First Capital Bancorp, Inc., (the "Company") (Nasdaq:FCVA) parent
company to First Capital Bank (the "Bank") reported today its
financial results for the first quarter of 2015. For the three
months ended March 31, 2015, the Company had net income available
to common shareholders of $1.1 million or $0.07 per diluted share,
compared to net income available to common shareholders of $953
thousand, or $0.06 per diluted share, for the same period in 2014.
This represents an increase of $111 thousand or 11.7% in net income
available to common shareholders in the first quarter of 2015
compared to the first quarter of 2014.
Factors contributing to the Company's results during the first
quarter of 2015 are as follows:
- Net interest income increased $453 thousand (or 9.8%), due
primarily to continued loan growth, to $5.1 million for the first
quarter of 2015 compared to $4.6 million in the first quarter of
2014.
- Net interest margin increased 3 basis points to 3.67% for the
quarter ended March 31, 2015, compared to 3.64% for the quarter
ended March 31, 2014, also due primarily to continued loan growth
coupled with declines in average rates paid on deposit
liabilities.
- Due primarily to loan recoveries, a net recovery of the
provision for loan losses of $145 thousand was recognized during
the first quarter of 2015 compared to a net recovery of the
provision for loan losses of $292 thousand in the first quarter of
2014.
- Noninterest expense was $4.1 million for the first quarter of
2015 compared to $4.0 million for the first quarter of 2014.
This increase of $125 thousand, or 3.2%, was primarily driven
by fair value adjustments to other real estate owned.
Growth
At March 31, 2015, total assets were $603.1 million, compared to
$564.3 million at March 31, 2014, a $38.8 million or 6.9%
increase. Total asset growth for the first quarter of 2015 was
$4.6 million, or 0.8%, from $598.5 million at December 31, 2014,
which is contrary to the seasonal decline that is typically
expected during the first quarter of each year. This growth is
primarily attributable to the increased visibility of the Bank's
commitment in the local marketplace and the continued improvement
in our market area's economic stability. In the first quarter
of 2015, loan growth, net of the allowance, was $5.4 million or
1.1% or 4.5% on an annualized basis.
Gross loans at March 31, 2015, were $487.2 million compared to
$481.8 million at December 31, 2014, a $5.4 million or a 1.1%
increase. We continue to see increased loan demand in our
market as the economy and consumer confidence improves.
Total deposits at March 31, 2015, were $496.0 million, an
increase of $16.5 million or 3.4%, from $479.5 million at December
31, 2014. Non interest-bearing deposits were $81.1 million at
March 31, 2015, compared to $70.8 million at December 31, 2014, an
increase of $10.3 million or 14.6%.
In a joint statement, First Capital Bancorp, Inc., Managing
Director and CEO, John Presley, and First Capital Bank President
and CEO, Bob Watts, stated, "We would like to thank our customers
and our wonderful First Capital Bank teammates for the great start
to 2015. We continue to grow our core customer base as
evidenced by the growth of non interest-bearing deposits during the
first quarter. We are hopeful this strong start will
lead to another successful year for our company."
Asset Quality
The allowance for loan losses was $7.9 million or 1.62% of total
loans at March 31, 2015, compared to $7.9 million or 1.63% of total
loans at December 31, 2014.
During the quarter ended March 31, 2015, the Company recognized
loan charge-offs of $15 thousand, loan recoveries of $160 thousand
and a recovery of provision for loan losses of $145 thousand.
The following table reflects details related to asset quality
and the allowance for loan losses:
|
March 31, |
December 31, |
March 31, |
|
2015 |
2014 |
2014 |
|
(Dollars in thousands) |
Nonaccrual loans |
$ 2,143 |
$ 3,430 |
$ 3,676 |
Loans past due 90 days and accruing
interest |
-- |
-- |
-- |
Total nonperforming loans |
2,143 |
3,430 |
3,676 |
Other real estate owned (OREO) |
1,243 |
1,810 |
2,478 |
Total nonperforming assets |
$ 3,386 |
$ 5,240 |
$ 6,154 |
|
|
|
|
Allowance for loan losses to total loans |
1.62% |
1.63% |
1.80% |
Nonperforming assets to total loans &
OREO |
0.69% |
1.08% |
1.37% |
Nonperforming assets to total assets |
0.56% |
0.88% |
1.09% |
Allowance for loan losses to nonaccrual
loans |
367.39% |
229.56% |
218.12% |
|
|
|
|
|
Three Months Ended |
|
March 31, |
December 31, |
March 31, |
|
2015 |
2014 |
2014 |
Allowance for loan losses |
|
|
|
Beginning balance |
$ 7,874 |
$ 8,165 |
$ 8,165 |
Recovery of provision for loan
losses |
(145) |
(352) |
(292) |
Net recoveries |
145 |
61 |
146 |
Ending balance |
$ 7,874 |
$ 7,874 |
$ 8,019 |
Capital
The Bank's Total Risk Based Capital at March 31, 2015, was
12.64%, compared to 12.90% at December 31, 2014. The Bank's
Tier 1 Risk Based Capital at March 31, 2015, was 11.41%, compared
to 11.64% at December 31, 2014. The Bank's Common Equity Tier
1 Capital at March 31, 2015, was 11.41%. The declines in the
Bank's Total and Tier 1 capital ratios are due primarily to the
implementation of Basel III framework for calculating capital
ratios. Additionally, the Company's tangible common equity
increased to 8.49% at March 31, 2015 from 8.30% at December
31, 2014.
Non-Interest Income
Non-interest income, including gains on sales of securities,
totaled $432 thousand for the quarter ended March 31, 2015, a
decrease of $34 thousand or 7.3% from $466 thousand earned in the
quarter ended March 31, 2014. The primary driver of this
decrease was the closure of our wholesale mortgage operation which
provided $55 thousand gain on sale of loans during the first
quarter of 2014 but no income in 2015. The slowdown in the
mortgage originations business coupled with the increased
regulatory burden made the business difficult to sustain.
Non-interest Expense
Total noninterest expense was $4.1 million for the first quarter
of 2015, compared to $4.0 million in the first quarter of 2014, an
increase of $125 thousand or 3.2%. The primary driver of this
increase was fair value adjustments to other real estate owned
resulting in a net write off of $145 thousand.
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, and in Bon Air, Chesterfield
County and inside the Village at Swift Creek Kroger
store.
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
(Unaudited) |
(Dollars in thousands, except
per share data) |
|
|
|
|
|
Three Months Ended |
|
March 31, |
December 31, |
March 31, |
|
2015 |
2014 |
2014 |
Selected Operating
Data: |
|
|
|
|
|
|
|
Interest income |
$ 6,290 |
$ 6,285 |
$ 5,920 |
Interest expense |
1,210 |
1,250 |
1,293 |
Net interest income |
5,080 |
5,035 |
4,627 |
Recovery of provision for loan losses |
(145) |
-- |
(292) |
Other noninterest income |
362 |
370 |
370 |
Securities gains |
70 |
73 |
96 |
Noninterest expense |
4,091 |
3,609 |
3,966 |
Income before income tax |
1,566 |
1,869 |
1,419 |
Income tax expense |
502 |
618 |
442 |
Net income |
$ 1,064 |
$ 1,251 |
$ 977 |
Less: Preferred dividends |
$ -- |
$ -- |
$ 24 |
Net income available to common
stockholders |
$ 1,064 |
$ 1,251 |
$ 953 |
Basic net income per common share |
$ 0.08 |
$ 0.10 |
$ 0.08 |
Diluted net income per common share |
$ 0.07 |
$ 0.08 |
$ 0.06 |
|
|
|
|
|
|
|
March 31, 2015 |
December 31, 2014 |
March 31, 2014 |
Balance Sheet Data: |
|
|
|
|
|
|
|
Total assets |
$ 603,099 |
$ 598,538 |
$ 564,266 |
Loans, net |
479,141 |
473,789 |
437,013 |
Deposits |
495,980 |
479,507 |
460,490 |
Borrowings |
51,535 |
62,877 |
53,631 |
Stockholders' equity |
51,207 |
49,652 |
45,831 |
Book value per share |
3.95 |
3.86 |
3.61 |
Tangible Common Equity to Assets |
8.49% |
8.30% |
8.12% |
Total shares outstanding, in thousands |
12,958 |
12,864 |
12,688 |
|
|
|
|
Asset Quality Ratios |
|
|
|
Allowance for loan losses |
$ 7,874 |
$ 7,874 |
$ 8,019 |
Nonperforming assets |
3,386 |
5,240 |
6,154 |
Net (recoveries) chargeoffs for quarter |
(145) |
29 |
(146) |
Net (recoveries) chargeoffs to average loans
for quarter |
-0.03% |
0.01% |
-0.03% |
Allowance for loan losses to total loans |
1.62% |
1.63% |
1.80% |
Nonperforming assets to total loans &
OREO |
0.69% |
1.08% |
1.37% |
|
|
|
|
Selected Performance Ratios for
Quarter: |
|
|
|
Return on average assets (annualized) |
0.72% |
0.76% |
0.72% |
Return on average equity (annualized) |
8.55% |
9.30% |
8.70% |
Net interest margin (tax equivalent
basis) |
3.67% |
3.58% |
3.64% |
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
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