First Capital Bancorp, Inc., (the "Company") (NASDAQ:FCVA) parent
company to First Capital Bank (the "Bank"), reported today its
financial results for the third quarter of 2015. For the three
months ended September 30, 2015, the Company had net income
available to common shareholders of $1.3 million or $0.09 per
diluted share, compared to net income available to common
shareholders of $1.2 million, or $0.08 per diluted share, for the
same period in 2014. This represents an increase of $128 thousand
or 11.1% in net income available to common shareholders for the
third quarter of 2015 compared to the third quarter of 2014.
For the nine months ended September 30, 2015, the Company had
net income available to common shareholders of $3.5 million or
$0.24 per diluted share, compared to net income available to common
shareholders of $3.1 million, or $0.21 per diluted share, for the
same period in 2014. Year to date, this represents an increase of
$395 thousand or 12.7% in net income available to common
shareholders for 2015 compared to 2014.
On October 1, 2015, the Company and Park Sterling Corporation
("Park Sterling") announced the signing of a definitive merger
agreement pursuant to which the Company will merge with and into
Park Sterling. Under the terms of the merger agreement, Park
Sterling will acquire the Company, with the holders of the
Company's common stock having the right to receive either $5.54 in
cash or 0.7748 shares of Park Sterling common stock for each share
of Company common stock (subject to certain limitations on the
allocations of cash and Park Sterling shares). The transaction is
subject to certain regulatory approvals and the approval of the
Company's shareholders with the closing expected to occur in the
first quarter of 2016.
Factors contributing to the Company's results during the third
quarter and year to date in 2015 are as follows:
- Continued loan growth resulted in an increase in net interest
income of $374 thousand (or 7.6%) to $5.3 million for the third
quarter of 2015 compared to $4.9 million in the third quarter of
2014. Year to date in 2015, net interest income increased $1.2
million (or 8.5%) to $15.5 million compared to $14.3 million for
the same period in 2014.
- Net interest margin increased nine basis points to 3.64% for
the quarter ended September 30, 2015, compared to 3.55% for the
quarter ended September 30, 2014. For the nine months ended
September 30, 2015, net interest margin increased two basis points
to 3.63% compared to 3.61% for the same period in 2014.
- There was no provision for loan losses during the third quarter
of 2015, compared to a recovery of the provision for loan losses of
$60 thousand during the third quarter of 2014. Year to date in
2015, there was a recovery of the provision for loan losses of $145
thousand compared to a recovery of the provision for loan losses of
$352 thousand for the same period in 2014.
- Noninterest expense increased $229 thousand (6.1%) to $4.0
million for the third quarter of 2015 compared to the third quarter
of 2014. Year to date in 2015, noninterest expense increased
$401 thousand (or 3.5%) to $11.8 million compared to $11.4 million
for the same period of 2014.
Growth
At September 30, 2015, total assets were $623.3 million,
compared to $598.5 million at December 31, 2014, an increase of
$24.7 million or 4.1%. This growth is primarily attributable
to loan growth and increases in cash and cash equivalents. As
of September 30, 2015, loan growth, net of the allowance, was $13.6
million (or 2.9%), or 3.9% on an annualized basis. We
continued to see increased loan demand in our market resulting from
increased visibility of the Bank's commitment in the local
marketplace and the continued improvement in our market area's
economic stability. As of September 30, 2015, cash and cash
equivalents were $19.5 million, an increase of $8.4 million (or
75.5%), compared to $11.1 million at December 31, 2014. This
increase is primarily related to growth in customer deposits.
Total deposits at September 30, 2015, were $520.5 million, an
increase of $41.0 million, or 8.6%, from $479.5 million at December
31, 2014. Noninterest-bearing deposits were $97.9 million at
September 30, 2015, compared to $70.8 million at December 31, 2014,
an increase of $27.2 million or 38.4%.
In a joint statement, First Capital Bancorp, Inc., Managing
Director and CEO, John Presley, and First Capital Bank President
and CEO, Bob Watts, stated, "Results through the third quarter of
2015 have continued to highlight the momentum the Company has in
this community. Our bankers look forward to partnering with
Park Sterling with their larger balance sheet and capital base, as
well as their diverse products to better serve our customers."
Asset Quality
The allowance for loan losses was $7.9 million or 1.59% of total
loans at September 30, 2015, compared to $7.9 million or 1.63% of
total loans at December 31, 2014.
The following table reflects details related to asset quality
and the allowance for loan losses:
|
September 30, 2015 |
December 31, 2014 |
September 30, 2014 |
|
(Dollars in thousands) |
Nonaccrual loans |
$ 2,505 |
$ 3,430 |
$ 3,580 |
Loans past due 90 days and accruing
interest |
-- |
-- |
-- |
Total nonperforming loans |
2,505 |
3,430 |
3,580 |
Other real estate owned (OREO) |
495 |
1,810 |
1,962 |
Total nonperforming assets |
$ 3,000 |
$ 5,240 |
$ 5,542 |
|
|
|
|
Allowance for loan losses to total loans |
1.59% |
1.63% |
1.69% |
Nonperforming assets to total loans &
OREO |
0.60% |
1.08% |
1.18% |
Nonperforming assets to total assets |
0.48% |
0.88% |
0.92% |
Allowance for loan losses to nonaccrual
loans |
314.01% |
229.56% |
220.77% |
|
|
|
|
|
Three Months Ended |
|
September 30, 2015 |
June 30, 2015 |
September 30, 2014 |
Allowance for loan losses |
|
|
|
Beginning balance |
$ 7,865 |
$ 7,874 |
$ 7,894 |
Recovery of provision for loan
losses |
-- |
-- |
(60) |
Net (charge
offs)/recoveries |
1 |
(9) |
69 |
Ending balance |
$ 7,866 |
$ 7,865 |
$ 7,903 |
|
|
|
|
|
Nine Months Ended |
|
|
September 30, 2015 |
September 30, 2014 |
|
Allowance for loan losses |
|
|
|
Beginning balance |
$ 7,874 |
$ 8,165 |
|
Recovery of provision for loan
losses |
(145) |
(352) |
|
Net recoveries |
137 |
90 |
|
Ending balance |
$ 7,866 |
$ 7,903 |
|
Capital
The Bank's Total Risk Based Capital at September 30, 2015, was
12.82%, compared to 12.90% at December 31, 2014. The Bank's
Tier 1 Risk Based Capital at September 30, 2015, was 11.56%,
compared to 11.64% at December 31, 2014. The Bank's Common
Equity Tier 1 Capital at September 30, 2015, was 11.56%. The
declines in the Bank's Total and Tier 1 capital ratios compared to
December 31, 2014, are due primarily to asset growth during 2015
and the implementation of Basel III framework for calculating
capital ratios. Additionally, the Company's tangible common
equity increased to 8.56% at September 30, 2015 from 8.30% at
December 31, 2014.
Noninterest Income
Noninterest income, including gains on sales of securities,
totaled $524 thousand for the quarter ended September 30, 2015, an
increase of $93 thousand or 21.6% from $431 thousand earned in the
quarter ended September 30, 2014. The primary driver of this
growth was an increase in loan prepayment penalties during the
quarter ended September 30, 2015, compared to the quarter ended
September 30, 2014. Year to date in 2015, noninterest income
decreased $53 thousand (or 3.8%) to $1.3 million compared to $1.4
million for the same period in 2014, due primarily to a decline in
securities gains of $232 thousand coupled with an increase in loan
prepayment penalties of $154 thousand.
Noninterest Expense
Noninterest expense increased $229 thousand (6.2%) during the
third quarter of 2015 to $4.0 million compared to $3.7 million for
the same period of 2014. Year to date in 2015, total noninterest
expense was $11.8 million compared to $11.4 million for the same
period of 2014. The $401 thousand (or 3.5%) increase compared
to the prior year was driven primarily by fair value adjustments to
OREO during the first quarter of 2015 and increased depreciation
expense.
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; the effects of
the pending merger with Park Sterling; 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 |
Nine Months Ended |
|
September 30, 2015 |
June 30, 2015 |
September 30, 2014 |
September 30, 2015 |
September 30, 2014 |
Selected Operating
Data: |
|
|
|
|
|
|
|
|
|
|
|
Interest and dividend income |
$ 6,557 |
$ 6,405 |
$ 6,247 |
$ 19,252 |
$ 18,246 |
Interest expense |
1,246 |
1,251 |
1,310 |
3,708 |
3,919 |
Net interest income |
5,311 |
5,154 |
4,937 |
15,544 |
14,327 |
Recovery of provision for loan losses |
-- |
-- |
(60) |
(145) |
(352) |
Other noninterest income |
476 |
371 |
350 |
1,207 |
1,028 |
Securities gains |
48 |
2 |
81 |
120 |
352 |
Noninterest expense |
3,950 |
3,806 |
3,721 |
11,846 |
11,445 |
Income before income tax |
1,885 |
1,721 |
1,707 |
5,170 |
4,614 |
Income tax expense |
606 |
554 |
556 |
1,662 |
1,477 |
Net Income |
$ 1,279 |
$ 1,167 |
$ 1,151 |
$ 3,508 |
$ 3,137 |
Less: Preferred dividends |
$ -- |
$ -- |
$ -- |
$ -- |
$ 24 |
Net income available to common
stockholders |
$ 1,279 |
$ 1,167 |
$ 1,151 |
$ 3,508 |
$ 3,113 |
Basic net income per common share |
$ 0.10 |
$ 0.09 |
$ 0.09 |
$ 0.28 |
$ 0.25 |
Diluted net income per common share |
$ 0.09 |
$ 0.08 |
$ 0.08 |
$ 0.24 |
$ 0.21 |
Dividends paid per common share |
$ 0.01 |
$ 0.01 |
$ -- |
$ 0.02 |
$ -- |
|
|
|
|
|
As of and for the Three
Months Ended |
As of and for the Nine
Months Ended |
|
September 30, 2015 |
December 31, 2014 |
September 30, 2014 |
September 30, 2015 |
September 30, 2014 |
Balance Sheet Data: |
|
|
|
|
|
Total assets |
$ 623,253 |
$ 598,538 |
$ 600,158 |
$ 623,253 |
$ 600,158 |
Average assets |
619,895 |
594,853 |
590,383 |
611,733 |
569,660 |
Loans, net |
487,431 |
473,789 |
460,905 |
487,431 |
460,905 |
Deposits |
520,528 |
479,507 |
488,184 |
520,528 |
488,184 |
Borrowings |
44,987 |
62,877 |
51,583 |
44,987 |
51,583 |
Stockholders' equity |
53,371 |
49,652 |
48,256 |
53,371 |
48,256 |
Average stockholders' equity |
52,558 |
49,050 |
47,659 |
51,533 |
46,561 |
Book value per share |
4.13 |
3.86 |
3.75 |
4.13 |
3.75 |
Tangible common equity to assets |
8.56% |
8.30% |
8.04% |
8.56% |
8.04% |
Total shares outstanding, in thousands |
12,923 |
12,865 |
12,865 |
12,923 |
12,865 |
Allowance for loan losses |
7,866 |
7,874 |
7,903 |
7,866 |
7,903 |
Nonperforming assets |
3,000 |
5,240 |
5,542 |
4,123 |
5,542 |
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
Net (recoveries) chargeoffs |
$ (1) |
$ 29 |
$ (69) |
$ (137) |
$ (90) |
Net (recoveries) chargeoffs to avg loans |
0.00% |
0.01% |
-0.01% |
-0.03% |
-0.02% |
Allowance for loan losses to total loans |
1.59% |
1.63% |
1.69% |
1.59% |
1.69% |
Nonperforming assets to total loans and
OREO |
0.60% |
1.08% |
1.18% |
0.60% |
1.18% |
|
|
|
|
|
|
Selected Performance
Ratios: |
|
|
|
|
|
Return on average assets (annualized) |
0.82% |
0.83% |
0.77% |
0.76% |
0.74% |
Return on average equity (annualized) |
9.65% |
10.12% |
9.58% |
9.10% |
9.01% |
Net interest margin (tax equivalent
basis) |
3.64% |
3.58% |
3.55% |
3.63% |
3.61% |
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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