First Cap­i­tal Ban­corp re­ports 3Q re­sults

The Pak Banker - - Front Page -

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.

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