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1st Capital Bank Announces: First Quarter 2013 Financial Results; Record Loans, Assets, Deposits, and Shareholders' Equity

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MONTEREY, CA -- (Marketwired) -- 04/30/13 -- 1st Capital Bank (OTCQB: FISB) (the "Bank") today announced first quarter financial results through March 31, 2013. The Bank achieved record levels of loans, assets, deposits, and shareholders' equity at March 31, 2013.

Net income during the first quarter of 2013 was $263 thousand, equivalent to $0.08 diluted earnings per share. This decreased from net income of $310 thousand during the first quarter of 2012, equivalent to $0.09 diluted earnings per share, primarily due to a greater provision for loan losses during the first quarter of 2013. The first quarter of 2013 net income also declined from $748 thousand during the fourth quarter of 2012, equivalent to $0.23 diluted earnings per share. Earnings during the fourth quarter of 2012 reflected two financially significant, but infrequent, events: (i) the recognition of $699 thousand in tax-free life insurance death benefits; and (ii) the Bank established a $294 thousand reserve for tax deductions claimed under the State of California Enterprise Zone program in light of positions taken by the California Franchise Tax Board.

Commenting on the first quarter of 2013 financial performance, Mark Andino, the Bank's President and Chief Executive Officer, stated: "We are very pleased to again announce record levels of loans, assets, deposits, and shareholders' equity. The Bank continues to attract an increasing number of local businesses and professionals who are seeking a concierge level of service, customized financial solutions, long term relationships with their community financial institution, and ready access to experienced bankers." Mr. Andino then continued: "Pre-tax income during the first quarter of 2013 was consistent with that of the immediately preceding quarter after adjusting for the life insurance benefits received during the fourth quarter of 2012. This was achieved despite there being two fewer days during the first quarter, which restrained net interest income on a comparative basis."

Kurt Gollnick, the Bank's Chairman of the Board added: "The Board of Directors worked extensively with the management team to identify opportunities to enhance shareholder value during the first quarter of 2013. Initiatives implemented during the first three months of 2013 included revamping the Bank's benefits program, investing more of the Bank's excess on balance sheet liquidity, further improving the Bank's commercial lending products and pricing, and increasing the use of equity compensation in lieu of cash compensation. As previously announced, we followed these initiatives with the decision on April 22, 2013 to file a Form 15 with the Federal Deposit Insurance Corporation ("FDIC") and thereby voluntarily deregister the Bank's common shares under the Securities Exchange Act of 1934 in order to reduce prospective professional fees while also saving internal resources."

Performance Highlights

•The Bank continued to present an excellent credit profile at March 31, 2013, with a non-performing asset ratio of 0.26%. The Bank did, however, record its first charge-off in several quarters during the first three months of 2013, as further discussed below.

•Non-accrual loans totaled $0.9 million at March 31, 2013, equivalent to 0.37% of loans outstanding.

•Total deposits rose 5.2% during the first quarter of 2013, while transaction accounts increased from 89.4% of total deposits at December 31, 2012 to 90.5% of total deposits at March 31, 2013.

•At March 31, 2013, the Bank maintained a regulatory total risk-based capital ratio of 15.08%, substantially in excess of the 10.00% threshold to be categorized in the highest regulatory capital classification of "well capitalized."

•Tangible book value per share rose to $10.36 as of March 31, 2013.



Financial Condition Analysis

Funds held at the Federal Reserve Bank of San Francisco ("FRB-SF") decreased from $21.0 million at December 31, 2012 to $17.6 million at March 31, 2013. This reduction resulted from the Bank's decision to invest excess on-balance sheet liquidity primarily into floating rate tranches of collateralized mortgage obligations ("CMOs") issued by the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC") in order to augment interest income. During the second quarter of 2013, the Bank is targeting funds held at the FRB-SF in the $5.0 million to $10.0 million range in order to further increase interest income. Funds held at the FRB-SF earned a yield of 0.25% during the first quarter of 2013, compared to a yield of 0.43% for the U.S. Agency floating rate CMOs.

Time deposits at other financial institutions remained constant at $9.3 million between December 31, 2012 and March 31, 2013, as there were no time deposit maturities and no new time deposit investments during the first quarter of 2013. Time deposits at other financial institutions of $4.7 million mature by the end of 2013.

Securities categorized as available for sale increased from $41.8 million at December 31, 2012 to $62.9 million at March 31, 2013. During the first quarter of 2013, the Bank invested deposit inflows in excess of loan portfolio growth plus some of its balances at the FRB-SF into variable rate tranches of U.S. Agency CMOs. The CMOs were all AA+ rated and float at a margin over 1 month LIBOR, subject to lifetime caps. The loans underlying the CMOs are residential or multifamily mortgages. The fair value of the Bank's $62.9 million in securities at March 31, 2013 exceeded its amortized cost basis by $605 thousand.

At March 31, 2013, the Bank maintained a very strong liquidity profile, consisting of a significant volume of on-balance sheet assets (including cash & cash equivalents and securities available for sale) and over $100 million in off-balance sheet borrowing capacity. The increase in the Bank's liquidity profile during the first quarter of 2013 is reflected in the ratio of net loans to deposits, which decreased from 81.1% at December 31, 2012 to 77.4% at March 31, 2013. Commenting on the Bank's liquidity, Dale Diederick, the Bank's Chief Credit Officer, stated: "The Bank concluded the first quarter of 2013 with ample funds for lending. We continue to proactively market to local businesses and professionals, some of whom have been recently impacted by ownership, technology, and operational changes at their current financial institutions."

Net loans increased from $238.9 million at December 31, 2012 to $239.8 million at March 31, 2013. While the Bank originated $16.1 million in new credit commitments during the first quarter of 2013, loan payoffs and curtailments, principal reductions on lines of credit, and scheduled principal amortization combined to limit net portfolio growth.

During April 2013, the Bank relocated its expanded government guaranteed lending department to the Monterey Branch. This will provide more office and client meeting space for that team, which recently added Helen Dunston as a Business Development Officer. Ms. Dunston is an experienced financial services professional who is well-known throughout Monterey County. The Bank has been allocating more of its marketing and promotion budget during 2013 to various government lending programs (including those through the U.S. Small Business Administration or "SBA" and the U.S. Department of Agriculture or "USDA") in order to be able to offer increased and / or longer term financing to newer stage businesses than would otherwise be available and in order to take advantage of the current attractive secondary market prices for the guaranteed portion of such loans.

The Bank's allowance for loan losses decreased slightly from $4.31 million, or 1.77% of total loans, at December 31, 2012 to $4.27 million, or 1.75% of total loans, at March 31, 2013. The primary factor that led to the small decrease in the allowance for loan losses, despite the growth in the loan portfolio, was the charge-off during the first quarter of 2013 of a $500 thousand impaired commercial loan that had a specific reserve of $223 thousand at December 31, 2012. The borrower experienced a number of financial setbacks in recent periods, leading to the Bank's decision that the loan should no longer be carried as an asset. In April 2013, the Bank obtained a legal judgment in its favor. The Bank is now pursuing collection from the borrower. Any payments received from the borrower, up to the amount of the charge-off, would be recorded as a recovery and thereby add to the Bank's allowance for loan losses.

Non-accrual loans decreased from $1.4 million at December 31, 2012 to $0.9 million at March 31, 2013, reflective of the charge-off of the $500 thousand commercial loan described above. All of the Bank's non-accrual loans at March 31, 2013 were current or less than 30 days delinquent in their scheduled monthly payments. Loans graded Substandard decreased from $5.1 million at December 31, 2012 to $4.5 million at March 31, 2013. Loans graded as Special Mention fell from $4.2 million at December 31, 2012 to $2.2 million at March 31, 2013, primarily due to client seasonal borrowing fluctuations. The ratio of the Bank's allowance for loan losses to non-performing loans rose from 299.38% at December 31, 2012 to 468.13% at March 31, 2013. The Bank has never owned any foreclosed real estate.

Premises and equipment, net, increased from $1.3 million at December 31, 2012 to $1.4 million at March 31, 2013. The majority of this increase was due to a minor remodeling of the Salinas Branch and the purchase of new hardware in support of the Bank's technology platform.

The $16.0 million increase in total assets by the Bank during the first quarter of 2013 to a record $345.3 million better leveraged its capital, with the ratio of total equity to total assets decreasing from 10.32% at December 31, 2012 to 9.93% at March 31, 2013. Over time, the Bank generally seeks to maintain this ratio at between 9.00% and 10.00% in order to present a well-capitalized profile on the one hand, but also support return on average shareholders' equity on the other hand. Commenting in this regard, Clay Larson, the Bank's Regional President, stated: "We are aiming to increase the ratio of loans to total assets in order to support our net interest margin while also continuing the Bank's longstanding commitment to making credit available to the communities we serve. Ideally, we'd like to shift funds from excess cash equivalents and the security portfolio into high quality loans extended in support of local businesses and professionals."

Non-interest bearing demand deposits decreased from $123.4 million at December 31, 2012 to $120.8 million at March 31, 2013. This $2.6 million reduction was much less than the Bank's historical pattern, as seasonal outflows during the first quarter of 2013 were largely offset with inflows from new clients.

Interest bearing checking accounts decreased from $17.5 million at December 31, 2012 to $15.5 million at March 31, 2013. Given the historically low interest rate environment, most new consumer, sole proprietor, and non-profit organization checking accounts are being opened in the non-interest bearing products, as clients prefer the lower minimum balance requirements to the interest earnings.

As a further benefit to its checking account clients, the Bank recently joined the Allpoint ATM network. Allpoint is the world's largest surcharge-free ATM network, offering over 55,000 ATMs worldwide. The Bank also implemented a number of upgrades to its online banking and cash management services during the first quarter of 2013, including making online wire request available to qualified businesses.

Money market deposits increased from $60.1 million at December 31, 2012 to $73.7 million at March 31, 2013. Money market deposits during 2013 benefited from:

•low (often, near zero) interest rates being paid on brokerage accounts and money market mutual funds, thereby encouraging clients to transfer their funds to higher yielding and FDIC insured accounts;

•the expiration of the FDIC Transaction Account Guaranty Program on December 31, 2012, whereby non-interest bearing checking accounts (as defined under the Program) received unlimited FDIC deposit insurance coverage (the expiration thereby encouraged certain clients to reallocate funds back to money market accounts under the FDIC's unified Standard Maximum Deposit Insurance Amount);

•the Bank's cross-selling money market accounts to new checking account clients given the easy integration and customization via the Bank's online banking service;

•the conversion of certain deposits from certificates of deposit to money market accounts given the limited yield differential between the products in the current interest rate environment; and

•the Bank's offering tiered pricing on money market accounts, whereby clients receive a higher interest rate on their entire account balance as each successively higher balance tier level is attained.



Savings deposits rose from $62.4 million at December 31, 2012 to $70.5 million at March 31, 2013. The Bank realized balance increases in both consumer and business savings products, which have been an attractive alternative for liquid funds in the current historically low interest rate environment.

Time deposits decreased from $31.3 million at December 31, 2012 to $29.4 million at March 31, 2013. Factors contributing to this decline included transfers from some maturing time deposits into transaction accounts and the Bank's moderating its time deposit pricing in response to its favorable liquidity position and the availability of alternative low cost funding.

Commenting on the Bank's deposit performance, Marilyn Goode, the Bank's Chief Administrative Officer, stated: "We are very pleased to report record total deposits of $309.9 million at March 31, 2013. This deposit growth was achieved without pursuing institutional or wholesale deposits in light of the Bank's strong liquidity position." Ms. Goode then continued: "The Bank's weighted average cost of deposits during the first quarter of 2013 was 0.22%, which derives in part from the success of our high caliber cash management services. We welcomed a notable number of new cash management clients during the first quarter of 2013, many of whom selected multiple services from our product set of ACH origination, online wire request, sweep, online banking, electronic bill payment, lockbox, positive payment, person to person payment, and remote deposit capture."

Shareholders' equity rose from $34.0 million at December 31, 2012 to $34.3 million at March 31, 2013. The first quarter net income plus $86 thousand in equity compensation expense more than offset a $46 thousand reduction in the accumulated other comprehensive income associated with securities classified as available for sale.

Nominal and tangible book values were $10.36 per share at March 31, 2013, versus $10.27 per share at December 31, 2012. Commencing on January 1, 2013, director compensation was shifted to consist solely of time-based restricted share awards. This will support the Bank's regulatory capital ratios and capacity for growth; while at the same time emphasizing the directors' commitment to enhancing shareholder value. Similarly, the compensation packages for recently hired officers has included a restricted stock award component that vests over time, rather than being exclusively composed of cash compensation.

Operating Results Analysis

Net interest income before provision for loan losses increased from $2.7 million during the three months ended March 31, 2012 to $3.0 million during the three months ended March 31, 2013. This increase in net interest income was primarily generated by a rise in interest earning assets, as the Bank's net interest margin declined from 4.04% during the first quarter of 2012 to 3.82% during the first quarter of 2013. This margin compression is a general trend facing the banking industry, as funding costs have already been reduced to historically low levels while asset yields continue to fall in conjunction with:

•the Federal Reserve's continuing to implement aggressive monetary policies (including quantitative easing) in an effort to reduce the national unemployment rate;

•strong price competition among financial institutions for high quality loans; and

•older, higher yielding loans and securities maturing and amortizing and being replaced by new, lower yielding loans and securities reflective of current market interest rates.



The Bank plans to support its net interest income during 2013 via the following strategies:

•continuing to focus upon the growth the Bank's balance sheet, particularly the loan portfolio;

•seeking to allocate a greater percentage of excess on-balance sheet liquidity to securities versus cash equivalents in order to obtain incremental yield; and

•pursuing a further migration in deposit mix away from certificates of deposit and toward non-interest bearing checking accounts.



The provision for loan losses was $460 thousand during the first quarter of 2013, compared to $40 thousand during the first quarter of 2012 and $432 thousand during the fourth quarter of 2012 (the immediately preceding quarter). Factors contributing to the provision for loan losses during the first quarter of 2013 included:

•additional loan loss reserves of $277 thousand associated with the $500 thousand impaired commercial loan that was charged off during the first quarter of 2013;

•an increase in hospitality industry related loans (a primary industry in the Bank's market area), which are reserved at a higher ratio than most other types of investor real estate;

•a rise in the amount of loan loss reserves designated for the Bank's qualitative adjustment factors, which in turn primarily resulted from the Bank's recognition that new (but highly experienced) officers were recently installed into the Chief Executive Officer and Chief Credit Officer positions; and

•the quarter's increase in outstanding loan balances.



The above factors more than offset reduced reserve requirements stemming from:

•a decrease in criticized and classified loans; and

•lower specific reserve requirements for impaired loans that were paid down by borrowers during the first quarter.



Non-interest income increased from $37 thousand during the three months ended March 31, 2012 to $64 thousand during the three months ended March 31, 2013. The majority of this increase was due to the dividend income received on the BOLI assets purchased during the third quarter of 2012. In regards to fee income, Jayme Fields, the Bank's Chief Financial Officer, stated: "We are aiming to increase the percentage of total revenue comprised of fee income. This objective is particularly important during the current extended period of historically low interest rates. The Bank is implementing a revised fee and service charge schedule effective May 1, 2013. This schedule includes some new fees as well as increases to certain existing fees for the many services the Bank provides."

Non-interest expense totaled $2.2 million during both the first quarter of 2012 and the first quarter of 2013. Non-interest expense during the fourth quarter of 2012 (the immediately preceding quarter) was $2.3 million.

Salaries and benefits costs were consistent at approximately $1.3 million during the first quarter of 2012, the fourth quarter of 2012, and the first quarter of 2013, despite the Bank's having seven more full-time equivalent employees at March 31, 2013 versus a year earlier. The Bank redesigned its health and welfare benefits effective January 1, 2013 to both provide good relative value to its employees and control related expenses. In addition, because of the greater number of loans funded or renewed during the first quarter of 2013 versus the first quarter of 2012, capitalized loan origination costs (recorded as a reduction in salaries and benefits expenses) were greater during the 2013 period.

Occupancy expenses increased from $177 thousand during the first quarter of 2012 to $193 thousand during the first quarter of 2013 primarily due to the incremental costs associated with the new location for the Monterey Branch, which opened in March 2012.

The Bank's efficiency ratio (operating costs compared to income from operations) improved to 70.30% for the first quarter of 2013 from 79.05% for the first quarter of 2012. The Bank's efficiency ratio for the full year of 2012 was 68.74%, with that figure benefiting from $699 thousand in tax-free BOLI benefits.

Daniel Hightower, the Bank's Vice Chairman of the Board, commented: "The Board of Directors remains strongly focused on the generation of shareholder value. For 2013, we implemented an employee incentive compensation plan that incorporates the Bank's performance across eleven key metrics that closely align with shareholder value. In addition, the Board of Directors has adopted a 2013 strategic plan that seeks to enhance core earnings and the value of our franchise. We very much appreciate the longstanding support of our shareholders, a great many of whom are also clients of the Bank."

About 1st Capital Bank

The Bank's target markets are commercial enterprises, professionals, real estate investors, family business entities, and residents in Monterey County. 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 deposits accounts are also furnished, complemented by robust cash management services. The Bank operates full services branch offices in Monterey, Salinas, and King City. The Bank's corporate offices are located at 5 Harris Court, Building N, Suite 3, Monterey, California 93940. The Bank's website is www.1stcapitalbank.com and 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 Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, 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 factors discussed in the Bank's periodic reports under the Securities Exchange Act of 1934, as amended, on Forms 10-K, 10-Q and 8-K filed with the FDIC. 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.1stcapitalbank.com Internet site for no charge.


1ST CAPITAL BANK CONDENSED FINANCIAL DATA (Unaudited) (Dollars in thousands, except per share data) March 31, December 31, March 31,Financial Condition Data 2013 2012 2012 ----------- ------------ -----------Assets Cash and due from banks $ 6,455 $ 8,551 $ 5,674 Funds held at the Federal Reserve Bank 17,623 21,042 55,417 Time deposits at other financial institutions 9,321 9,321 8,068 Available-for-sale securities, at fair value 62,903 41,762 18,048 Loans: Commercial 86,122 89,834 78,484 Real estate-construction 5,014 4,834 3,845 Real estate-other 151,629 147,320 118,027 Consumer 746 748 1,146 Deferred loan fees and costs, net 520 517 478 ----------- ------------ ----------- Total loans 244,031 243,253 201,980 Allowance for loan losses (4,274) (4,314) (3,360) ----------- ------------ ----------- Net loans 239,757 238,939 198,620 Premises and equipment, net 1,402 1,282 1,355 Bank owned life insurance 3,579 3,555 -- Investment in Federal Home Loan Bank stock, at cost 1,026 1,026 918 Accrued interest receivable and other assets 3,238 3,871 3,063 ----------- ------------ -----------Total assets $ 345,304 $ 329,349 $ 291,163 =========== ============ ===========Liabilities and shareholders' equity Deposits: Noninterest bearing demand deposits $ 120,780 $ 123,403 $ 90,466 Interest bearing checking accounts 15,533 17,482 12,648 Money market 73,671 60,091 67,548 Savings 70,478 62,364 48,158 Time 29,391 31,314 39,677 ----------- ------------ ----------- Total deposits 309,853 294,654 258,497 Accrued interest payable and other liabilities 1,147 694 468 Shareholders' equity 34,304 34,001 32,198 ----------- ------------ -----------Total liabilities and shareholders' equity $ 345,304 $ 329,349 $ 291,163 =========== ============ ===========Shares outstanding at end of period 3,310,503 3,310,503 3,244,568Nominal and tangible book value per share $ 10.36 $ 10.27 $ 9.92Ratio of net loans to total deposits 77.38% 81.09% 76.84% 1ST CAPITAL BANK CONDENSED FINANCIAL DATA (Unaudited) (Dollars in thousands, except per share data) 3 Months Ended --------------------------------------- March 31, December 31, March 31,Operating Results Data 2013 2012 2012 ------------ ------------- ------------Interest and dividend income Loans $ 2,992 $ 3,110 $ 2,779 Investment securities 132 101 103 Federal Home Loan Bank stock 6 8 1 Other 36 46 42 ------------ ------------- ------------ Total interest income 3,166 3,265 2,925 ------------ ------------- ------------Interest expense Interest bearing checking accounts 7 20 7 Money market 64 54 85 Savings 60 74 65 Time 28 35 51 ------------ ------------- ------------ Total interest expense 159 183 208 ------------ ------------- ------------Net interest income 3,007 3,082 2,717Provision for loan losses 460 432 40 ------------ ------------- ------------Net interest income after provision for loan losses 2,547 2,650 2,677Noninterest income Service charges on deposits 22 22 22 BOLI benefits -- 699 -- BOLI dividend income 24 30 -- Other 18 27 15 ------------ ------------- ------------ Total noninterest income 64 778 37Noninterest expenses Salaries and benefits 1,317 1,324 1,302 Occupancy 193 195 177 Furniture and equipment 72 86 95 Other 577 678 603 ------------ ------------- ------------ Total noninterest expenses 2,159 2,283 2,177 ------------ ------------- ------------Income before provision for income taxes 452 1,145 537Provision for income taxes 189 397 227 ------------ ------------- ------------Net income $ 263 $ 748 $ 310 ============ ============= ============Common Share Data Earnings per share Basic $ 0.08 $ 0.23 $ 0.10 Diluted $ 0.08 $ 0.23 $ 0.09 Weighted average shares outstanding Basic 3,251,003 3,251,003 3,220,947 Diluted 3,332,108 3,317,811 3,308,773 1ST CAPITAL BANK CONDENSED FINANCIAL DATA (Unaudited) (Dollars in thousands) March 31, December 31, March 31,Asset Quality 2013 2012 2012 ----------- ------------ ----------- Loans past due 90 days or more and accruing interest $ -- $ -- $ -- Nonaccrual restructured loans 235 238 232 Other nonaccrual loans 678 1,203 -- Other real estate owned -- -- -- ----------- ------------ ----------- Total nonperforming assets $ 913 $ 1,441 $ 232 =========== ============ =========== Allowance for loan losses to total loans 1.75% 1.77% 1.66% Allowance for loan losses to nonperforming loans 468.13% 299.38% 1448.28% Nonaccrual loans to total loans 0.37% 0.59% 0.11% Nonperforming assets to total assets 0.26% 0.44% 0.08%Regulatory Capital and Ratios Tier 1 regulatory capital $ 33,949 $ 33,600 $ 31,892 Total regulatory capital $ 37,035 $ 36,646 $ 34,383 Tier 1 leverage ratio 10.15% 10.67% 11.39% Tier 1 capital ratio 13.82% 13.87% 16.08% Total risk based capital ratio 15.08% 15.12% 17.33% 3 Months Ended -------------------------------------- March 31, December 31, March 31,Selected Financial Ratios 2013 2012 2012 ----------- ------------ ----------- Return on average total assets 0.32% 0.94% 0.44% Return on average shareholders' equity 3.10% 8.84% 3.88% Net interest margin 3.82% 4.07% 4.04% Net interest income to average total assets 3.64% 3.89% 3.90% Efficiency ratio 70.30% 59.15% 79.05%Selected Average Balances Loans $ 238,456 $ 235,680 $ 199,939 Investment securities 51,172 22,081 15,732 Federal Home Loan Bank stock 1,028 1,027 918 Other interest earning assets 28,775 42,672 53,605 ----------- ------------ ----------- Total interest earning assets $ 319,431 $ 301,460 $ 270,194 Total assets $ 334,594 $ 315,501 $ 280,238 Interest bearing checking accounts $ 15,594 $ 13,670 $ 11,486 Money market 68,202 61,035 58,250 Savings 66,658 62,486 41,557 Time deposits 29,969 32,872 41,051 ----------- ------------ ----------- Total interest bearing deposits $ 180,423 $ 170,063 $ 152,344 Noninterest bearing demand deposits 118,835 111,670 95,320 ----------- ------------ ----------- Total Deposits $ 299,258 $ 281,733 $ 247,664 Shareholders' equity $ 34,354 $ 33,646 $ 32,141





For further information, please contact:

Mark R. Andino
President and Chief Executive Officer
831.264.4028 office
831.915.6498 cellular
Mark.Andino@1stcapitalbank.com

Or

Jayme Fields
Chief Financial Officer
831.264.4011 office
831.917.8725 cellular
Jayme.Fields@1stcapitalbank.com



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