1ST CAP BANCORP - FISB STOCK NEWS

On July 29, 2024, 1st Capital Bancorp (OTCQX: FISB) announced unaudited financial results for Q2 2024. The company reported a net income of $894K, or $0.16 per diluted share, compared to $901K in the prior quarter and $609K a year ago. For H1 2024, net income rose by $128K to $1.8M. The merger with Santa Cruz County Bank is set for Q4 2024, pending regulatory approvals. Merger-related expenses were $282K and affected ROA and ROE. Total assets increased to $1.0B, while core loans grew to $602.5M. However, deposits excluding brokered deposits declined by $32.8M. The company’s quarterly net interest margin was 3.29%, with the cost of funds rising to 1.56%. Non-interest expenses increased primarily due to merger costs. The efficiency ratio was 76.65%, impacted by merger costs. Provision for credit loss expense was reduced to $774K. Non-performing assets rose to 0.15% of total assets. The company maintains strong liquidity with $349.3M in available borrowing lines.

West Coast Community Bancorp (OTCQX: SCZC) and 1st Capital Bancorp (OTCQX: FISB) announced a merger agreement valued at $63 million. The deal, expected to close in Q4 2024 pending regulatory and shareholder approval, will see 1st Capital Bancorp merge into West Coast Community Bancorp in an all-stock transaction. Each FISB share will be exchanged for 0.36 shares of SCZC. The combined entity will have nearly $3 billion in assets and a 10% deposit market share in Santa Cruz and Monterey Counties. The merger is projected to increase SCZC's annual EPS by 20% post-efficiencies. Key executives from both companies will join the Board of Directors.

1st Capital Bancorp, parent company of 1st Capital Bank, reported Q1 2024 financial results with $901k net income, $0.16 EPS. Despite funding costs and NIM challenges, they are optimistic about loan demand and profitability. Total assets reached $1.0 billion, $559.1 million core loans, and $885.7 million deposits.

1st Capital Bancorp, the $989.1 million asset bank holding company, reported unaudited net income of $677 thousand, or $0.12 per diluted share, for the quarter ended December 31, 2023. The Company's core loans increased $19.9 million, or 3.3%, at December 31, 2023, compared to September 30, 2023. Loan yields expanded 18 basis points (bps) to 5.24% for the quarter ended December 31, 2023. Deposit balances decreased $15.1 million, or 1.7%, in the quarter ended December 31, 2023, driven by tax payments, estate planning, and year-end distributions by clients. Operating expenses were negatively impacted in Q4 due to one-time severance costs related to the retirement of an executive.

1st Capital Bancorp (FISB) appoints Laura Zehm, former CAO and CFO of Montage Heath, as a director, bringing over 30 years of experience in healthcare industry, strategy, operations, and mergers and acquisitions. Her appointment is expected to complement the board well and strengthen the bank's relationship within the community.

1st Capital Bancorp (OTCQX: FISB) appoints Joel Keller as Executive Vice President and Chief Financial Officer, bringing 30 years of finance and strategic leadership experience within the community banking industry.

1st Capital Bancorp, the bank holding company of 1st Capital Bank, reported unaudited net income of $1.19 million for Q3 2023, a 96.2% increase from Q2 2023. Deposit balances increased by $26.7 million, or 3.0%, and core loans grew by $21.6 million, or 3.7%. Loan yields expanded by 12 basis points to 5.07%.

1st Capital Bancorp appoints Glenna Datta as Executive Vice President and Chief Banking Officer

1st Capital Bancorp announces retirement of President and Chief Lending Officer