1st Capital Bancorp Announces Fourth Quarter 2022 Financial Results
SALINAS, Calif., Jan. 27, 2023 (GLOBE NEWSWIRE) -- 1st Capital Bancorp (the “Company”), (OTCQX: FISB), the $942.2 million asset bank holding company and parent company of 1st Capital Bank (the “Bank”), today reported unaudited net income of $1.31 million for the quarter ended December 31, 2022, a 51.0% decrease compared to net income of $2.66 million for the quarter ended September 30, 2022, and a 31.0% decrease compared to net income of $1.89 million for the quarter ended December 31, 2021.
Financial Highlights
Performance highlights for the quarter ended December 31, 2022, as compared to the quarter ended September 30, 2022, and the quarter ended December 31, 2021:
- Earnings per share (diluted) were $0.24 for the fourth quarter of 2022, as compared to $0.48 and $0.33 for the quarters ended September 30, 2022, and December 31, 2021, respectively.
- For the quarter ended December 31, 2022, the Company's return on average equity was 10.47%, as compared to 16.44% and 9.39% for the quarters ended September 30, 2022, and December 31, 2021, respectively.
- For the quarter ended December 31, 2022, the Company’s return on average assets was 0.53%, as compared to 1.04% and 0.75% for the quarters ended September 30, 2022, and December 31, 2021, respectively.
- For the quarter ended December 31, 2022, the Company’s net interest margin was 3.63%, as compared to 3.46% and 3.17% for the quarters ended September 30, 2022, and December 31, 2021, respectively.
- Pretax, pre-provision income for the quarter ended December 31, 2022, totaled $2.2 million, as compared to $3.7 million and $2.5 million for the quarters ended September 30, 2022, and December 31, 2021, respectively.
- For the quarter ended December 31, 2022, the Company’s efficiency ratio was 72.26%, as compared to 59.54% and 68.01% for the quarters ended September 30, 2022, and December 31, 2021, respectively.
- The Company recorded provision expense of $523 thousand for the quarter ended December 31, 2022, and $0 for the quarters ended September 30, 2022 and December 31, 2021.
- As of December 31, 2022, the Company’s nonperforming assets to total assets was 0.06%, as compared to 0.04% and 0.10% for the quarters ended September 30, 2022, and December 31, 2021, respectively.
- As of December 31, 2022, the Company reported total assets, total deposits, and total loans of $942.2 million, $862.7 million, and $564.4 million, respectively.
- Federal regulatory capital ratios for the quarters ended December 31, 2022, September 30, 2022, and December 31, 2021, exceed well capitalized thresholds.
Financial Highlights
Performance highlights for the year ended December 31, 2022, as compared to the year ended December 31, 2021:
- Earnings per share (diluted) were $1.54 in 2022, as compared to $1.34 in 2021.
- The Company's return on average equity was 13.11% for the year ended December 31, 2022, as compared to 9.93% for the year ended December 31, 2021.
- The Company’s return on average assets was 0.86% for the year ended December 31, 2022, as compared to 0.83% for the year ended December 31, 2021.
- The Company’s net interest margin was 3.51%, for the year ended December 31, 2022, as compared to 3.35% for the year ended December 31, 2021.
- Pretax, pre-provision income for the year ended December 31, 2022, totaled $12.2 million, as compared to $10.5 million for the year ended December 31, 2021.
- For the year ended December 31, 2022, the Company’s efficiency ratio was 64.59%, as compared to 65.65% for the year ended December 31, 2021.
- The Company recorded provision expense of $523 thousand for the year ended December 31, 2022, and $0 for the year ended December 31, 2021.
“We are exceedingly pleased with 2022 operating performance,” stated chief executive officer Sam Jimenez. “The team was highly effective in managing through the dynamic and historic pace of rising interest rates. We will continue to actively manage the Company’s balance sheet with a focus on creating current and future earnings growth.”
Net Interest Income and Net Interest Margin
The Company's fourth quarter 2022 net interest income decreased $110 thousand, or 1.28%, to $8.48 million as compared with $8.59 million for the quarter ended September 30, 2022. Loan interest income, excluding PPP income, remained flat at $6.96 million in both the third and fourth quarters of 2022. Interest and fee income related to PPP loans decreased $52 thousand to $0 for the quarter ended December 31, 2022. PPP loans were fully forgiven in the third quarter 2022. Interest expense increased $205 thousand, or 30.7%, to $874 thousand for the quarter ended December 31, 2022, compared to $669 thousand for the quarter ended September 30, 2022 as the result of deposit rate increases concentrated on higher tier money market and savings accounts. The Company’s cost of funds increased from 0.28% in the third quarter 2022 to 0.39% in the fourth quarter of 2022.
The Company's net interest margin increased by 17 basis points (bps), or 4.78%, to 3.63% for the quarter ended December 31, 2022, when compared to 3.46% for the quarter ended September 30, 2022. The increase was primarily driven by higher yields on cash and loans with loan yields increasing 12 bps, or 2.58%, from 4.68% in third quarter of 2022 to 4.80% in fourth quarter 2022. Funding mix also contributed to the expansion as average balances on noninterest-bearing deposits increased from 45.5% of total deposits in third quarter 2022 to 47.8% in fourth quarter 2022.
The Company’s net interest income for the year ended December 31, 2022, increased $4.1 million, or 13.9%, to $33.9 million in 2022 compared to $29.8 million in 2021. PPP interest and fee income decreased $3.06 million, or 80%, to $765 thousand for the year ended December 31, 2022, compared to $3.82 million for the year ended December 31, 2021, as the majority of PPP loans were forgiven in 2021. Loan interest income, excluding PPP income, increased $3.63 million, or 15.29%, for the year ended December 31, 2022, compared to the year ending December 31, 2021. Interest expense increased $1.1 million, or 69.3%, to $2.65 million for the year ended December 31, 2022, compared to $1.56 million for the year ended December 31, 2021. The increase is primarily due to increased deposit rates on higher tiered money market and savings balances in fourth quarter 2022, a full year of interest expense on the subordinated debt in 2022, equating to $600 thousand in 2022 compared to $300 thousand in 2021, and interest expense associated with the cap corridor hedge of $195 thousand.
The Company’s net interest margin expanded 16 bps, or 4.91%, to 3.51% for the year ended December 31, 2022, compared to 3.35% for the year ended December 31, 2021. The change in earning asset mix contributed to the expansion as average balances held in lower yielding cash and investment securities decreased while average balances on higher-yielding loans increased. Loan yields expanded 20 bps, or 4.24% to 4.82% in 2022 compared to 4.62% in 2021. The yield on investment securities increased 69 bps, or 46.0%, to 2.18% for the year ended December 31, 2022, compared to 1.49% for the year ended December 31, 2021, largely due to decreasing prepayment speeds on mortgage-backed securities which slowed premium amortization, an offset to interest income.
Provision for Loan Losses
Provision expense of $523 thousand was booked in the year ended December 31, 2022, compared to $0 for the year ended December 31, 2021. The credit quality of the core loan book remains strong and stable with low levels of nonperforming assets.
Noninterest Expenses
The Company's total non-interest expenses increased $328 thousand, or 6.10%, to $5.70 million in the quarter ended December 31, 2022, compared to $5.38 million for the quarter ended September 30, 2022. Salary and benefit costs increased $102 thousand in the fourth quarter, or 3.14%, due to vacant positions being filled in fourth quarter and increased equity compensation quarter over quarter. Professional services costs increased $76 thousand, or 45.35%, to $244 thousand in the quarter ended December 31, 2022, compared to $168 thousand in the quarter ended September 30, 2022, related to consulting and recruiting costs. Other non-interest expenses increased $161 thousand, or 14.56%, to $1.27 million in fourth quarter compared to $1.11 million in third quarter 2022 related to software and advertising costs.
The Company’s total non-interest expenses increased $2.06 million, or 10.2%, to $22.2 million for the year ended December 31, 2022, compared to $20.1 million for the year ended December 31, 2021, with increases across all non-interest expense categories excluding professional services which declined $40 thousand, or 5.5%, year over year.
Balance Sheet Summary
The Company's total assets decreased $57.2 million, or 5.7%, to $942.2 million at December 31, 2022, as compared to $999.4 million at December 31, 2021.
Total loans outstanding were $564.4 million as of December 31, 2022, and December 31, 2021. PPP loans declined from $25.2 million at December 31, 2021 to $0 at December 31, 2022. The Company purchased three lease pools in 2022 with outstanding balances of $41.4 million at December 31, 2022 representing 7.3% of the total loan portfolio. Principal balances on purchased consumer loan pools total $26.4 million, or 4.7% of the total loan portfolio at December 31, 2022, and are performing consistently within modeled expectations.
| Loan type (dollars in thousands) | 12/31/2022 | % of Total Loans | 9/30/2022 | % of Total Loans | 12/31/2021 | % of Total Loans | |||||||||||
| Construction / land (including farmland) | $ | 14,290 | 2.5 | % | $ | 12,403 | 2.1 | % | $ | 28,260 | 5.0 | % | |||||
| Residential 1 to 4 units | 54,608 | 9.7 | % | 56,592 | 9.6 | % | 61,209 | 10.8 | % | ||||||||
| Home equity lines of credit | 4,690 | 0.8 | % | 4,909 | 0.8 | % | 6,087 | 1.1 | % | ||||||||
| Multifamily | 79,227 | 14.0 | % | 82,936 | 14.1 | % | 82,231 | 14.6 | % | ||||||||
| Owner occupied commercial real estate | 108,140 | 19.2 | % | 111,097 | 18.9 | % | 89,087 | 15.8 | % | ||||||||
| Investor commercial real estate | 188,374 | 33.4 | % | 188,930 | 32.3 | % | 185,939 | 33.0 | % | ||||||||
| Commercial and industrial | 39,247 | 7.0 | % | 39,804 | 6.8 | % | 40,298 | 7.1 | % | ||||||||
| Paycheck Protection Program | - | 0.0 | % | - | 0.0 | % | 25,203 | 4.5 | % | ||||||||
| Leases | 41,380 | 7.3 | % | 45,049 | 7.7 | % | - | 0.0 | % | ||||||||
| Consumer | 26,423 | 4.7 | % | 30,902 | 5.3 | % | - | 0.0 | % | ||||||||
| Other loans | 8,059 | 1.4 | % | 14,176 | 2.4 | % | 45,927 | 8.1 | % | ||||||||
| Total loans | 564,438 | 100.0 | % | 586,798 | 100.0 | % | 564,241 | 100.0 | % | ||||||||
| Allowance for loan losses | (7,347 | ) | (7,560 | ) | (8,578 | ) | |||||||||||
| Net loans held for investment | $ | 557,091 | $ | 579,238 | $ | 555,663 | |||||||||||
The investment portfolio decreased $26.5 million, or 7.99%, to $305.8 million at December 31, 2022 from $332.3 million at September 30, 2022. In the fourth quarter, $25.4 million of available-for-sale investment securities were sold at a pre-tax loss of $1.2 million. The transaction bolstered liquidity, mitigates a portion of future portfolio valuation risk to the available-for-sale investment security portfolio in a rising rate environment and prospectively benefits net interest margin and net income.
The unrealized loss associated with the Company’s available-for-sale investment security portfolio decreased from $40.1 million at September 30, 2022 to $36.7 million at December 31, 2022, as market yield movements positively benefitted portfolio valuation, and to a lesser extent, due to the bond sale executed in the fourth quarter of 2022.
Total deposits were $862.7 million as of December 31, 2022. This represents a $36.5 million, or 4.1% decrease from the December 31, 2021, balance of $899.2 million. Interest-bearing deposits grew $12.3 million, or 2.8%, driven by growth in money market balances of $55.3 million partially offset by a $48.9 million decline in savings balances. Noninterest-bearing balances declined $48.7 million, or 10.5% from $464.0 million at December 31, 2021 to $415.3 million at December 31, 2021. Non-interest bearing accounts comprised 48.1% and 51.6% of total deposit balances at December 31, 2022 and December 31, 2021, respectively.
| Deposit type (dollars in thousands) | 12/31/2022 | % of Total Deposits | 9/30/22 | % of Total Deposits | 12/31/2021 | % of Total Deposits | |||||||||||
| Interest bearing checking accounts | $ | 75,242 | 8.7 | % | $ | 69,258 | 7.5 | % | $ | 68,575 | 7.6 | % | |||||
| Money market | 253,036 | 29.4 | % | 308,722 | 33.5 | % | 197,703 | 22.0 | % | ||||||||
| Savings | 108,418 | 12.6 | % | 109,653 | 11.9 | % | 157,332 | 17.5 | % | ||||||||
| Time | 10,745 | 1.2 | % | 10,256 | 1.1 | % | 11,559 | 1.3 | % | ||||||||
| Total interest-bearing deposits | 447,441 | 51.9 | % | 497,889 | 54.0 | % | 435,169 | 48.4 | % | ||||||||
| Noninterest-bearing | 415,256 | 48.1 | % | 424,312 | 46.0 | % | 463,990 | 51.6 | % | ||||||||
| Total deposits | $ | 862,697 | 100.0 | % | $ | 922,201 | 100.0 | % | $ | 899,159 | 100.0 | % | |||||
Shareholder’s equity totaled $55.3 million at December 31, 2022, a decline of $24.7 million, or 30.9%, compared to $80.0 million at December 31, 2021. This is reflective of the increase in unrealized losses on the investment security portfolio in 2022, the impact of which flows through accumulated other comprehensive income, a component of equity. At December 31, 2022 bonds classified as held-to-maturity total $72.2 million, approximately 24% of the total investment portfolio compared to $0 at December 31, 2021. The unrealized losses on these held-to-maturity bonds are captured in AOCI at the transfer date and amortize over the life of the bonds, with interest rate environment changes having no further impact on the unrealized loss position of these bonds.
In the second quarter of 2022, the Company entered into a cap corridor transaction with a $100 million notional amount designed to hedge a portion of deposit interest expense and to partially mitigate the future investment portfolio valuation impact of increasing interest rates. The corridor qualifies for hedge accounting and is carried at fair value on the balance sheet with changes in fair value flowing through AOCI. The fair value of the hedge increased $921 thousand in 2022, positively impacting AOCI, and is carried on the balance sheet at a fair value of $3.2 million at December 31, 2022.
Stock Repurchase Activity
The Company announced a Stock Repurchase Program on December 3, 2021, and subsequently repurchased a total of 181,589 shares to date at a weighted average price of $15.19 in 2022.
Asset Quality
At December 31, 2022, non-performing assets were 0.06% of the Company’s total assets, compared with 0.10% at December 31, 2021. The allowance for loan losses was 1.30% of outstanding loans at December 31, 2022, compared to 1.52% at December 31, 2021. The Company had $0 and $899 thousand in nonaccrual loans at December 31, 2022 and December 31, 2021, respectively. The Company recorded net charge-offs of $1.75 million in the year ended December 31, 2022 compared to $239 thousand in the year ended December 31, 2021. Charge-offs were entirely within the purchased consumer loan pools in 2022 and 2021.
| Asset Quality (dollars in thousands) | 12/31/2022 | 9/30/2022 | 12/31/2021 | ||||||
| Loans past due 90 days or more and accruing interest | $ | 539 | $ | 409 | $ | 59 | |||
| Other nonaccrual loans | - | - | 899 | ||||||
| Other real estate owned | - | - | - | ||||||
| Total nonperforming assets | $ | 539 | $ | 409 | $ | 958 | |||
| Allowance for loan losses to total loans | 1.30 | % | 1.29 | % | 1.52 | % | |||
| Allowance for loan losses to nonperforming loans | 1363.08 | % | 1848.34 | % | 895.41 | % | |||
| Nonaccrual loans to total loans | 0.00 | % | 0.00 | % | 0.16 | % | |||
| Nonperforming assets to total assets | 0.06 | % | 0.04 | % | 0.10 | % | |||
| 1ST CAPITAL BANCORP CONDENSED FINANCIAL DATA - UNAUDITED ($ in 000s except per share data) | ||||||||||
| Assets | 12/31/2022 | 9/30/2022 | 12/31/2021 | |||||||
| Cash and due from banks | $ | 38,015 | $ | 41,842 | $ | 84,079 | ||||
| Investment securities available-for-sale | 233,529 | 259,472 | 333,869 | |||||||
| Investment securities held-to-maturity | 72,225 | 72,818 | -- | |||||||
| Loans and leases held for investment | 564,438 | 586,798 | 564,241 | |||||||
| Allowance for loan and lease losses | (7,347 | ) | (7,560 | ) | (8,578 | ) | ||||
| Net loans and leases held for investment | 557,091 | 579,238 | 555,663 | |||||||
| Other Assets | 41,344 | 41,241 | 25,749 | |||||||
| Total assets | $ | 942,204 | $ | 994,611 | $ | 999,360 | ||||
| Liabilities and Shareholders' Equity | ||||||||||
| Deposits: | ||||||||||
| Noninterest bearing demand deposits | $ | 415,256 | $ | 424,312 | $ | 463,990 | ||||
| Interest-bearing accounts | 447,441 | 497,889 | 435,169 | |||||||
| Total deposits | 862,697 | 922,201 | 899,159 | |||||||
| Subordinated debentures | 14,738 | 14,719 | 14,663 | |||||||
| Other borrowings | -- | -- | -- | |||||||
| Other liabilities | 9,457 | 9,415 | 5,540 | |||||||
| Shareholders' equity | 55,312 | 48,276 | 79,998 | |||||||
| Total liabilities and shareholders' equity | $ | 942,204 | $ | 994,611 | $ | 999,360 | ||||
| Shares outstanding | 5,511,937 | 5,476,092 | 5,609,141 | |||||||
| Earnings per share basic | $ | 0.24 | $ | 0.49 | $ | 0.34 | ||||
| Earnings per share diluted | $ | 0.24 | $ | 0.48 | $ | 0.33 | ||||
| Nominal and tangible book value per share | $ | 10.03 | $ | 8.82 | $ | 14.26 | ||||
| 1ST CAPITAL BANCORP CONDENSED FINANCIAL DATA - UNAUDITED ($ in 000s except per share data) | ||||||||||
| Three Months Ended | ||||||||||
| Operating Results Data | 12/31/2022 | 9/30/2022 | 12/31/2021 | |||||||
| Interest and dividend income | ||||||||||
| Loans | $ | 6,963 | $ | 7,011 | $ | 6,857 | ||||
| Investment securities | 2,054 | 2,055 | 1,247 | |||||||
| Federal Home Loan Bank stock | 82 | 62 | 60 | |||||||
| Other income | 250 | 126 | 39 | |||||||
| Total interest and dividend income | 9,349 | 9,254 | 8,203 | |||||||
| Interest expense | 874 | 669 | 530 | |||||||
| Net interest income | 8,475 | 8,585 | 7,673 | |||||||
| Provision for loan losses | 523 | - | - | |||||||
| Net interest income after provision for loan losses | 7,952 | 8,585 | 7,673 | |||||||
| Noninterest income | 620 | 446 | 238 | |||||||
| Net (loss) on sales/calls of investment securities | (1,201 | ) | - | - | ||||||
| Noninterest expenses | ||||||||||
| Salaries and benefits expense | 3,345 | 3,243 | 3,306 | |||||||
| Occupancy expense | 432 | 451 | 413 | |||||||
| Data and item processing | 278 | 279 | 260 | |||||||
| Furniture and equipment | 135 | 127 | 117 | |||||||
| Professional services | 244 | 168 | 248 | |||||||
| Other | 1,270 | 1,109 | 1,036 | |||||||
| Total noninterest expenses | 5,704 | 5,377 | 5,380 | |||||||
| Income before provision for income taxes | 1,667 | 3,654 | 2,531 | |||||||
| Provision for income taxes | 362 | 992 | 640 | |||||||
| Net income | $ | 1,305 | $ | 2,662 | $ | 1,891 | ||||
| Three Months Ended | ||||||||||
| Selected Average Balances | 12/31/2022 | 9/30/2022 | 12/31/2021 | |||||||
| Gross loans | $ | 575,696 | $ | 594,624 | $ | 561,207 | ||||
| Investment securities | 326,875 | 352,564 | 317,032 | |||||||
| Federal Home Loan Bank stock | 4,058 | 4,058 | 3,948 | |||||||
| Other interest earning assets | 32,942 | 34,162 | 92,112 | |||||||
| Total interest earning assets | 939,571 | 985,408 | 974,299 | |||||||
| Total assets | 970,167 | 1,018,730 | 999,508 | |||||||
| Interest-bearing checking accounts | 68,216 | 65,171 | 60,106 | |||||||
| Money market | 238,255 | 303,802 | 232,730 | |||||||
| Savings | 151,478 | 126,511 | 141,290 | |||||||
| Time deposits | 10,157 | 12,376 | 11,965 | |||||||
| Total interest-bearing deposits | 468,106 | 507,860 | 446,091 | |||||||
| Noninterest bearing demand deposits | 428,227 | 423,166 | 468,459 | |||||||
| Total deposits | 896,333 | 931,026 | 914,550 | |||||||
| Subordinated debentures and other borrowings | 14,733 | 15,055 | 14,651 | |||||||
| Shareholders' equity | $ | 49,477 | $ | 64,227 | $ | 79,312 | ||||
| 1ST CAPITAL BANCORP CONDENSED FINANCIAL DATA - UNAUDITED ($ in 000s except per share data) | ||||||||||
| Three Months Ended | ||||||||||
| Selected Financial Ratios | 12/31/2022 | 9/30/2022 | 12/31/2021 | |||||||
| Return on average total assets | 0.53 | % | 1.04 | % | 0.75 | % | ||||
| Return on average shareholders' equity | 10.47 | % | 16.44 | % | 9.46 | % | ||||
| Net interest margin | 3.63 | % | 3.46 | % | 3.17 | % | ||||
| Net interest income to average total assets | 3.47 | % | 3.34 | % | 3.05 | % | ||||
| Efficiency ratio | 72.26 | % | 59.54 | % | 68.01 | % | ||||
| Year Ended | ||||||
| Operating Results Data | 12/31/2022 | 12/31/2021 | ||||
| Interest and dividend income | ||||||
| Loans | $ | 28,128 | $ | 27,555 | ||
| Investment securities | 7,704 | 3,452 | ||||
| Federal Home Loan Bank stock | 261 | 230 | ||||
| Other income | 444 | 85 | ||||
| Total interest and dividend income | 36,537 | 31,322 | ||||
| Interest expense | 2,645 | 1,563 | ||||
| Net interest income | 33,892 | 29,759 | ||||
| Provision for loan losses | 523 | - | ||||
| Net interest income after provision for loan losses | 33,369 | 29,759 | ||||
| Noninterest income | 1,624 | 913 | ||||
| Net gain/(loss) on sales/calls of investment securities | (1,150 | ) | - | |||
| Noninterest expenses | ||||||
| Salaries and benefits expense | 13,489 | 12,408 | ||||
| Occupancy expense | 1,780 | 1,643 | ||||
| Data and item processing | 1,085 | 1,064 | ||||
| Furniture and equipment | 552 | 466 | ||||
| Professional services | 696 | 736 | ||||
| Other | 4,594 | 3,818 | ||||
| Total noninterest expenses | 22,196 | 20,135 | ||||
| Income before provision for income taxes | 11,647 | 10,537 | ||||
| Provision for income taxes | 3,067 | 2,904 | ||||
| Net income | $ | 8,580 | $ | 7,633 | ||
| 1ST CAPITAL BANCORP CONDENSED FINANCIAL DATA - UNAUDITED ($ in 000s except per share data) | ||||||
| Year Ended | ||||||
| Selected Average Balances | 12/31/2022 | 12/31/2021 | ||||
| Gross loans | $ | 583,623 | $ | 595,961 | ||
| Investment securities | 353,804 | 231,420 | ||||
| Federal Home Loan Bank stock | 4,023 | 3,818 | ||||
| Other interest earning assets | 35,820 | 58,474 | ||||
| Total interest earning assets | 977,270 | 889,673 | ||||
| Total assets | 1,003,169 | 891,136 | ||||
| Interest bearing checking accounts | 66,001 | 60,738 | ||||
| Money market | 253,047 | 206,320 | ||||
| Savings | 154,248 | 131,905 | ||||
| Time deposits | 11,612 | 13,609 | ||||
| Total interest-bearing deposits | 484,908 | 412,572 | ||||
| Noninterest bearing demand deposits | 429,240 | 422,417 | ||||
| Total deposits | 914,148 | 834,989 | ||||
| Subordinated debentures and other borrowings | 14,700 | 7,657 | ||||
| Shareholders' equity | $ | 65,431 | $ | 76,892 | ||
| Year Ended | ||||
| Selected Financial Ratios | 12/31/2022 | 12/31/2021 | ||
| Return on average total assets | 0.86 | % | 0.83 | % |
| Return on average shareholders' equity | 13.11 | % | 9.93 | % |
| Net interest margin | 3.51 | % | 3.35 | % |
| Net interest income to average total assets | 3.38 | % | 3.24 | % |
| Efficiency ratio | 64.59 | % | 65.65 | % |
| Regulatory Capital and Ratios | 12/31/2022 | 9/30/2022 | 12/31/2021 | ||||||
| Common equity tier 1 capital | $ | 101,410 | $ | 100,148 | $ | 80,819 | |||
| Tier 1 regulatory capital | $ | 101,410 | $ | 100,148 | $ | 80,819 | |||
| Total regulatory capital | $ | 108,912 | $ | 107,855 | $ | 88,798 | |||
| Tier 1 leverage ratio | 10.04 | % | 9.70 | % | 8.09 | % | |||
| Common equity tier 1 risk-based capital ratio | 15.27 | % | 14.44 | % | 12.82 | % | |||
| Tier 1 capital ratio | 15.27 | % | 14.44 | % | 12.82 | % | |||
| Total risk-based capital ratio | 16.40 | % | 15.55 | % | 14.07 | % | |||
About 1st Capital Bancorp
1st Capital Bancorp is the holding company for 1st Capital Bank. The Bank’s primary target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents along the Central Coast region of California. The Bank provides a wide range of credit products, including loans under various government programs such as those provided through the U.S. Small Business Administration and the U.S. Department of Agriculture. A full suite of deposit accounts also is furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, San Luis Obispo and Santa Cruz. The Bank’s corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank’s website is . The main telephone number is 831.264.4000.
Member FDIC / Equal Opportunity Lender / SBA Preferred Lender
Forward-Looking Statements
Certain of the statements contained herein that are not historical facts are “forward-looking statements” within the meaning of and subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may contain words or phrases including, but not limited, to: “believe,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “plans,” “may increase,” “may fluctuate,” “may result in,” “are projected,” and variations of those words and similar expressions. All such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that might cause such a difference include, among other matters, changes in interest rates; economic conditions including inflation and real estate values in California and the Bank’s market areas; governmental regulation and legislation; credit quality; competition affecting the Bank’s businesses generally; the risk of natural disasters and future catastrophic events including pandemics, terrorist related incidents and other factors beyond the Bank’s control; and other factors. The Bank does not undertake, and specifically disclaims any obligation, to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
For further information, please contact:
| Samuel D. Jimenez | Danelle Thomsen | |
| Chief Executive Officer | Chief Financial Officer | |
| 831.264.4057 office | 831.264.4014 office | |
