Last $11.40 USD
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As of 8:10 PM 12/26/14 All times are local (Market data is delayed by at least 15 minutes).

1st capital bank (FISB) Key Developments

1st Capital Bank Announces Unaudited Earnings Results for the Third Quarter and First Nine Months Ended September 30, 2014

1st Capital Bank announced unaudited earnings results for the third quarter and first nine months ended September 30, 2014. For the third quarter, the company reported net income of $470,000, equivalent to $0.12 per diluted common share compared to net income of $457,000, equivalent to $0.13 per diluted common share, a year ago. Return on average total assets was 0.42% against 0.50% for the same period a year ago. Return on average shareholders’ equity was 4.66% against 5.06% for the same period a year ago. Total interest and dividend income was $3,502,000 against $3,336,000 for the same period a year ago. Net interest income was $3,344,000 against $3,187,000 for the same period a year ago. Income before provision for income taxes was $816,000 against $763,000 for the same period a year ago. For the nine months, the company reported net income of $1.3 million, equivalent to $0.35 per diluted common share, compared to net income of $1.1 million, equivalent to $0.30 per diluted common share, for the first nine months of 2013. The improved earnings during 2014 stemmed from: increased net interest income associated with a greater level of average interest earnings assets; a lower provision for loan losses; and gains on the sale of securities during 2014, as the bank reallocated duration from its security portfolio to its loan portfolio in conjunction with its interest rate risk management program. Tangible book value per share rose to a record $10.77 as of September 30, 2014, as compared to $10.28 per share at December 31, 2013. Return on average total assets was 0.42% against 0.41% for the same period a year ago. Return on average shareholders’ equity was 4.56% against 4.12% for the same period a year ago. Income before provision for income taxes was $2,265,000 against $1,832,000 for the same period a year ago. Total interest and dividend income was $10,051,000 against $9,779,000 for the same period a year ago. Net interest income was $9,585,000 against $9,315,000 for the same period a year ago.

FISB Eyes Acquisitions

1st Capital Bank (OTCPK:FISB) announces that various types of non-interest income have increased in conjunction with the rise in the size of the deposit portfolio and the acquisition of certain business clients who are comparatively larger users of cash management, wire transfer, and other fee based services.

1st Capital Bank Announces Changes in Executive Officers

1st Capital Bank announced that the Bank's Executive Vice President and Chief Administrative Officer, Marilyn P. Goode, has separated from the Bank. Ms. Goode worked for the Bank since 2007 and was instrumental in the Bank's early operation and growth. The Bank announced that H. Irene Shippee has been appointed Executive Vice President and Chief Banking Officer. Ms. Shippee is a veteran California banker who has worked for 1st Capital Bank for the past year in the role of Senior Vice President and Operations Administrator. Ms. Shippee has over 25 years of experience in electronic banking, branch administration, deposit product development, card processing, deposit operations, and associated regulatory compliance. In her new role, Ms. Shippee will be responsible for most of the functions previously managed by Ms. Goode, including the Bank's branch network and Cash Management and Central Operations departments.

1st Capital Bank Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

1st Capital Bank reported unaudited earnings results for the second quarter and six months ended June 30, 2014. For the quarter, total interest and dividend income was $3.3 million against $3.3 million last year. Net interest income was $3.2 million against $3.1 million last year. Income before provision for income taxes was $0.8 million against $0.6 million last year. Net income was $0.5 million or $0.12 per basic and diluted share against $0.4 million or $0.10 per basic and diluted share last year. Return on average total assets was 0.43% against 0.40% last year. Return on average shareholders' equity was 4.68% against 4.14% last year. The increase in earnings from the second quarter of 2013 primarily resulted from a lower provision for loan losses. For the six months, total interest and dividend income was $6.5 million against $6.4 million last year. Net interest income was $6.2 million against $6.1 million last year. Income before provision for income taxes was $1.4 million against $1.1 million last year. Net income was $0.9 million or $0.23 per basic and diluted share against $0.6 million or $0.18 per basic and diluted share last year. Return on average total assets was 0.42% against 0.36% last year. Return on average shareholders' equity was 4.51% against 3.63% last year. The improved earnings during 2014 primarily stemmed from a lower provision for loan losses. Tangible book value per share rose to a record $10.60 as of June 30, 2014, as compared to $10.28 per share at December 31, 2013.

1st Capital Bank Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014

1st Capital Bank reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income of $408,000 or $0.11 per diluted share on total interest and dividend income of $3,202,000 compared to net income of $263,000 or $0.08 per diluted share on total interest and dividend income of $3,166,000 reported a year ago. Net interest income was $3,053,000 compared to $3,007,000 reported a year ago. Income before provision for income taxes was $674,000 compared to $452,000 reported a year ago.

 

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Price/Sales 3.3x
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Price/Cash Flow 21.9x
TEV/Sales 2.8x
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