1st Capital Bank Announces Fourth Quarter 2019 Financial Results; Record Annual Net Income
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1st Capital Bank Announces Fourth Quarter 2019 Financial Results; Record Annual Net Income

Friday, January 31, 2020 7:15 PM
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SALINAS, CA / ACCESSWIRE / January 31, 2020 / 1st Capital Bank (OTC Pink:FISB) reported unaudited net income of $1.73 million for the three months ended December 31, 2019, compared to net income of $1.94 million for the three months ended December 31, 2018 and net income of $1.94 million for the three months ended September 30, 2019, the immediately preceding quarter. Earnings per share were $0.31 (diluted), compared to $0.35 (diluted) for the prior quarter.

Unaudited net income for the year ended December 31, 2019 increased 10.2% to $7.09 million, compared to $6.43 million for the year ended December 31, 2018. Additionally, pre-tax income for 2019 increased to $9.65 million, 9.0% above 2018's pre-tax income of $8.86 million. Earnings per share were $1.27 (diluted) for the year ended December 31, 2019, compared to $1.17 (diluted) for the year ended December 31, 2018.

For the three months ended December 31, 2019, the Bank's return on average assets was 1.11% compared with 1.25% for the three months ended September 30, 2019, and 1.24% for the three months ended December 31, 2018. Return on average equity was 10.21% for the three months ended December 31, 2019, compared to 11.79% for the three months ended September 30, 2019, and 13.33% for the three months ended December 31, 2018.

Return on average assets and return on average equity totaled 1.15% and 11.09%, respectively for the year ended December 31, 2019, compared with 1.07% and 11.67%, respectively, for the year ended December 31, 2018.

"We are pleased to report record levels of assets and net income for 2019," said Thomas E. Meyer, President and Chief Executive Officer. "Loan growth continued to accelerate during the fourth quarter. However, decreases in both short-term and long-term interest rates negatively impacted our loan yields," Meyer added.

Net interest margin decreased from 4.05% in the third quarter of 2019 to 3.89% in the fourth quarter of 2019. Net interest income before provision for loan losses for the three-month period ended December 31, 2019 was $5.81 million, a decrease of $182 thousand, or 3.0%, compared to $5.99 million recognized in the three-month period ended September 30, 2019. On a year-over-year basis, quarterly net interest income before provision for loan losses decreased $321 thousand, or 5.2%, from $6.13 million recognized in the fourth quarter of 2018.

For the year ended December 31, 2019, net interest income before provision for loan losses increased 5.4%, from $22.7 million in the year ended December 31, 2018 to $24.0 million in the year ended December 31, 2019. The Bank's annual net interest margin expanded from 3.88% in 2018 to 4.03% in 2019. Growth in average loans outstanding, which increased $22.4 million, or 4.8%, from $466.6 million in 2018 to $489.0 million in 2019, made up the bulk of growth in average interest-earning assets, which increased $8.7 million, or 1.5%, from $588.3 million in 2018 to $596.9 million in 2019.

In the fourth quarter of 2019, core loan growth was concentrated in the commercial real estate portfolio, which organically grew $18.0 million, or 6.6%, from $271.8 million as of September 30, 2019 to $289.8 million as of December 31, 2019, and commercial and industrial loans, which increased $2.3 million to $41.1 million as of December 31, 2019. Over the same period, the single-family residential portfolio, which consists primarily of purchased loans, decreased $1.3 million, or 0.9%, from $141.9 million as of September 30, 2019 to $140.6 million as of December 31, 2019. Overall, the loan portfolio increased $23.5 million, or 4.8%, on an annual basis from $487.4 million as of December 31, 2018 to $510.9 million as of December 31, 2019, and increased $16.6 million or 3.4% in the fourth quarter of 2019.

Total deposits increased $6.4 million, or 1.1%, to $572.1 million as of December 31, 2019, from $565.7 million as of September 30, 2019, and increased $11.6 million, or 2.1%, from $560.5 million as of December 31, 2018. The Bank's cost of funds increased from 0.15% for the year ended December 31, 2018 to 0.21% for the year ended December 31, 2019, reflecting increases in certificate of deposit costs during 2019.

"While our cost of funds increased during 2019, the Bank continues to benefit from our noninterest bearing deposits comprising 49% of our total deposit base," said Michael J. Winiarski, Executive Vice President and Chief Financial Officer.

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

Net interest income before provision for credit losses was $5.81 million in the fourth quarter of 2019, a decrease of $321 thousand, or 5.2%, compared to $6.13 million in the fourth quarter of 2018 and a decrease of $182 thousand, or 3.0%, compared to $5.99 million in the third quarter of 2019.

Average earning assets were $595.3 million during the fourth quarter of 2019, an increase of 1.05% compared to $589.1 million in the third quarter of 2019. The yield on earning assets was 4.17% in the fourth quarter, compared to 4.22% in the third quarter of 2019, primarily due to a decrease in the yield on loans from 4.60% to 4.49%; and secondly, to a decrease in the yield on the investment portfolio from 2.54% to 2.46%. Additionally, the yield on floating rate commercial and industrial loans decreased from 5.72% during the third quarter of 2019 to 5.21% during the fourth quarter, commensurate with declines in the prime lending rate. The yield on the commercial real estate portfolio decreased to 4.87% from 4.97% the previous quarter.

The cost of interest-bearing liabilities increased to 0.45% during the fourth quarter of 2019, from 0.39% during the third quarter of 2019, and 0.36% during the fourth quarter of 2018. The average balance of interest-bearing liabilities increased from $284.9 million in the fourth quarter of 2018 to $286.9 million in the third quarter of 2019 and decreased to $277.5 million in the fourth quarter of 2019. The Bank experienced normal seasonal fluctuations in deposits, particularly from larger depositors, and continued to manage its leverage ratio, primarily with Promontory Interfinancial Network's Insured Cash Sweep program, which had off-balance sheet quarter-end balances of $61.0 million, $81.9 million, and $21.0 million in the fourth quarter of 2018 and the third and fourth quarters of 2019, 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 $257.0 million, or 47.3% of total deposits, in the third quarter of 2019 to $269.6 million, or 49.3% of total deposits, in the fourth quarter of 2019. The Bank's overall cost of funds increased, from 0.18% in the fourth quarter of 2018 to 0.20% in the third quarter of 2019 and 0.23% in the fourth quarter of 2019.

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, 2019, the Bank recorded no provision for loan losses, compared to a provision for loan losses of $120 thousand in the year ended December 31, 2018.

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 $652 thousand at December 31, 2019, compared to $181 thousand at September 30, 2019, and $3.0 million at December 31, 2018.

At December 31, 2019, non-performing loans were 0.10% of the total loan portfolio, compared to 0% at September 30, 2019 and 0.56% at December 30, 2018. The Bank recorded net recoveries of $12 thousand in the fourth quarter of 2019, compared to net recoveries of $9 thousand during the third quarter of 2019 and $13 thousand during the fourth quarter of 2018, respectively. At December 31, 2019, the allowance for loan losses was 1.29% of outstanding loans, compared to 1.33% at September 30, 2019 and 1.34% at December 31, 2018, respectively.

NON-INTEREST INCOME

Annual non-interest income decreased 3.9%, from $1.99 million in the year ended December 31, 2018 to $1.91 million in the year ended December 31, 2019. Non-interest income recognized in the fourth quarter of 2019 was $305 thousand, compared to $605 thousand in the third quarter of 2019, which included $93 thousand in gain on sales of loans and investments. Overall, this represents a decrease of $300 thousand, or 49.6%, compared to third quarter of 2019, and a decrease of $236 thousand, or 43.7%, compared to the fourth quarter of 2018.

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 decrease in non-interest income included a 8.1% increase in service charges on deposits, including lockbox and analysis fees, from $299 thousand to $323 thousand, a 48.2% decrease in gain on sale of loans and investments, from $195 thousand to $101 thousand, and an increase in mortgage brokerage fees from $80 thousand to $155 thousand for 2018 and 2019, respectively.

NON-INTEREST EXPENSES

Non-interest expenses decreased $216 thousand, or 5.5%, to $3.75 million in the fourth quarter of 2019, compared to $3.96 million for the third quarter of 2019, and decreased $141 thousand, or 3.6%, compared to $3.89 million recognized in the fourth quarter of 2018. Salaries and benefits decreased $315 thousand, or 12.9%, from $2.45 million in the third quarter of 2019 to $2.14 million in the fourth quarter of 2019, reflecting certain nonrecurring expenses incurred in the third quarter.

For the year ended December 31, 2019, non-interest expenses were $16.2 million, an increase of $465 thousand, or 3.0%, compared to $15.7 million recognized in the year ended December 31, 2018. Salaries and benefits decreased $106 thousand, or 1.1%, from $10.07 million to $9.96 million over the same period. This decrease primarily reflects increased absorption of direct loan origination costs associated with higher lending volume and revisions to the standard costs the Bank uses to capitalize such costs. Occupancy costs as well as furniture and equipment costs increased from $408 thousand during the fourth quarter of 2018 to $500 thousand during the fourth quarter of 2019. This 22.8% increase is attributable to the rents and other costs incurred in establishing a new branch and loan center in Santa Cruz and branch relocation costs in San Luis Obispo.

The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for loan losses and non-interest income) was 61.3% for the fourth quarter of 2019, compared to 60.1% for the third quarter of 2019 and 58.3% for the fourth quarter of 2018. Annualized non-interest expenses as a percent of average total assets were 2.45%, 2.56%, and 2.48% for the fourth quarter of 2019, the third quarter of 2019, and the fourth quarter of 2018, respectively.

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 and a loan production office in Santa Cruz County. 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
President and Chief Executive Officer
831.264.4057 office
[email protected]

Michael J. Winiarski
Chief Financial Officer
831.264.4014 office
[email protected]


--- financial data follow ---

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
  2019     2019     2019     2018  
Assets
                       
Cash and due from banks
  $ 6,198     $ 5,947     $ 5,994     $ 6,476  
Funds held at the Federal Reserve Bank2
    46,155       47,529       56,057       45,625  
Available-for-sale securities, at fair value
    66,095       68,386       70,396       70,263  
Loans receivable held for investment:
                               
Construction / land (including farmland)
    19,457       18,602       18,014       21,353  
Residential 1 to 4 units
    140,623       141,907       144,336       150,677  
Home equity lines of credit
    6,964       7,158       7,920       8,008  
Multifamily
    59,830       54,324       53,561       53,181  
Owner occupied commercial real estate
    70,622       63,587       61,242       62,976  
Investor commercial real estate
    159,350       153,849       142,533       139,261  
Commercial and industrial
    41,100       38,801       39,603       38,745  
Other loans
    12,943       16,042       14,468       13,189  
Total loans
    510,889       494,270       481,677       487,390  
Allowance for loan losses
    (6,594 )     (6,582 )     (6,572 )     (6,548 )
Net loans
    504,295       487,688       475,105       480,842  
Premises and equipment, net
    2,102       2,131       2,192       2,087  
Bank owned life insurance
    8,071       8,020       7,968       7,866  
Investment in FHLB3 stock, at cost
    3,501       3,501       3,501       3,163  
Accrued interest receivable and other assets
    8,930       14,254       9,577       5,965  
Total assets
  $ 645,347     $ 637,456     $ 630,790     $ 622,287  
 
                               
Liabilities and shareholders' equity
                               
Deposits:
                               
Noninterest bearing demand deposits
  $ 280,634     $ 255,369     $ 270,939     $ 281,695  
Interest bearing checking accounts
    35,804       47,148       36,721       33,144  
Money market deposits
    128,559       140,515       134,108       129,064  
Savings deposits
    107,677       103,224       100,049       99,340  
Time deposits
    19,395       19,399       19,694       17,254  
Total deposits
    572,069       565,655       561,511       560,497  
Accrued interest payable and other liabilities
    5,263       5,466       5,305       2,625  
Shareholders' equity
    68,015       66,335       63,974       59,165  
Total liabilities and shareholders' equity
  $ 645,347     $ 637,456     $ 630,790     $ 622,287  
 
                               
Shares outstanding
    5,520,179       5,502,514       5,483,634       5,463,189  
Nominal and tangible book value per share
  $ 12.32     $ 12.06     $ 11.67     $ 10.83  
Ratio of net loans to total deposits
    88.15 %     86.22 %     84.61 %     85.79 %
 
                               

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
4 = Some items in prior periods have been reclassified to conform to the current presentation.

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
  2019     2019     2019     2018  
Interest and dividend income
                       
Loans
  5,556     5,578     5,570     5,611  
Investment securities
    410       442       457       436  
Federal Home Loan Bank stock
    62       62       59       107  
Other
    91       187       166       236  
Total interest and dividend income
    6,119       6,269       6,252       6,390  
Interest expense
                               
Interest bearing checking
    3       3       3       4  
Money market deposits
    159       125       140       134  
Savings deposits
    93       88       85       81  
Time deposits
    55       62       54       41  
Total interest expense
    310       278       282       260  
Net interest income
    5,809       5,991       5,970       6,130  
Provision for loan losses
    -       -       -       100  
Net interest income after provision
                               
for loan losses
    5,809       5,991       5,970       6,030  
 
                               
Noninterest income
                               
Service charges on deposits
    76       88       82       78  
BOLI dividend income
    50       52       52       53  
Gain on sale of loans
    -       33       -       59  
Gain on sale of investments
    -       60       -       -  
Other
    179       372       394       351  
Total noninterest income
    305       605       528       541  
 
                               
 

 

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,  
 
  2019     2019     2019     2018  
Noninterest expenses
                       
Salaries and benefits
    2,137       2,452       2,700       2,523  
Occupancy
    331       372       326       292  
Data and item processing
    231       220       284       193  
Furniture and equipment
    169       150       142       116  
Professional services
    235       143       108       119  
Provision for unfunded loan
                               
commitments
    12       (7 )     (8 )     10  
Other
    630       630       711       633  
Total noninterest expenses
    3,745       3,960       4,263       3,886  
Income before provision for income taxes
    2,369       2,636       2,235       2,685  
Provision for income taxes
    634       698       597       745  
Net income
  1,735     1,938     1,638     1,940  
 
                               
Common Share Data1
                               
Earnings per common share
                               
Basic
  0.32     0.35     0.30     0.36  
Diluted
  0.31     0.35     0.29     0.35  
 
                               
Weighted average common shares outstanding
                               
Basic
    5,506,349       5,492,657       5,478,457       5,436,948  
Diluted
    5,584,827       5,578,507       5,571,736       5,528,276  
 
                               

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 22, 2019 and paid December 20, 2019.

1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
 
  Twelve Months Ended  
 
  December 31,     December 31,  
Operating Results Data
  2019     2018  
Interest and dividend income
           
Loans
  22,385     20,921  
Investment securities
    1,765       1,590  
Federal Home Loan Bank stock
    239       273  
Other
    704       774  
Total interest and dividend income
    25,093       23,558  
Interest expense
               
Interest bearing checking
    12       15  
Money market deposits
    554       411  
Savings deposits
    357       305  
Time deposits
    220       92  
Total interest expense in deposits
    1,143       823  
Interest expense on borrowings
    -       3  
Total interest expense
    1,143       826  
Net interest income
    23,950       22,732  
Provision for loan losses
    -       120  
Net interest income after provision for loan losses
    23,950       22,612  
 
               
Noninterest income
               
Service charges on deposits
    323       299  
BOLI dividend income
    205       212  
Gain on sale of loans
    41       194  
Gain on sale of investments
    60       -  
Other
    1,283       1,285  
Total noninterest income
    1,912       1,990  
 
               
 
1ST CAPITAL BANK
CONDENSED FINANCIAL DATA
(Unaudited)
(Dollars in thousands, except per share data)
 
 
  Twelve Months Ended  
 
  December 31,     December 31,  
 
  2019     2018  
Noninterest expenses
           
Salaries and benefits
    9,963       10,069  
Occupancy
    1,335       1,169  
Data and item processing
    950       791  
Furniture and equipment
    617       502  
Professional services
    616       550  
Provision for unfunded loan commitments
    (18 )     8  
Other
    2,745       2,654  
Total noninterest expenses
    16,208       15,743  
Income before provision for income taxes
    9,654       8,859  
Provision for income taxes
    2,567       2,428  
Net income
  7,087     6,431  
 
               
Common Share Data1
               
Earnings per common share
               
Basic
  1.29     1.19  
Diluted
  1.27     1.17  
 
               
Weighted average common shares outstanding
               
Basic
    5,486,515       5,394,965  
Diluted
    5,571,351       5,498,673  
 
               

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 22, 2019 and paid December 20, 2019.

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

 
  December 31,     September 30,     June 30,     December 31,  
Asset Quality
  2019     2019     2019     2018  
Loans past due 90 days or more and accruing
                       
interest
  -     -     -     -  
Nonaccrual restructured loans
    -       -       -       -  
Other nonaccrual loans
    492       -       -       2,711  
Other real estate owned
    -       -       -       -  
 
  492     -     -     2,711  
 
                               
Allowance for loan losses to total loans
    1.29 %     1.33 %     1.36 %     1.34 %
Allowance for loan losses to nonperforming loans
    1340.24 %     n/a       n/a       241.53 %
Nonaccrual loans to total loans
    0.10 %     0.00 %     0.00 %     0.56 %
Nonperforming assets to total assets
    0.08 %     0.00 %     0.00 %     0.44 %
 
                               
Regulatory Capital and Ratios
                               
Common equity tier 1 capital
  67,471     65,536     63,446     59,565  
Tier 1 regulatory capital
  67,471     65,536     63,446     59,565  
Total regulatory capital
  73,487     71,377     69,077     65,177  
Tier 1 leverage ratio
    10.90 %     10.67 %     10.40 %     9.55 %
Common equity tier 1 risk based capital ratio
    14.04 %     14.05 %     14.12 %     13.30 %
Tier 1 risk based capital ratio
    14.04 %     14.05 %     14.12 %     13.30 %
Total risk based capital ratio
    15.29 %     15.30 %     15.37 %     14.55 %
                                 
 
  Three Months Ended  
 
  December 31,     September 30,     June 30,     December 31,  
Selected Financial Ratios1
  2019     2019     2019     2018  
Return on average total assets
    1.11 %     1.25 %     1.08 %     1.24 %
Return on average shareholders' equity
    10.21 %     11.79 %     10.47 %     13.33 %
Net interest margin2
    3.89 %     4.05 %     4.06 %     4.03 %
Net interest income to average total assets
    3.72 %     3.87 %     3.92 %     3.91 %
Efficiency ratio
    61.25 %     60.04 %     65.58 %     58.26 %
 
                               

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
2 = Net interest margin calculated on a tax equivalent yield basis. Prior periods have been updated to conform to current presentation.

 
  Three Months Ended  
 
  December 31,     September 30,     June 30,     December 31,  
Selected Average Balances
  2019     2019     2019     2018  
Gross loans
  501,995     481,402     484,676     484,041  
Investment securities
    67,695       68,949       70,033       69,778  
Federal Home Loan Bank stock
    3,501       3,501       3,415       3,163  
Other interest earning assets
    22,071       35,220       34,233       49,212  
Total interest earning assets
  595,262     589,072     592,357     606,194  
Total assets
  620,218     614,674     610,453     622,259  
 
                               
Interest bearing checking accounts
  38,440     42,295     36,569     36,273  
Money market deposits
    113,313       113,151       125,529       124,924  
Savings deposits
    106,293       111,502       99,517       106,889  
Time deposits
    19,484       19,933       18,759       16,828  
Total interest bearing deposits
    277,530       286,881       280,374       284,914  
Noninterest bearing demand deposits
    269,597       256,989       262,225       276,866  
Total deposits
  547,127     543,870     542,599     561,780  
Borrowings
  -     -     -     -  
Shareholders' equity
  67,381     65,219     62,740     57,751  
                                 

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

 
  Twelve Months Ended  
 
  December 31,     December 31,  
Selected Financial Ratios
  2019     2018  
Return on average total assets
    1.15 %     1.07 %
Return on average shareholders' equity
    11.09 %     11.67 %
Net interest margin2
    4.03 %     3.88 %
Net interest income to average total assets
    3.87 %     3.77 %
Efficiency ratio
    62.67 %     63.68 %
                 

1 = All Selected Financial Ratios are annualized other than the Efficiency Ratio.
2 = Net interest margin calculated on a tax equivalent yield basis. Prior periods have been updated to conform to current presentation.

 
  Twelve Months Ended  
 
  December 31,     December 31,  
Selected Average Balances
  2019     2018  
Gross loans
  488,996     466,572  
Investment securities
    69,052       71,063  
Federal Home Loan Bank stock
    3,396       3,163  
Other interest earning assets
    35,496       47,481  
Total interest earning assets
  596,940     588,279  
Total assets
  618,384     603,319  
 
               
Interest bearing checking accounts
  37,916     35,258  
Money market deposits
    119,880       126,268  
Savings deposits
    106,130       116,264  
Time deposits
    19,075       14,352  
Total interest bearing deposits
    283,001       292,142  
Noninterest bearing demand deposits
    266,149       253,399  
Total deposits
  549,150     545,541  
Borrowings
  -     230  
Shareholders' equity
  63,930     55,085  
                 
 
SOURCE:  1st Capital Bank
1st Capital Bank
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