1st Century Bancshares, Inc. Reports Financial Results for the Quarter Ended March 31, 2012 - Page 5
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can find many (but not all) of these forward-looking statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. These statements are based upon our management's current expectations and speak only as of the date hereof. Forward-looking statements are subject to certain risks and uncertainties that could cause our actual results, performance or achievements to differ materially and adversely from those expressed, suggested or implied herein. Accordingly, investors should use caution in relying on forward-looking statements to anticipate future results or trends. These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, (2) a renewed decline in economic conditions, (3) further increased competition among financial institutions, (4) the Company's ability to continue to attract interest bearing deposits and quality loan customers, (5) further government regulation and the implementation and costs associated with the same, (6) management's ability to successfully manage the Company's operations, and (7) the other risks set forth in the Company's reports filed with the U.S. Securities and Exchange Commission. The Company does not undertake, and specifically disclaims, any obligation to revise or update any forward-looking statements for any reason.
(Tables follow)
SUMMARY FINANCIAL INFORMATION
The following tables present relevant financial data from the Company's recent performance (dollars in thousands, except per share data):
March 31, December 31, March 31,
2012 2011 2011
------------- ------------ ------------
Balance Sheet Results: (unaudited) (unaudited)
Total Assets $ 433,398 $ 405,274 $ 319,043
Total Loans $ 230,010 $ 233,005 $ 188,549
Allowance for Loan Losses
("ALL") $ 5,288 $ 5,284 $ 5,476
Non-Performing Assets $ 7,285 $ 7,606 $ 7,833
Deposits:
Non-Interest Bearing Demand
Deposits $ 135,753 $ 122,843 $ 96,942
Interest Bearing Demand
Deposits 20,790 20,739 33,949
Money Market Deposits and
Savings 156,935 142,061 85,843
Certificates of Deposit 46,715 46,811 53,949
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Total Deposits $ 360,193 $ 332,454 $ 270,683
Total Stockholders' Equity $ 45,706 $ 45,051 $ 44,481
Gross Loans to Deposits 63.83% 70.08% 69.66%
Ending Book Value per Share $ 5.06 $ 4.97 $ 4.78
Three Months Ended March
31,
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Quarterly Operating Results
(unaudited): 2012 2011
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Net Interest Income $ 3,299 $ 2,711
Provision for Loan Losses $ - $ 200
Non-Interest Income $ 347 $ 204
Non-Interest Expense $ 3,038 $ 2,592
Income Tax Provision $ 16 $ -
Net Income $ 592 $ 123
Basic Earnings per Share $ 0.07 $ 0.01
Diluted Earnings per Share $ 0.07 $ 0.01
Quarterly Net Interest
Margin* 3.20% 3.59%
Reconciliation of QTD Net Income to Pre-Tax,
Pre-Provision Earnings:
Net Income $ 592 $ 123
Provision for Loan Losses - 200
Income Tax Provision 16 -
------------- ------------
Pre-Tax, Pre-Provision
Earnings $ 608 $ 323
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*Percentages are reported on an annualized basis.
Contact Information:
Alan I. Rothenberg
Chairman/Chief Executive Officer
Phone: (310) 270-9501
Jason P. DiNapoli
President/Chief Operating Officer
Phone: (310) 270-9505
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