1st century bancshares inc
(FCTY:NASDAQ CM)
1st century bancshares inc (FCTY) Key Developments
1st Century Bancshares, Inc. reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company's net income was $1.4 million, or $0.16 per diluted share, compared to $592,000, or $0.07 per diluted share, during the same period last year. The company's increased earnings were primarily driven by favorable loan growth, as well as improved credit quality. At March 31, 2013 and 2012, the Company's book value per share was $5.54 and $5.06, respectively, representing an increase of 9.5% during the twelve month period. Net interest income was $3.9 million, compared to $3.3 million for the same period last year. Pre-tax, pre-provision earnings was $980,000 against $608,000 for the same period a year ago.
1st Century Bancshares, Inc., Annual General Meeting, May 08, 2013., at 17:00 Pacific Daylight.
1st Century Bancshares, Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company recorded net income of $912,000, or $0.10 per diluted share, compared to $432,000, or $0.05 per diluted and basic share for the same periods last year. Net interest income was $3,965,000 against $3,036,000 a year ago. These increases in net interest income was primarily attributable to additional interest earned in connection with the loan and investment portfolios as compared to the same periods last year, and were the result of increases in the average balances of these portfolios during the current periods, partially offset by a decline in yields earned. Pre-tax, pre-provision earnings were $963,000 against $503,000 a year ago. For the year, the company recorded net income of $2.9 million, or $0.33 per diluted share compared to $1.0 million, or $0.11 per diluted share, for the same periods last year. Net interest income was $14,073,000 against $11,281,000 a year ago. Pre-tax, pre-provision earnings were $3,053,000 against $1,371,000 a year ago.
1st Century Bancshares, Inc. Presents at 2013 West Coast Financial Services Conference, Mar-04-2013 . Venue: The Ritz-Carlton, Marina del Rey, California, United States.
1st Century Bancshares, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported net interest income of $3,426,000 against $2,815,000 a year ago. Net income was $687,000 or $0.08 per diluted share against $354,000 or $0.04 per diluted share a year ago. Pre-tax, pre-provision earnings were $712,000 against $354,000 a year ago. For the nine months, the company reported net interest income of $10,108,000 against $8,245,000 a year ago. Net income was $2,030,000 or $0.23 per diluted share against $593,000 or $0.07 per diluted share a year ago. Pre-tax, pre-provision earnings were $2,090,000 against $868,000 a year ago. Ending book value per share was $5.33 against $4.99 a year ago. These increases were primarily attributable to additional interest earned in connection with its loan and investment portfolios as compared to the same periods last year, and were the result of increases in the average balances of these portfolios during the current periods, partially offset by a decline in yields earned.
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Industry Analysis
FCTY
Industry Average
| Valuation | FCTY | Industry Range |
| Price/Earnings | 14.0x |
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| Price/Sales | 3.0x |
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| Price/Book | 1.0x |
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| Price/Cash Flow | 14.6x |
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| TEV/Sales | 0.2x |
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