1st Capital Bancorp Announces Second Quarter 2021 Financial Results
SALINAS, CA / ACCESSWIRE / July 30, 2021 / 1st Capital Bancorp (the “Company”), (OTCQX:FISB), the $951 million asset bank holding company and parent company of 1st Capital Bank (the “Bank”), today reported unaudited net income of $1.95 million for the three months ended June 30, 2021, an increase of 26.8% compared to net income of $1.54 million in the first quarter of 2021, and an increase of 44.4% compared to net income of $1.35 million in the second quarter of 2020. Earnings per share were $0.34 (diluted) for the second quarter of 2021, compared to $0.27 (diluted) for the prior quarter, and $0.24 (diluted) for the second quarter of 2020.
Financial Highlights
Performance highlights for the quarter ended June 30, 2021, as compared to quarter ending June 30, 2020, and the quarter ending March 31, 2021:
- For the quarter ended June 30, 2021, the Company’s return on average equity was 10.36%, as compared to 7.74% and 8.29% for the quarter ended June 30, 2020 and March 31, 2021, respectively.
- For the quarter ended June 30, 2021, the Company’s return on average assets was 0.89%, as compared to 0.75% and 0.77% for the quarter ended June 30, 2020 and March 31, 2021, respectively.
- For the quarter ended June 30, 2021, the Company’s net interest margin was 3.54%, as compared to 3.65% and 3.55% for the three months ended June 30, 2020 and March 31, 2021, respectively.
- For the quarter ended June 30, 2021, the Company’s efficiency ratio was 64.79%, as compared to 60.79% and 69.69% for the three months ended June 30, 2020 and March 31, 2021, respectively.
- For the quarter ended June 30, 2021, the Company’s provision expense for loan losses was $0, as compared to $650 thousand and $0 for the three months ended June 30, 2020 and March 31, 2021, respectively.
- As of June 30, 2021, the Company’s nonperforming assets to total assets was 0.23%, as compared to 0.07% and 0.35% for the three months ended June 30, 2020 and March 31, 2021, respectively.
- As of June 30, 2021, the Company reported total assets, total deposits, and total loans of $950.7 million, $853.6 million, and $608.1 million, respectively.
“We are pleased to report solid second quarter results,” said Samuel D. Jimenez, chief executive officer. “The quarter can be characterized by continuing core deposit growth in conjunction with substantial inflows from Paycheck Protection Program (PPP) forgiveness, and prepaying residential mortgage loans. While organic core loan demand remains solid, we strategically invested the majority of these inflows in bond purchases and a consumer loan pool. With these balance sheet actions along with the previously announced subordinated debt issuance, we are well positioned for continued growth for the remainder of 2021 and beyond.”
| 1ST CAPITAL BANCORP CONDENSED FINANCIAL DATA – UNAUDITED ($000s, except per share data) |
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For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
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Operating Results Data
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6/30/2021 | 6/30/2020 | Change | 6/30/2021 | 6/30/2020 | Change | ||||||||||||||||||
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Interest income
|
$ | 7,800 | $ | 6,562 | $ | 1,238 | $ | 14,908 | $ | 12,750 | $ | 2,158 | ||||||||||||
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Interest expense
|
295 | 240 | 55 | 537 | 563 | (26 | ) | |||||||||||||||||
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Net interest income
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7,505 | 6,322 | 1,183 | 14,371 | 12,187 | 2,184 | ||||||||||||||||||
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Provision for loan losses
|
– | 650 | (650 | ) | – | 1,475 | (1,475 | ) | ||||||||||||||||
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Noninterest income
|
191 | 181 | 10 | 381 | 469 | (88 | ) | |||||||||||||||||
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Noninterest expenses
|
4,986 | 3,953 | 1,033 | 9,902 | 8,448 | 1,454 | ||||||||||||||||||
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Income before provision for income taxes
|
2,710 | 1,900 | 810 | 4,850 | 2,733 | 2,117 | ||||||||||||||||||
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Provision for income taxes
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760 | 550 | 210 | 1,363 | 775 | 588 | ||||||||||||||||||
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Net income
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$ | 1,950 | $ | 1,350 | $ | 600 | $ | 3,487 | $ | 1,958 | $ | 1,529 | ||||||||||||
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Assets
|
6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | ||||||||||||
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Cash and due from banks
|
$ | 17,876 | $ | 11,497 | $ | 9,304 | $ | 6,966 | ||||||||
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Funds held at the Federal Reserve Bank
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43,615 | 47,158 | 97,462 | 38,715 | ||||||||||||
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Available-for-sale securities, at fair value
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264,572 | 181,201 | 106,214 | 59,649 | ||||||||||||
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Loans
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608,101 | 619,436 | 605,154 | 628,640 | ||||||||||||
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Allowance for loan losses
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(8,840 | ) | (8,828 | ) | (8,816 | ) | (8,804 | ) | ||||||||
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Net loans
|
599,261 | 610,608 | 596,338 | 619,836 | ||||||||||||
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Other Assets
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25,379 | 24,003 | 23,233 | 23,856 | ||||||||||||
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Total assets
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$ | 950,703 | $ | 874,467 | $ | 832,551 | $ | 749,022 | ||||||||
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Liabilities and Shareholders’ Equity
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6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | ||||||||||||
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Noninterest bearing demand deposits
|
$ | 412,108 | $ | 401,123 | $ | 386,711 | $ | 356,730 | ||||||||
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Interest bearing checking accounts
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57,421 | 58,612 | 65,686 | 54,228 | ||||||||||||
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Money market
|
241,164 | 185,841 | 159,509 | 128,039 | ||||||||||||
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Savings
|
129,176 | 127,940 | 121,148 | 105,431 | ||||||||||||
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Time
|
13,761 | 14,317 | 15,284 | 17,147 | ||||||||||||
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Interest bearing deposits
|
441,522 | 386,710 | 361,627 | 304,845 | ||||||||||||
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Total deposits
|
853,630 | 787,833 | 748,338 | 661,575 | ||||||||||||
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Other liabilities
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19,779 | 12,249 | 9,880 | 15,059 | ||||||||||||
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Shareholders’ equity
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77,294 | 74,385 | 74,333 | 72,388 | ||||||||||||
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Total liabilities and shareholders’ equity
|
$ | 950,703 | $ | 874,467 | $ | 832,551 | $ | 749,022 | ||||||||
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Shares outstanding
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5,581,848 | 5,571,545 | 5,570,021 | 5,543,393 | ||||||||||||
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Earnings per share basic
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$ | 0.35 | $ | 0.28 | $ | 0.29 | $ | 0.17 | ||||||||
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Earnings per share diluted
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$ | 0.34 | $ | 0.27 | $ | 0.28 | $ | 0.17 | ||||||||
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Nominal and tangible book value per share
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$ | 13.85 | $ | 13.35 | $ | 13.35 | $ | 13.06 | ||||||||
Net Interest Income and Net Interest Margin
The Company’s second quarter 2021 net interest income increased $1.18 million or 18.71% as compared with the quarter ending June 30, 2020 and $639 thousand or 9.31%, compared with the quarter ending March 31, 2021. The increase from the same period a year ago was driven by higher investment income, income generated by a $25 million consumer loan purchase, and increased revenue recognition from the Paycheck Protection Program (PPP) loans. The increase over the trailing quarter was primarily driven by income generated by the $25 million consumer loan purchase, and by higher investment income.
The Company’s net interest margin decreased by 11 basis points (bps) or 3.01% when compared to the quarter ending June 30, 2020, and was generally flat relative to the quarter ending March 31, 2021. The 11 bps decrease compared to the same period a year ago was driven by the Company’s rate and mix of its earning assets.
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 recent quarter.
Provision for Loan Losses
The Company did not make any provisions for loan losses in the quarter ending June 30, 2021, as compared to $650 thousand and $0 in the quarter ending June 30, 2020, and March 31, 2021, respectively. Uncertainty surrounding COVID-19, and the potential negative impact on our clients and asset quality dictated the provisions made in the same period a year ago. Improving economic conditions and diminished concern with the Company’s asset quality eliminated the need for any additional loan loss provisions for the previous sequential four quarters.
Noninterest Expenses
The Company’s second quarter 2021 non-interest expenses increased $1.03 million, or 26.1%, to $4.99 million in the second quarter of 2021, compared to $3.95 million for the second quarter of 2020, and increased $68 thousand, or 1.4%, compared to $4.92 million recognized in the first quarter of 2021.
The increase, as compared to the prior year comparative period is centered in salaries and benefits. In regards to the same period ending June 30, 2020, the addition of 11 employees, including a team of Relationship Managers in our San Luis Obispo market, and the opening of our Santa Cruz branch largely accounted for the increased level. In addition, severance costs associated with the departure of two senior officers materially contributed to the comparative period increase. Absent the severance costs, the Company’s Efficiency Ratio would have been reported at 62.33% for the three months ended June 30, 2021.
Balance Sheet Summary
The Company’s total assets increased $76.2 million or 8.72% to $950.7 million as compared to $874.5 million at March 31, 2021.
Total loans outstanding were $608.1 million as of June 30, 2021. This represents an $16.1 million decrease or 2.58% from the June 30, 2020 outstanding balance of $624.2 million. The decrease in loan level reflected payoff activity in the purchased residential loan portfolio and PPP loan forgiveness, offset by higher originated commercial real estate core loans, and the purchase of a $25 million consumer loan pool on May 12, 2021.
The pool purchase represents approximately 1,600 unsecured personal loans, primarily debt consolidation, with an average FICO of 709, an average interest rate of approximately 16%, and an average remaining life of approximately 40 months.
PPP loans outstanding were $84.9 million as of June 30, 2021, and included a deferred fee balance of $2.2 million. At June 30, 2020, PPP loans outstanding were $100.7 million and included a deferred fee balance of $2.8 million.
The investment portfolio increased $202.1 million to $264.6 million from an outstanding balance of $62.5 million as of June 30, 2020. Incoming cashflows from deposit growth and prepaying earning assets were significantly deployed in bonds. The majority of the investments were made in mortgage-backed securities, floating rate securities, and municipal securities.
Total deposits were $853.6 million as of June 30, 2021. This represents a $202.8 million increase or 31.16% from June 30, 2020 outstanding balance of $650.8 million. A significant portion of this growth was associated with PPP loan proceeds deposited with the Bank. Growth in noninterest-bearing demand deposit accounts accounted $69.1 million or 34.07% of the total deposit growth over the 12 months ending on June 30, 2021. The balance of the deposit growth was distributed among interest-bearing deposit accounts with the exception of time deposits which decreased by approximately $5.3 million to $13.8 million.
During the quarter, the Company completed a private placement of $15 million in fixed-to-floating rate subordinated notes due June 30, 2031 to certain qualified buyers and accredited investors. The notes carry a fixed rate of 4.0% until June 30, 2026. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month SOFR plus 339 basis points. The subordinated notes are redeemable by the Company at its option, in whole or in part, on or after June 30, 2026. The Company intends to use the net proceeds to support organic growth and for general corporate purposes.
Asset Quality
At June 30, 2021, non-performing assets were 0.23% of the Company’s total assets, compared with 0.35% at March 31, 2021. At June 30, 2021, the allowance for loan losses was 1.46% of outstanding loans, compared to 1.43% at March 31, 2021. The Bank recorded net recoveries of $12 thousand in each of the two quarters of 2021.
As of June 30, 2021, the Company does not have any outstanding loan deferments or forbearances stemming from COVID-19.
| 1ST CAPITAL BANCORP CONDENSED FINANCIAL DATA – UNAUDITED ($ in 000s) |
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Assets
|
6/30/2021 | 6/30/2020 | 3/31/2021 | 12/31/2020 | ||||||||||||
|
Cash and due from banks
|
$ | 17,876 | $ | 6,719 | $ | 11,497 | $ | 9,304 | ||||||||
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Funds held at the Federal Reserve Bank
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43,615 | 29,056 | 47,158 | 97,462 | ||||||||||||
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Available-for-sale securities, at fair value
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264,572 | 62,473 | 181,201 | 106,214 | ||||||||||||
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Loans held for sale
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1,791 | 488 | – | – | ||||||||||||
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Construction/land (including farmland)
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22,091 | 16,372 | 19,331 | 17,097 | ||||||||||||
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Residential 1 to 4 units
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75,906 | 127,192 | 87,736 | 102,688 | ||||||||||||
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Home equity lines of credit
|
6,669 | 6,630 | 5,400 | 5,955 | ||||||||||||
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Multifamily
|
77,183 | 71,795 | 84,942 | 84,704 | ||||||||||||
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Owner occupied commercial real estate
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81,972 | 70,478 | 68,189 | 72,427 | ||||||||||||
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Investor commercial real estate
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172,776 | 172,219 | 176,709 | 174,437 | ||||||||||||
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Commercial and industrial
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49,147 | 47,717 | 49,314 | 47,550 | ||||||||||||
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Paycheck Protection Program
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84,866 | 100,652 | 118,381 | 90,382 | ||||||||||||
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Other loans
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35,700 | 10,638 | 9,434 | 9,914 | ||||||||||||
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Total loans held for investment
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606,310 | 623,693 | 619,436 | 605,154 | ||||||||||||
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Allowance for loan losses
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(8,840 | ) | (8,093 | ) | (8,828 | ) | (8,816 | ) | ||||||||
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Net loans held for investment
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597,470 | 615,600 | 610,608 | 596,338 | ||||||||||||
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Other assets
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25,379 | 22,355 | 24,003 | 23,233 | ||||||||||||
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Total assets
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$ | 950,703 | $ | 736,691 | $ | 874,467 | $ | 832,551 | ||||||||
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Liabilities and Shareholders’ Equity
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6/30/2021 | 6/30/2020 | 3/31/2021 | 12/31/2020 | ||||||||||||
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Noninterest bearing demand deposits
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$ | 412,108 | $ | 343,042 | $ | 401,123 | $ | 386,711 | ||||||||
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Interest bearing checking accounts
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57,421 | 46,774 | 58,612 | 65,686 | ||||||||||||
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Money market
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241,164 | 138,796 | 185,841 | 159,509 | ||||||||||||
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Savings
|
129,176 | 103,152 | 127,940 | 121,148 | ||||||||||||
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Time
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13,761 | 19,031 | 14,317 | 15,284 | ||||||||||||
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Interest bearing deposits
|
441,522 | 307,753 | 386,710 | 361,627 | ||||||||||||
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Total deposits
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853,630 | 650,795 | 787,833 | 748,338 | ||||||||||||
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Other liabilities
|
19,779 | 14,856 | 12,249 | 9,880 | ||||||||||||
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Shareholders’ equity
|
77,294 | 71,040 | 74,385 | 74,333 | ||||||||||||
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Total liabilities and shareholders’ equity
|
$ | 950,703 | $ | 736,691 | $ | 874,467 | $ | 832,551 | ||||||||
| 1ST CAPITAL BANCORP CONDENSED FINANCIAL DATA – UNAUDITED ($ in 000s) |
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Three Months Ended | Six Months Ended | ||||||||||||||
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Operating Results Data
|
6/30/2021 | 6/30/2020 | 6/30/2021 | 6/30/2020 | ||||||||||||
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Loans
|
$ | 6,976 | $ | 6,234 | $ | 13,577 | $ | 11,917 | ||||||||
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Investment securities
|
750 | 296 | 1,205 | 671 | ||||||||||||
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Federal Home Loan Bank stock
|
66 | 26 | 110 | 88 | ||||||||||||
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Other income
|
8 | 6 | 16 | 74 | ||||||||||||
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Interest expense
|
295 | 240 | 537 | 563 | ||||||||||||
|
Net interest income
|
7,505 | 6,322 | 14,371 | 12,187 | ||||||||||||
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Provision for loan losses
|
– | 650 | – | 1,475 | ||||||||||||
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Noninterest income
|
191 | 181 | 381 | 469 | ||||||||||||
|
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Salaries and benefits expense
|
3,222 | 2,393 | 6,365 | 5,217 | ||||||||||||
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Occupancy expense
|
390 | 353 | 808 | 716 | ||||||||||||
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Data and item processing
|
265 | 206 | 515 | 427 | ||||||||||||
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Furniture and equipment
|
114 | 189 | 231 | 380 | ||||||||||||
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Professional services
|
162 | 167 | 341 | 328 | ||||||||||||
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Other
|
833 | 645 | 1,642 | 1,380 | ||||||||||||
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Total noninterest expenses
|
4,986 | 3,953 | 9,902 | 8,448 | ||||||||||||
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Income before provision for income taxes
|
2,710 | 1,900 | 4,850 | 2,733 | ||||||||||||
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Provision for income taxes
|
760 | 550 | 1,363 | 775 | ||||||||||||
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Net income
|
$ | 1,950 | $ | 1,350 | $ | 3,487 | $ | 1,958 | ||||||||
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Asset Quality
|
6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | ||||||||||||
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Loans past due 90 days or more and accruing interest
|
$ | – | $ | – | $ | – | $ | – | ||||||||
|
Nonaccrual restructured loans
|
– | – | – | – | ||||||||||||
|
Other nonaccrual loans
|
2,161 | 3,100 | 1,299 | 1,535 | ||||||||||||
|
Other real estate owned
|
– | – | – | – | ||||||||||||
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Total nonperforming assets
|
$ | 2,161 | $ | 3,100 | $ | 1,299 | $ | 1,535 | ||||||||
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Allowance for loan losses to total loans
|
1.46 | % | 1.43 | % | 1.46 | % | 1.40 | % | ||||||||
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Allowance for loan losses to nonperforming loans
|
409.07 | % | 284.77 | % | 678.68 | % | 573.55 | % | ||||||||
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Nonaccrual loans to total loans
|
0.36 | % | 0.50 | % | 0.21 | % | 0.24 | % | ||||||||
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Nonperforming assets to total assets
|
0.23 | % | 0.35 | % | 0.16 | % | 0.20 | % | ||||||||
| 1ST CAPITAL BANCORP CONDENSED FINANCIAL DATA – UNAUDITED ($ in 000s) |
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Three Months Ended | Six Months Ended | ||||||||||||||
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Selected Average Balances
|
6/30/2021 | 6/30/2020 | 6/30/2021 | 6/30/2020 | ||||||||||||
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Gross loans
|
$ | 620,093 | $ | 608,076 | $ | 617,604 | $ | 563,772 | ||||||||
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Investment securities
|
202,246 | 63,034 | 163,658 | 64,099 | ||||||||||||
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Federal Home Loan Bank stock
|
3,834 | 3,525 | 3,685 | 3,513 | ||||||||||||
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Other interest earning assets
|
30,287 | 22,519 | 37,811 | 21,991 | ||||||||||||
|
Total interest earning assets
|
$ | 856,460 | $ | 697,154 | $ | 822,758 | $ | 653,375 | ||||||||
|
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Total assets
|
$ | 881,495 | $ | 721,907 | $ | 847,719 | $ | 677,765 | ||||||||
|
Interest bearing checking accounts
|
$ | 59,503 | $ | 43,774 | $ | 59,366 | $ | 42,933 | ||||||||
|
Money market
|
200,199 | 152,748 | 179,197 | 142,555 | ||||||||||||
|
Savings
|
127,046 | 101,291 | 125,701 | 102,224 | ||||||||||||
|
Time deposits
|
14,279 | 19,247 | 14,483 | 19,307 | ||||||||||||
|
Total interest bearing deposits
|
401,027 | 317,060 | 378,747 | 307,019 | ||||||||||||
|
Noninterest bearing demand deposits
|
398,007 | 326,152 | 385,085 | 294,284 | ||||||||||||
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Total deposits
|
$ | 799,034 | $ | 643,212 | $ | 763,832 | $ | 601,303 | ||||||||
|
Borrowings
|
$ | 1,641 | $ | 3,736 | $ | 3,311 | $ | 1,869 | ||||||||
|
Shareholders’ equity
|
$ | 75,481 | $ | 69,982 | $ | 75,352 | $ | 69,494 | ||||||||
|
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| Three Months Ended | Six Months Ended | |||||||||||||||
|
Selected Financial Ratios
|
6/30/2021 | 6/30/2020 | 6/30/2021 | 6/30/2020 | ||||||||||||
|
Return on average total assets
|
0.89 | % | 0.75 | % | 0.83 | % | 0.58 | % | ||||||||
|
Return on average shareholders’ equity
|
10.36 | % | 7.74 | % | 9.33 | % | 5.65 | % | ||||||||
|
Net interest margin
|
3.54 | % | 3.65 | % | 3.54 | % | 3.75 | % | ||||||||
|
Net interest income to average total assets
|
3.41 | % | 3.51 | % | 3.42 | % | 3.61 | % | ||||||||
|
Efficiency ratio
|
64.79 | % | 60.79 | % | 67.12 | % | 66.75 | % | ||||||||
|
Regulatory Capital and Ratios
|
6/30/2021 | 3/31/2021 | 12/31/2020 | 9/30/2020 | ||||||||||||
|
Common equity tier 1 capital
|
$ | 76,158 | $ | 74,132 | $ | 72,461 | $ | 70,831 | ||||||||
|
Tier 1 regulatory capital
|
$ | 76,158 | $ | 74,132 | $ | 72,461 | $ | 70,831 | ||||||||
|
Total regulatory capital
|
$ | 83,518 | $ | 80,863 | $ | 78,957 | $ | 77,117 | ||||||||
|
Tier 1 leverage ratio
|
8.64 | % | 9.14 | % | 9.44 | % | 9.58 | % | ||||||||
|
Common equity tier 1 risk based capital ratio
|
12.99 | % | 13.83 | % | 14.01 | % | 14.16 | % | ||||||||
|
Tier 1 capital ratio
|
12.99 | % | 13.83 | % | 14.01 | % | 14.16 | % | ||||||||
|
Total risk based capital ratio
|
14.24 | % | 15.08 | % | 15.27 | % | 15.42 | % | ||||||||
About 1st Capital Bancorp
1st Capital Bancorp is the holding company for 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 and the U.S. Department of Agriculture. A full suite of deposit accounts also is furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, San Luis Obispo and Santa Cruz. The Bank’s corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank’s website is www.1stCapital.bank. The main telephone number is 831.264.4000. 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 pandemics, 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.1stCapital.bank internet site for no charge.
For further information, please contact:
Samuel D. Jimenez
Chief Executive Officer
831.264.4057 office
Sam.Jimenez@1stCapitalBank.com
SOURCE: 1st Capital Bank
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