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.
Growth
At June 30, 2014, total assets were $578.1 million, compared to
$547.9 million at December 31, 2013, a $30.2 million or 5.52%
increase. This growth is primarily attributable to the Bank's
increased visibility in and commitment to the local marketplace and
the continued improvement in the market area's economic stability.
In the first half of 2014, loan growth, net of the allowance, was
$30.5 million or 7.21%, or 14.43% on an annualized basis.
Gross loans at June 30, 2014, were $461.6 million compared to
$431.3 million at December 31, 2013, a $30.3 million or a 7.02%
increase. The Company continues to see a rise in loan demand in our
market as the economy and consumer confidence improves.
Total deposits at June 30, 2014, were $467.8 million, an
increase of $11.8 million or 2.59%, from $456.0 million at December
31, 2013. Non-interest bearing deposits increased to $74.5 million
compared to $67.7 million at December 31, 2013 an increase of $6.8
million or 10.03%.
First Capital Bank President and CEO, Bob Watts stated, "The
second quarter growth in loans and deposits continue the trends
from recent quarters. We opened our eighth branch during the
quarter in the Swift Creek Kroger store and were pleased with the
reception we have been given and the new business we are starting
to attract."
Asset Quality
The allowance for loan losses was $7.9 million or 1.71% of total
loans at June 30, 2014, compared to $8.2 million or 1.89% of total
loans at December 31, 2013.
During the quarter ended June 30, 2014, the Company had
charge-offs of $312 thousand, recoveries of $187 thousand and no
provision for loan losses.
The following table reflects details related to asset quality
and the allowance for loan losses:
|
June 30, |
June 30, |
|
2014 |
2013 |
|
(Dollars in thousands) |
Nonaccrual loans |
$ 3,932 |
$ 5,108 |
Loans past due 90 days and accruing
interest |
-- |
-- |
Total nonperforming loans |
3,932 |
5,108 |
Other real estate owned |
2,279 |
2,158 |
Total nonperforming assets |
$ 6,211 |
$ 7,266 |
|
|
|
Allowance for loan losses to period end
loans |
1.71% |
2.08% |
Nonperforming assets to total loans &
OREO |
0.85% |
1.75% |
Nonperforming assets to total assets |
1.07% |
1.35% |
Allowance for loan losses to nonaccrual
loans |
201.00% |
168.01% |
|
|
|
|
Three Months Ended |
|
June 30, |
June 30, |
|
2014 |
2013 |
Allowance for loan losses |
|
|
Beginning balance |
$ 8,019 |
$ 7,466 |
Provision for loan losses |
-- |
-- |
Net recoveries
(chargeoffs) |
(125) |
1,116 |
Ending balance |
$ 7,894 |
$ 8,582 |
Capital
Total Risk Based Capital at June 30, 2014, was 13.62%, compared
to 13.78% at December 31, 2013. Tier 1 Risk Based Capital at June
30, 2014, was 10.84%, compared to 12.34% at December 31, 2013.
Additionally, tangible common equity increased to 8.16% at June 30,
2014 from 8.06% at December 31, 2013.
First Capital Bancorp, Inc. Managing Director and CEO, John
Presley, commented "Maintaining strong capital levels continues to
be a key focus as our team manages our growth in 2014. We completed
a strategic capital initiative early in 2014 whereby we replaced
the remaining preferred securities with subordinated debt to both
reduce the expense associated with the funds and maintain total
capital levels. The continued improvement in capital represents an
enterprise wide focus on managing capital in all aspects of daily
operations, from loan growth and investment strategy to liability
management. We are pleased to see successful results from these
efforts."
On January 10, 2014, the Company redeemed the remaining 5,531
shares of its Cumulative Perpetual Preferred Stock, Series A
("Preferred Stock"), for $5.6 million. The Preferred Stock paid a
cumulative dividend quarterly at a rate of 5% per annum. Effective
April 2014, the dividend rate would have increased to 9% per annum.
The Preferred Stock was redeemable at the option of the Company
subject to regulatory approval, which was received in November
2013. No shares of the Preferred Stock remain outstanding.
The Company funded the redemption by executing a variable rate
subordinated note for $6.5 million with a financial
institution. The subordinated note, which qualifies as Tier 2
capital for regulatory purposes, carries an interest rate of 30-day
Libor plus 5.00% per annum with a floor of 5.50% and a maturity of
10 years. Principal is repaid $8 thousand per month for the
first 60 months and $103 thousand per month for the remaining 60
months.
Non-Interest Income
Non-interest income, including gains on sales of securities,
totaled $483 thousand for the quarter ended June 30, 2014, a
decrease of $261 thousand or 35.08% from $744 thousand earned in
the quarter ended June 30, 2013. The primary driver in this
decrease was a $303 thousand decline in gain on sale of loans from
wholesale mortgage. During the first quarter of 2014,
the Company closed its wholesale mortgage operation. The
slowdown in the mortgage originations business coupled with the
increased regulatory burden made the business difficult to
sustain. The Company expects this decision will be accretive
to 2014 earnings.
Non-interest Expense
Total noninterest expense was $3.8 million for the second
quarter of 2014, compared to $3.7 million in the second quarter of
2013, an increase of $48 thousand or 1.29%.
The Bank currently operates eight branches in Innsbrook,
Chesterfield Towne Center, near Willow Lawn on Staples Mill Road,
in Ashland, at Three Chopt and Patterson in Henrico County, at the
James Center in downtown, Richmond, in Bon Air and inside the
Village at Swift Creek Kroger Store in Chesterfield
County.
Readers are cautioned that this press release contains
forward-looking statements made pursuant to safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on management's current
knowledge, assumptions, and analyses, which it believes are
appropriate in the circumstances regarding future events, and may
address issues that involve significant risks including, but not
limited to: changes in interest rates; changes in accounting
principles, policies, or guidelines; significant changes in general
economic, competitive, and business conditions; significant changes
in or additions to laws and regulatory requirements; and
significant changes in securities markets. Additionally, such
aforementioned uncertainties, assumptions, and estimates, may cause
actual results to differ materially from the anticipated results or
other expectations expressed in the forward-looking
statements.
First Capital Bank…Let's Make it Work.
First Capital Bancorp,
Inc. |
Financial Highlights |
(Dollars in thousands, except
per share data) |
|
|
Three Months Ended |
Six Months Ended |
|
June 30, |
June 30, |
|
2014 |
2013 |
2014 |
2013 |
Selected Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ 6,080 |
$ 5,696 |
$ 11,999 |
$ 11,307 |
Interest expense |
1,316 |
1,283 |
2,609 |
2,654 |
Net interest income |
4,764 |
4,413 |
9,390 |
8,653 |
(Recovery of) provision for loan losses |
-- |
-- |
(292) |
100 |
Other noninterest income |
308 |
599 |
678 |
1,169 |
Securities gains |
175 |
145 |
271 |
176 |
Noninterest expense |
3,758 |
3,710 |
7,723 |
7,320 |
Income before income tax |
1,489 |
1,447 |
2,908 |
2,578 |
Income tax expense |
480 |
446 |
922 |
783 |
Net income |
$ 1,009 |
$ 1,001 |
$ 1,986 |
$ 1,795 |
Less: Preferred dividends |
$ -- |
$ 86 |
$ 24 |
$ 172 |
Net income available to common
shareholders |
$ 1,009 |
$ 915 |
$ 1,962 |
$ 1,623 |
Basic net income per common share |
$ 0.08 |
$ 0.08 |
$ 0.16 |
$ 0.14 |
Diluted net income per common share |
$ 0.07 |
$ 0.07 |
$ 0.13 |
$ 0.12 |
|
|
|
|
|
|
As of and for the Three Months
Ended |
As of and for the Six Months
Ended |
|
June 30, |
June 30, |
|
2014 |
2013 |
2014 |
2013 |
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
Total assets |
$ 578,101 |
$ 538,937 |
$ 578,101 |
$ 538,937 |
Loans, net |
453,688 |
404,037 |
453,688 |
404,037 |
Deposits |
467,789 |
454,918 |
467,789 |
454,918 |
Borrowings |
60,532 |
33,287 |
60,532 |
33,287 |
Stockholders' equity |
47,171 |
47,625 |
47,171 |
47,625 |
Book value per share |
$ 3.70 |
$ 3.51 |
$ 3.70 |
$ 3.51 |
Tangible Common Equity to Assets |
8.16% |
7.82% |
8.16% |
7.82% |
Total shares outstanding, in thousands |
12,750 |
12,023 |
12,750 |
12,023 |
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
Allowance for loan losses |
$ 7,894 |
$ 8,582 |
$ 7,894 |
$ 8,582 |
Nonperforming assets |
6,211 |
7,266 |
6,211 |
7,266 |
Net (chargeoffs) recoveries |
(125) |
1,116 |
21 |
(1,213) |
Net recoveries (chargeoffs) to average
loans |
-0.03% |
-0.27% |
0.00% |
-0.30% |
Allowance for loan losses to period end
loans |
1.71% |
2.08% |
1.71% |
2.08% |
Nonperforming assets to total loans &
OREO |
0.85% |
1.75% |
0.85% |
1.75% |
|
|
|
|
|
Selected Performance
Ratios: |
|
|
|
|
Return on average assets |
0.72% |
0.75% |
0.72% |
0.68% |
Return on average equity |
8.70% |
8.35% |
8.70% |
7.60% |
Net interest margin (tax equivalent
basis) |
3.63% |
3.61% |
3.64% |
3.59% |
CONTACT: John M. Presley
Managing Director and CEO
804-273-1254
JPresley@1capitalbank.com
Or
William W. Ranson
Executive Vice President and CFO
804-273-1160
WRanson@1capitalbank.com
Grafico Azioni (MM) (NASDAQ:FCVA)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni (MM) (NASDAQ:FCVA)
Storico
Da Mag 2023 a Mag 2024