Last $6.50 USD
Change Today -0.10 / -1.52%
Volume 2.6K
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As of 5:20 PM 12/26/14 All times are local (Market data is delayed by at least 15 minutes).

1st century bancshares inc (FCTY) Key Developments

1st Century Bancshares, Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

1st Century Bancshares, Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net interest income of $4,649,000 against $4,009,000 a year ago. Net income was $626,000 against $803,000 a year ago. Diluted earnings per share were $0.06 against $0.09 a year ago. The decline in net income during the three months ended September 30, 2014 as compared to the same period last year was primarily due to a $453,000 increase in income tax provisions and a $447,000 increase in non-interest expenses. For the nine months, the company reported net interest income of $13,504,000 against $11,761,000 a year ago. Net income was $1,807,000 against $6,646,000 a year ago. Diluted earnings per share were $0.19 against $0.74 a year ago. The net income variance during the nine months ended September 30, 2014, compared to the same period last year, was primarily attributable to a $4.5 million increase in income tax provisions. This increase was related to an income tax benefit of approximately $3.2 million recognized during the nine months ended September 30, 2013 in connection with the reversal of deferred tax valuation allowance, as compared to $1.3 million of income tax provisions recognized during the nine months ended September 30, 2014.

1st Century Bancshares, Inc. Announces Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

1st Century Bancshares, Inc. announced earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net interest income of $4,509,000 against $3,868,000 a year ago. Net income was $779,000 against $4,401,000 a year ago. Diluted earnings per share were $0.08 against $0.49 a year ago. Pre-tax, pre-provision earnings were $1,444,000 against $1,185,000 a year ago. For the six months, the company reported net interest income of $8,855,000 against $7,752,000 a year ago. Net income was $1,181,000 against $5,843,000 a year ago. Diluted earnings per share were $0.12 against $0.65 a year ago. Pre-tax, pre-provision earnings were $2,156,000 against $2,165,000 a year ago. At June 30, 2014 and 2013, the company's book value per share was $5.83 and $5.77, respectively.

1st Century Bancshares, Inc. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2014

1st Century Bancshares, Inc. reported unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income of $402,000, compared to $1.4 million for the same period last year. The decline in net income during the period as compared to the same period last year was primarily due to a $736,000 increase in non-interest expense and a $272,000 increase in income tax provisions during the quarter ended March 31, 2014 as compared to the same period in the year prior and a $500,000 reversal of provision for loan losses that was recorded during the quarter ended March 31, 2013. At March 31, 2014 and 2013, the Company's book value per share was $5.85 and $5.54, respectively, representing an increase of 5.6%. Pre-tax, pre-provision earnings was $712,000, compared to $980,000, for the same period last year. Net Interest Income was $4,346,000 against $3,884,000 for the same period a year ago. Diluted Earnings per share was $0.04 against $0.16 for the same period a year ago.

1st Century Bancshares, Inc., Annual General Meeting, May 08, 2014

1st Century Bancshares, Inc., Annual General Meeting, May 08, 2014., at 17:00 Pacific Standard Time. Location: 1875 Century Park East, Suite 100. Agenda: To election of directors; to ratify the appointment of independent registered public accounting firm; to ratify the appointment of Crowe Horwath LLP as 1st Century Bancshares, Inc.'s independent registered public accounting firm for the year ending December 31, 2014; and to transact such other business as may properly come before the annual meeting of stockholders and at any and all adjournments thereof.

1st Century Bancshares, Inc. Reports Financial Results for the Quarter and Year Ended December 31, 2013

1st Century Bancshares, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net income of $217,000 and $6.9 million, respectively, compared to $912,000 and $2.9 million for the same periods last year. Pre-tax, pre-provision earnings were $736,000 and $3.9 million, respectively, compared to $963,000 and $3.1 million, respectively, for the same periods last year. The decline in net income was primarily due to a $400,000 increase in provision for loan losses and a $534,000 decline in non-interest income, partially offset by a $482,000 increase in net interest income. Net interest income was $4,447,000 compared to $3,965,000 for the same period a year ago. Diluted earnings per share were $0.02 compared to $0.11 for the same period a year ago. For the full year, the company reported net interest income of $16,208,000 compared to $14,073,000 for the same period a year ago. Net income was $6,863,000 compared to $2,942,000 for the same period a year ago. Diluted earnings per share were $0.76 compared to $0.33 for the same period a year ago. The increase in net income primarily related to an increase in net interest income of $2.1 million and the reversal of deferred tax valuation allowance, which resulted in an income tax benefit of approximately $3.1 million. These increases were partially offset by an increase in non-interest expenses of $1.1 million. Book value per share was $5.84 compared to $5.38 for the same period a year ago.

 

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Valuation FCTY Industry Range
Price/Earnings 31.3x
Price/Sales 3.3x
Price/Book 1.0x
Price/Cash Flow 33.1x
TEV/Sales NM Not Meaningful
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