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1st Capital Bank Announces Fourth Quarter 2018 Financial Results; Record Annual Net Income

Thursday, 31 January 2019 04:00 PM

1st Capital Bank

Topic:
Earnings

SALINAS, CA / ACCESSWIRE / January 31, 2019 / 1st Capital Bank (OTC PINK: FISB) reported unaudited net income of $1.94 million for the three months ended December 31, 2018, compared to net income of $182 thousand for the three months ended December 31, 2017 and net income of $1.74 million for the three months ended September 30, 2018, the immediately preceding quarter. Earnings per share were $0.38 (diluted), compared to $0.34 (diluted) for the prior quarter.

Unaudited net income for the year ended December 31, 2018 increased 126.1% to $6.43 million, compared to $2.84 million for the year ended December 31, 2017. Additionally, pre-tax income for 2018 rose significantly to $8.86 million, 45.1% above 2017's pre-tax income of $6.11 million. Earnings per share were $1.25 (diluted) for the year ended December 31, 2018, compared to $0.56 (diluted) for the year ended December 31, 2017.

"We are pleased to report record levels of assets and net income for 2018. Our strong local deposit base funded the continued growth in our loan portfolio," said Thomas E. Meyer, President and Chief Executive Officer. "The benefits of lower income tax rates in 2018 resulting from the Tax Cuts and Jobs Act of 2017 were also evident in our results," Meyer added.

Net interest margin increased from 3.89% in the third quarter of 2018 to 4.01% in the fourth quarter of 2018. Net interest income before provision for loan losses for the three-month period ended December 31, 2018 was $6.13 million, an increase of $236 thousand, or 4.0%, compared to $5.89 million recognized in the three-month period ended September 30, 2018. On a year-over-year basis, quarterly net interest income before provision for loan losses increased $1.01 million, or 19.7%, from $5.12 million recognized in the fourth quarter of 2017.

For the year ended December 31, 2018, net interest income before provision for loan losses increased 18.8%, from $19.1 million in the year ended December 31, 2017 to $22.7 million in the year ended December 31, 2018. The Bank's annual net interest margin expanded from 3.50% in 2017 to 3.86% in 2018. Growth in average loans outstanding, which increased $50.7 million, or 12.2%, from $415.9 million in 2017 to $466.6 million in 2018, made up the bulk of growth in average interest-earning assets, which increased $40.7 million, or 7.4%, from $547.6 million in 2017 to $588.3 million in 2018.

In the fourth quarter of 2018, core loan growth was concentrated in the commercial real estate portfolio which organically grew $3.1 million, or 1.2%, from $252.3 million as of September 30, 2018 to $255.4 million as of December 31, 2018, and commercial and industrial loans increased $73 thousand to $38.7 million as of December 31, 2018. Over the same period, the single-family residential portfolio, which consists primarily of purchased loans, increased $3.5 million, or 2.4%, from $147.2 million as of September 30, 2018 to $150.7 million as of December 31, 2018. Overall, the loan portfolio increased $59.4 million, or 13.9%, on an annual basis from $428 million as of December 31, 2017 to $487 million as of December 31, 2018, and increased $2.8 million or 0.6% in the fourth quarter of 2018.

"Our annual operating results reflect 6.5% growth in our core commercial and industrial and commercial real estate portfolios during 2018, which was complemented by purchases of high quality single-family residential loans" said Thomas E. Meyer, President and Chief Executive Officer. " We have recently announced the addition of several highly experienced relationship bankers, who we believe will further enhance our relationship banking model. We see good lending opportunities in our key markets, while adhering to our credit discipline."

Total deposits increased $12.6 million, or 2.3%, to $560.5 million as of December 31, 2018, from $547.9 million as of September 30, 2018, and increased $34.4 million, or 6.5%, from $526.1 million as of December 31, 2017. The Bank's cost of funds increased from 0.12% for the year ended December 31, 2017 to 0.15% for the year ended December 31, 2018, reflecting increases in certificate of deposit costs during the second half of 2018.

"Our noninterest-bearing deposits made up 50.3% of our total deposits at December 31, 2018 and are the primary driver of our continued low cost of funds," said Michael J. Winiarski, Executive Vice President and Chief Financial Officer, "although we expect deposit pricing pressure to continue into 2019."

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

Net interest income before provision for credit losses was $6.13 million in the fourth quarter of 2018, an increase of $1.01 million, or 19.7%, compared to $5.12 million in the fourth quarter of 2017 and an increase of $236 thousand, or 4.0%, compared to $5.89 million in the third quarter of 2018.

Average earning assets were $606.2 million during the fourth quarter of 2018, an increase of 0.95% compared to $600.5 million in the third quarter of 2018. The yield on earning assets was 4.18% in the fourth quarter, compared to 4.05% in the third quarter of 2018, primarily due to an increase in the yield on loans from 4.45% to 4.60%; and secondly, to an increase in the yield of the investment portfolio from 2.26% to 2.48%. The average balance of the investment portfolio decreased $374 thousand, from $70.2 million in the third quarter of 2019 to $69.8 million in the fourth quarter of 2018, reflecting normal amortization and prepayments on the Bank's investments in mortgage-backed securities and collateralized mortgage obligations, offset by $4.1 million in investment purchases.

The cost of interest-bearing liabilities increased to 0.36% during the fourth quarter of 2018, from 0.30% during the third quarter of 2018, and 0.22% during the fourth quarter of 2017. The average balance of interest-bearing liabilities increased from $271.2 million in the fourth quarter of 2017 to $307.6 million in the third quarter of 2018 and decreased to $284.9 million in the fourth quarter of 2018. The Bank experienced normal seasonal fluctuations in deposits, particularly from larger depositors, and managed its leverage ratio, primarily with Promontory Interfinancial Network's Insured Cash Sweep program, which had off-balance sheet quarter-end balances of $25.6 million, $109.0 million, and $61.0 million in the fourth quarter of 2017 and the third and fourth quarters of 2018, respectively. These funds may be moved back into the Bank's deposit portfolio at the Bank's discretion. The average balance of noninterest-bearing demand deposit accounts ("DDAs") increased from $249.5 million, or 44.8% of total deposits, in the third quarter of 2018 to $276.9 million, or 49.3% of total deposits, in the fourth quarter of 2018. The Bank's overall cost of funds increased, from 0.11% in the fourth quarter of 2017 to 0.17% in the third quarter of 2018 and 0.18% in the fourth quarter of 2018.

PROVISION FOR CREDIT LOSSES

The provision for credit losses is a charge against current earnings in an amount determined by management to be necessary to maintain the allowance for loan losses at a level sufficient to absorb management's estimate of probable incurred credit losses inherent in the loan portfolio as of the balance sheet date in light of losses historically incurred by the Bank and adjusted for qualitative factors associated with the loan portfolio.

For the year ended December 31, 2018, the Bank recorded a provision for loan losses of $120 thousand, compared to a provision for loan losses of $175 thousand in the year ended December 31, 2017. In the fourth quarter of 2018, the Bank recorded a provision for loan losses of $100 thousand, compared to no provision in the third quarter of 2018, and a provision of $65 thousand in the fourth quarter of 2017. The fourth quarter provision was recorded primarily to recognize increased uncertainty in the overall economy, evidenced by the declining stock market and weakening markets internationally.

The changes in the provision reflect the growth of the portfolio, changes in the mix of loan types within the portfolio and their respective loss histories, as well as management's assessment of the amounts expected to be realized from certain loans identified as impaired. Impaired loans totaled $3.0 million at December 31, 2018, compared to $3.3 million at September 30, 2018, and $5.2 million at December 31, 2017.

At December 31, 2018, non-performing loans were 0.56% of the total loan portfolio, compared to 0.60% at September 30, 2018 and 0.06% at December 30, 2017. The Bank recorded net recoveries of $13 thousand in the fourth quarter of 2018, compared to recoveries of $12 thousand during the third quarter of 2018 and the fourth quarter of 2017, respectively. At December 31, 2018, the allowance for loan losses was 1.35% of outstanding loans, compared to 1.33% at September 30, 2018 and 1.49% at December 31, 2017, respectively.

NON-INTEREST INCOME

Annual non-interest income increased 72.1%, from $1.16 million in the year ended December 31, 2017 to $1.99 million in the year ended December 31, 2018. Non-interest income recognized in the fourth quarter of 2018 was $541 thousand, including $59 thousand in gain on sale of Small Business Administration ("SBA") guaranteed loans, compared to $471 thousand in the third quarter of 2018, which did not include a gain on sale. This represents an increase of $70 thousand, or 14.9%, compared to third quarter of 2018, and an increase of $230 thousand, or 73.9%, compared to the fourth quarter of 2017.

Management has been actively seeking to increase non-interest income across a range of sources, including account analysis fees, lockbox service fees, and mortgage brokerage fees. On an annual basis, the increase in non-interest income included a 22.9% increase in service charges on deposits, including lockbox and analysis fees, from $243 thousand to $299 thousand, a 26.8% decrease in gain on sale of loans, from $266 thousand to $194 thousand, and a 201.6% increase in other income, from $426 thousand to $1.29 million for the years ended December 31, 2017 and 2018, respectively. The increase in other income was attributable to increases in mortgage brokerage fees from $21 thousand to $80 thousand for 2017 and 2018, respectively, as well as an increase of $759 thousand in fees associated with its participation in the ICS reciprocal and one-way sell deposits program.

NON-INTEREST EXPENSES

Non-interest expenses decreased $83 thousand, or 2.1%, to $3.89 million in the fourth quarter of 2018, compared to $3.97 million for the third quarter of 2018, and increased $312 thousand, or 8.72%, compared to $3.57 million recognized in the fourth quarter of 2017. Salaries and benefits increased $41 thousand, or 1.65%, from $2.48 million in the third quarter of 2018 to $2.52 million in the fourth quarter of 2018.

For the year ended December 31, 2018, non-interest expenses were $15.57 million, an increase of $1.55 million, or 11.1%, compared to $14.02 million recognized in the year ended December 31, 2017. Salaries and benefits increased $1.36 million, or 15.6%, from $8.71 million to $10.07 million over the same period, reflecting an increase in average headcount from 78 employees for the year ended December 31, 2017 to 83 employees for the year ended December 31, 2018, as well as increases in insurance and benefit costs. These increases reflect the hiring primarily of loan production and underwriting personnel, including new regional leaders and additionally a new compliance manager. The Bank's professional services expense decreased $172 thousand, or 23.8%, to $550 thousand in 2018, from $722 thousand in 2017, primarily because of the reduction in regulatory compliance consulting fees resulting from the aforementioned new full-time compliance manager.

The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 58.3% for the fourth quarter of 2018, compared to 62.4% for the third quarter of 2018 and 65.8% for the fourth quarter of 2017. Annualized non-interest expenses as a percent of average total assets were 2.48%, 2.56%, and 2.49% for the fourth quarter of 2018, the third quarter of 2018, and the fourth quarter of 2017, respectively.

PROVISION FOR INCOME TAXES

The Bank's effective book tax rate was 27.7% in the fourth quarter of 2018, compared to 27.3% for the third quarter of 2018 and 89.8% for the fourth quarter of 2017. The higher effective rate in the fourth quarter of 2017 reflected a $913 thousand increase in income tax expense resulting in an adjustment to the Bank's net deferred tax assets resulting from the lowering of the corporate tax rate from 35% to 21% during December, 2017.

About 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 ("SBA") and the U.S. Department of Agriculture ("USDA"). A full suite of deposit accounts is also furnished, complemented by robust cash management services. The Bank operates full service branch offices in Monterey, Salinas, King City, and San Luis Obispo. The Bank's corporate offices are located at 150 Main Street, Suite 150, Salinas, California 93901. The Bank's website is www.1stCapital.bank. The main telephone number is 831.264.4000. The primary facsimile number is 831.264.4001.

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 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.

This news release is available at the www.1stCapital.bank internet site for no charge.


For further information, please contact:

Thomas E. Meyer

or

Michael J. Winiarski

President and Chief Executive Officer


Chief Financial Officer

831.264.4057 office


831.264.4014 office

[email protected]


[email protected]





1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)


December 31, September 30, June 30, December 31,
Financial Condition Data1
2018 2018 2018 2017
Assets
Cash and due from banks
$ 6,476 $ 5,408 $ 5,078 $ 7,727
Funds held at the Federal Reserve Bank2
45,625 33,571 45,124 56,249
Time deposits at other financial institutions
- 996 996 1,743
Available-for-sale securities, at fair value
70,263 68,154 71,102 74,927
Loans receivable held for sale
- 1,000 1,000 -
Loans receivable held for investment:
Construction / land (including farmland)
21,353 22,396 16,866 16,301
Residential 1 to 4 units
150,677 147,205 140,124 115,340
Home equity lines of credit
8,008 7,853 6,655 8,832
Multifamily
53,181 53,984 56,101 51,983
Owner occupied commercial real estate
62,976 65,628 64,048 67,326
Investor commercial real estate
139,261 131,736 128,289 105,196
Commercial and industrial
38,745 38,672 45,051 51,663
Other loans
13,189 17,127 16,956 11,292
Total loans
487,390 484,601 474,090 427,933
Allowance for loan losses
(6,548 ) (6,435 ) (6,423 ) (6,378 )
Net loans
480,842 478,166 467,667 421,555
Premises and equipment, net
2,087 2,109 2,239 2,308
Bank owned life insurance
7,866 7,813 7,759 7,654
Investment in FHLB3 stock, at cost
3,163 3,163 3,163 3,163
Accrued interest receivable and other assets
5,965 6,255 5,512 4,905
Total assets
$ 622,287 $ 606,635 $ 609,640 $ 580,231
Liabilities and shareholders' equity
Deposits:
Noninterest bearing demand deposits
$ 281,695 $ 248,036 $ 247,247 $ 261,705
Interest bearing checking accounts
33,144 35,274 31,693 35,082
Money market deposits
129,064 139,037 144,069 107,101
Savings deposits
99,340 109,530 117,155 110,058
Time deposits
17,254 16,010 12,717 12,130
Total deposits
560,497 547,887 552,881 526,076
Accrued interest payable and other liabilities
2,625 2,344 2,093 2,163
Shareholders' equity
59,165 56,404 54,666 51,992
Total liabilities and shareholders' equity
$ 622,287 $ 606,635 $ 609,640 $ 580,231
Shares outstanding
5,105,784 5,041,058 5,035,423 5,014,577
Nominal and tangible book value per share
$ 11.59 $ 11.19 $ 10.86 $ 10.37
Ratio of net loans to total deposits
85.79 % 87.27 % 84.59 % 80.13 %

1 = Loans receivable held for investment are presented according to definitions applicable to the regulatory Call Report.
2 = Includes cash letters in the process of collection settled through the Federal Reserve Bank.
3 = Federal Home Loan Bank


1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)


Three Months Ended
December 31, September 30, June 30, December 31,
Operating Results Data
2018 2018 2018 2017
Interest and dividend income
Loans
$ 5,611 $ 5,448 $ 5,093 $ 4,769
Investment securities
436 404 382 313
Federal Home Loan Bank stock
107 54 54 56
Other
236 222 143 130
Total interest and dividend income
6,390 6,128 5,672 5,268
Interest expense
Interest bearing checking
4 3 3 5
Money market deposits
134 123 81 70
Savings deposits
81 80 74 64
Time deposits
41 28 14 9
Total interest expense on deposits
260 234 172 148
Interest expense on borrowings
- - - -
Total interest expense
260 234 172 148
Net interest income
6,130 5,894 5,500 5,120
Provision for loan losses
100 - - 65
Net interest income after provision
for loan losses
6,030 5,894 5,500 5,055
Noninterest income
Service charges on deposits
78 78 72 68
BOLI dividend income
53 54 53 55
Gain on sale of loans
59 - 65 82
Other
351 339 407 106
Total noninterest income
541 471 597 311

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)


Three Months Ended
December 31, September 30, June 30, December 31,
2018 2018 2018 2017
Noninterest expenses
Salaries and benefits
2,523 2,482 2,583 2,194
Occupancy
292 299 288 282
Data and item processing
193 204 197 183
Professional services
119 161 132 168
Furniture and equipment
116 137 123 120
Provision for unfunded loan
commitments
10 4 - 17
Other
633 682 683 611
Total noninterest expenses
3,886 3,969 4,006 3,575
Income before provision for income taxes
2,685 2,396 2,091 1,791
Provision for income taxes
745 654 581 1,609
Net income
$ 1,940 $ 1,742 $ 1,510 $ 182
Common Share Data1
Earnings per common share
Basic
$ 0.38 $ 0.35 $ 0.30 $ 0.04
Diluted
$ 0.38 $ 0.34 $ 0.29 $ 0.04
Weighted average common shares outstanding
Basic
5,081,260 5,038,340 5,028,336 5,008,614
Diluted
5,166,613 5,147,292 5,130,832 5,097,412

1 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 7% stock dividend to shareholders of record November 21, 2018 and paid December 14, 2018.


1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)


Twelve Months Ended
December 31, December 31,
Operating Results Data
2018 2017
Interest and dividend income
Loans
$ 20,921 $ 17,860
Investment securities
1,590 1,131
Federal Home Loan Bank stock
273 235
Other
774 536
Total interest and dividend income
23,558 19,762
Interest expense
Interest bearing checking
15 16
Money market deposits
411 308
Savings deposits
305 260
Time deposits
92 36
Total interest expense in deposits
823 620
Interest expense on borrowings
3 -
Total interest expense
826 620
Net interest income
22,732 19,142
Provision for loan losses
120 175
Net interest income after provision for loan losses
22,612 18,967
Noninterest income
Service charges on deposits
299 243
BOLI dividend income
212 221
Gain on sale of loans
194 266
Other
1,285 426
Total noninterest income
1,990 1,156

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)


Twelve Months Ended
December 31, December 30,
2018 2017
Noninterest expenses
Salaries and benefits
10,069 8,712
Occupancy
1,169 1,057
Data and item processing
791 726
Professional services
550 722
Furniture and equipment
502 485
Provision for unfunded loan commitments
8 36
Other
2,654 2,280
Total noninterest expenses
15,743 14,018
Income before provision for income taxes
8,859 6,105
Provision for income taxes
2,428 3,260
Net income
$ 6,431 $ 2,845
Common Share Data1
Earnings per common share
Basic
$ 1.28 $ 0.57
Diluted
$ 1.25 $ 0.56
Weighted average common shares outstanding
Basic
5,042,023 4,962,200
Diluted
5,138,947 5,039,172

1 = Earnings per common share and weighted average common shares outstanding have been restated to reflect the effect of the 7% stock dividend to shareholders of record November 21, 2018 and paid December 14, 2018.


1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)


December 31, September 30, June 30, December 31,
Asset Quality
2018 2018 2018 2017
Loans past due 90 days or more and accruing
interest
$ - $ - $ - $ -
Nonaccrual restructured loans
- - - -
Other nonaccrual loans
2,711 2,906 198 255
Other real estate owned
- - - -
$ 2,711 $ 2,906 $ 198 $ 255
Allowance for loan losses to total loans
1.35 % 1.33 % 1.35 % 1.49 %
Allowance for loan losses to nonperforming loans
241.53 % 221.44 % 3,243.94 % 2,501.18 %
Nonaccrual loans to total loans
0.56 % 0.60 % 0.04 % 0.06 %
Nonperforming assets to total assets
0.44 % 0.48 % 0.03 % 0.04 %
Regulatory Capital and Ratios
Common equity tier 1 capital
$ 59,565 $ 57,166 $ 55,240 $ 52,097
Tier 1 regulatory capital
$ 59,565 $ 57,166 $ 55,240 $ 52,097
Total regulatory capital
$ 65,177 $ 62,747 $ 60,673 $ 57,161
Tier 1 leverage ratio
9.55 % 9.35 % 9.35 % 9.14 %
Common equity tier 1 risk based capital ratio
13.30 % 12.83 % 12.74 % 12.91 %
Tier 1 risk based capital ratio
13.30 % 12.83 % 12.74 % 12.91 %
Total risk based capital ratio
14.55 % 14.09 % 14.00 % 14.16 %


Three Months Ended
December 31, September 30, June 30, December 31,
Selected Financial Ratios1
2018 2018 2018 2017
Return on average total assets

1.24 %
1.12 %
1.03 %
0.13 %
Return on average shareholders' equity
13.33 % 12.38 % 11.25 % 1.38 %
Net interest margin
4.01 % 3.89 % 3.84 % 3.68 %
Net interest income to average total assets
3.91 % 3.80 % 3.74 % 3.56 %
Efficiency ratio
58.26 % 62.36 % 65.70 % 65.83 %

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.


Three Months Ended
December 31, September 30, June 30, December 31,
Selected Average Balances
2018 2018 2018 2017
Gross loans
$ 484,041 $ 480,621 $ 459,931 $ 431,144
Investment securities
69,778 70,152 70,500 73,586
Federal Home Loan Bank stock
3,163 3,163 3,163 3,163
Other interest earning assets
49,212 46,534 41,454 44,568
Total interest earning assets
$ 606,194 $ 600,470 $ 575,048 $ 552,461
Total assets
$ 622,259 $ 615,388 $ 590,041 $ 569,812
Interest bearing checking accounts
$ 36,273 $ 34,883 $ 34,207 $ 36,702
Money market deposits
124,924 140,443 124,057 112,179
Savings deposits
106,889 117,023 120,962 109,936
Time deposits
16,828 15,216 12,763 12,368
Total interest bearing deposits
284,914 307,565 291,989 271,185
Noninterest bearing demand deposits
276,866 249,488 241,852 243,874
Total deposits
$ 561,780 $ 557,053 $ 533,841 $ 515,059
Borrowings
$ - $ - $ - $ 1
Shareholders' equity
$ 57,751 $ 55,858 $ 53,844 $ 52,365

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands)


Twelve Months Ended
December 31, December 31,
Selected Financial Ratios
2018 2017
Return on average total assets

1.07 %
0.51 %
Return on average shareholders' equity
11.67 % 5.65 %
Net interest margin
3.86 % 3.50 %
Net interest income to average total assets
3.77 % 3.41 %
Efficiency ratio
63.68 % 69.06 %

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.


Twelve Months Ended
December 31, December 31,
Selected Average Balances
2018 2017
Gross loans
$ 466,572 $ 415,893
Investment securities
71,063 74,408
Federal Home Loan Bank stock
3,163 3,093
Other interest earning assets
47,481 54,228
Total interest earning assets
$ 588,279 $ 547,622
Total assets
$ 603,319 $ 561,427
Interest bearing checking accounts
$ 35,258 $ 34,641
Money market deposits
126,268 120,229
Savings deposits
116,264 110,477
Time deposits
14,352 12,908
Total interest bearing deposits
292,142 278,255
Noninterest bearing demand deposits
253,399 230,951
Total deposits
$ 545,541 $ 509,206
Borrowings
$ 230 $ 11
Shareholders' equity
$ 55,085 $ 50,356

SOURCE: 1st Capital Bank

Topic:
Earnings
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