First Capital Bancorp reports 3Q results
GLEN ALLEN, VIRGINIA
First Capital Bancorp Inc parent company to First Capital Bank reported today its financial results for the Third Quarter of 2012.
For the three month period ended September 30, 2012 the Company had net income of $828 thousand before preferred stock dividends compared to a net loss of approximately $2.6 million in the third quarter of 2011.
Net income allocable to common shareholders was $742 thousand or $.06 per share compared to a net loss of $2.8 million or $.93 per share in the same period of 2011.
This improvement resulted primarily from the decrease in the provision for loan losses from $156 thousand in the third quarter of 2012 compared to approximately $4.7 million in the third quarter of 2011.
Additional factors contributing to our increase in net income during the 2012 period are as follows. Net interest income improved to approximately $4.2 million for the quarter compared to approximately $4.0 million in the third quarter of 2011, an increase of approximately $200 thousand or 4.97%.
Noninterest income including gains on sales of securities was $621 thousand for the third quarter of 2012 compared to $313 thousand in the third quarter of 2011, an increase of $308 thousand or 98.40%.
Total noninterest expense was approximately $3.4 million for the third quarter of 2012 compared to approximately $3.6 million in the third quarter of 2011, a decrease of $140 thousand or 3.91%.
These positive impacts to our earnings were offset by an increase in income tax expense of approximately $1.8 million between the two quarters.
The net interest margin was 3.54% for the quarter ended September 30, 2012 compared to 3.29% for the third quarter of 2011, a 25 basis point increase.
This was a direct result of the actions taken in the second quarter of 2012, specifically the repayment of $40 million of FHLB advances, the reduction in nonperforming assets and the increase in noninterest bearing deposits. First Capital Bancorp Inc Managing Director and CEO, John Presley stated after the capital raise, the asset resolution plan.