.34 $ 0.32
Weighted average shares outstanding
Basic 4,089,206 4,006,869
Diluted 4,135,373 4,060,991
1 = Certain reclassifications have been made to prior period financial
statements to conform them to the current period presentation.
2 = Earnings per share and weighted average shares outstanding have been
restated to reflect the effect of the 5% stock dividend declared July
29, 2015 and payable September 30, 2015.
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
June 30, March 31, December 31, June 30,
Asset Quality 2016 2016 2015 2015
---------- ---------- ------------ ----------
Loans past due 90 days
or more and accruing
interest $ -- $ -- $ -- $ --
Nonaccrual restructured
loans 1,491 1,507 1,526 --
Other nonaccrual loans 248 183 205 92
Other real estate owned -- -- -- --
---------- ---------- ------------ ----------
$ 1,739 $ 1,690 $ 1,731 $ 92
========== ========== ============ ==========
Allowance for loan
losses to total loans 1.56% 1.56% 1.57% 1.60%
Allowance for loan
losses to nonperforming
loans 344.28% 351.48% 342.06% 6,031.52%
Nonaccrual loans to
total loans 0.45% 0.44% 0.46% 0.03%
Nonperforming assets to
total assets 0.32% 0.30% 0.34% 0.02%
Regulatory Capital and
Ratios
Common equity tier 1
capital $ 46,143 $ 45,230 $ 44,258 $ 42,941
Tier 1 regulatory
capital $ 46,143 $ 45,230 $ 44,258 $ 42,941
Total regulatory capital $ 50,447 $ 49,423 $ 48,461 $ 46,919
Tier 1 leverage ratio 8.33% 8.58% 8.82% 8.97%
Common equity tier 1
risk based capital
ratio 13.47% 13.56% 13.24% 13.57%
Tier 1 risk based
capital ratio 13.47% 13.56% 13.24% 13.57%
Total risk based capital
ratio 14.73% 14.52% 14.49% 14.82%
Three Months Ended
------------------------------------------------
Selected Financial June 30, March 31, December 31, June 30,
Ratios(1) 2016 2016 2015 2015
---------- ---------- ------------ ----------
Return on average total
assets 0.50% 0.54% 0.53% 0.50%
Return on average
shareholders' equity 6.01% 6.24% 6.04% 5.60%
Net interest margin 2.99% 3.20% 3.21% 3.13%
Net interest income to
average total assets 2.96% 3.17% 3.17% 3.10%
Efficiency ratio 71.10% 71.86% 72.03% 74.08%
1 = All Selected Financial Ratios are annualized other than the Efficiency
Ratio.
Three Months Ended
------------------------------------------------
June 30, March 31, December 31, June 30,
Selected Average Balances 2016 2016 2015 2015
---------- ---------- ------------ -----------
Gross loans $ 383,020 $ 379,982 $ 376,956 $ 345,008
Investment securities 77,748 79,454 86,974 101,475
Federal Home Loan Bank
stock 2,848 2,593 2,593 2,445
Other interest earning
assets 84,807 60,156 29,366 25,233
---------- ---------- ------------ -----------
Total interest earning
assets $ 548,423 $ 522,185 $ 495,889 $ 474,161
Total assets $ 553,957 $ 527,468 $ 502,349 $ 479,363
Interest bearing
checking accounts $ 29,327 $ 31,567 $ 31,352 $ 26,132
Money market deposits 146,985 123,018 114,281 125,098
Savings deposits 120,792 109,319 96,740 91,735
Time deposits 15,434 21,335 29,460 29,775
---------- ---------- ------------ -----------
Total interest bearing
deposits 312,538 285,239 271,833 272,740
Noninterest bearing
demand deposits 193,762 195,684 183,569 160,349
---------- ---------- ------------ -----------
Total deposits $ 506,300 $ 480,923 $ 455,402 $ 433,089
Borrowings $ 12 $ -- $ 2,283 $ 2,154
Shareholders' equity $ 46,071 $ 45,405 $ 44,308 $ 43,013
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)
Six Months Ended
--------------------
June 30, June 30,
Selected Financial Ratios(1) 2016 2015
--------- ---------
Return on average total assets 0.52% 0.55%
Return on average shareholders' equity 6.15% 6.19%
Net interest margin 3.10% 3.10%
Net interest income to average total assets 3.06% 3.07%
Efficiency ratio 71.48% 71.41%
1 = All Selected Financial Ratios are annualized other than the Efficiency
Ratio.
Six Months Ended
---------------------
June 30, June 30,
Selected Average Balances(1) 2016 2015
---------- ----------
Gross loans $ 381,501 $ 339,261
Investment securities 78,601 101,407
Federal Home Loan Bank stock 2,720 2,227
Other interest earning assets 71,250 28,306
---------- ----------
Total interest earning assets $ 534,072 $ 471,201
Total assets $ 540,712 $ 476,709
Interest bearing checking accounts $ 30,446 $ 24,590
Money market deposits 135,002 122,841
Savings deposits 115,055 91,078
Time deposits 18,385 30,181
---------- ----------
Total interest bearing deposits 298,888 268,690
Noninterest bearing demand deposits 194,723 163,461
---------- ----------
Total deposits $ 493,611 $ 432,151
Borrowings $ 6 $ 1,083
Shareholders' equity $ 45,582 $ 42,432
1 = Certain reclassifications have been made to prior period financial
statements to conform them to the current period presentation.
For further information, please contact:
Thomas E. Meyer
President and Chief Executive Officer
831.264.4057 office
Tom.Meyer@1stCapitalBank.com
or
Michael J. Winiarski
Chief Financial Officer
831.264.4014 office
Michael.Winiarski@1stCapitalBank.com
