1st Century Bank, N.A. Announces Results for Second Quarter Ended June 30, 2005.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- 1st Century Bank, N.A. ("Bank" or "Company"), (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCNA FCNA Fiqh Council of North America FCNA Football Club de Nantes Atlantique FCNA Force Command Northern Area (Pakistan) ) reported today that total assets increased to $118.1 million at June 30, 2005, a 124% increase from the same period last year and a 12% increase over the $105.2 million in total assets for the prior quarter ended March 31, 2005. Net loans outstanding increased to $45.0 million representing a 1,033% increase from the same period last year and a 23% increase for the quarter. The level of total deposits of $82.9 million, net of funds held on deposit from the pending secondary common stock offering, remained constant during the quarter. The percentage of non-interest bearing deposits to total deposits however, increased to 20% at June 30, 2005 from 15% at March 31, 2005. Net interest income after provision for loan losses was $851,000 during the second quarter, representing a 20% increase from the $707,000 level for the first quarter ended March 31, 2005. The June 30, 2005 second quarter's net loss from operations of $575,000 represents a 36% reduction from the $900,000 loss incurred for the second quarter ended June 30, 2004. 1st Century Bank opened for business on March 1, 2004 after raising $26.4 million in common stock from over 400 investors at an initial offering price of $10.00 per share. A two-for-one stock split was completed on February 28, 2005. Additionally, on July 25, 2005, the Bank announced its first closing of its secondary public offering of 2,708,050 shares of common stock, at an offering price of $8.00 per share. Additional subscriptions are still being processed, with the final closing of the offering scheduled for August 15, 2005. 1st Century Bank, N.A. is a full service bank headquartered in the Century City area of Los Angeles, California. 1st Century Bank's primary focus is relationship banking to family owned and closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people. In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist. middle market businesses, professional service firms, high net worth individuals, real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. and entrepreneurs. Additional information is available at www.1stcenturybank.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy a security. Offers to buy or sell securities of 1st Century Bank are being made solely by means of and on the terms and conditions described in an Offering Circular Offering Circular An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue. Notes: An offering circular allows investors to access information regarding a new issue. , dated May 12, 2005, which has been registered with and declared effective by the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. . |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion