GLEN ALLEN, Va., Feb. 9 /PRNewswire-FirstCall/ -- First Capital Bancorp, Inc. (the 'Company') (Nasdaq: FCVA), the bank holding company for First Capital Bank (the 'Bank'), today reported results for the fourth quarter and year end December 31, 2008.

First Capital Bancorp, Inc. announced today, earnings for the year ended December 31, 2008 totaled $170 thousand or $.06 per share compared to $1.7 million or $.71 per diluted share for the same period in 2007. Due primarily to a significant increase in the allowance for loan losses, the Company reported a net loss of $168 thousand or $.06 per diluted share for the three months ending December 31, 2008, compared to net income of $529 thousand for the same period in 2007.

The continued deterioration in the local real estate market took an increasing toll on our real estate loan portfolio, resulting in higher, but manageable, levels of nonperforming assets resulting in increasing provision for loan losses. Residential acquisition and development lending and builder/construction lending have been significantly scaled back as housing activity across our markets has declined. Management will continue to monitor delinquencies, risk rating changes, charge-offs, market trends and other indicators of risk in the Company's portfolio, particularly those tied to residential real estate, and adjust the allowance for loan losses accordingly.

Nonperforming assets, consisting of nonaccrual loans of $4.4 million and other real estate owned of $2.2 million, represent 1.5% of assets as of December 31, 2008 compared to .1% at December 31, 2007. There were no loans 90 days past due and still accruing.

First Capital Bancorp, Inc. Managing Director and CEO John Presley stated, 'While year to date net loans charged-off totaled $353 thousand or .09% of the loan portfolio, we continue to be concerned with the state of the local economy and the pressures it puts on our customer base.'

As a result, the Company significantly increased its provision for loan losses by $883 thousand for the three months ended December 31, 2008 compared to $238 thousand for the same period in 2007. The provision for loan losses totals $2.9 million for the year ended December 31, 2008 compared to $676 thousand for the same period last year. The allowance for loan losses increased to 1.36% of total loans as of December 31, 2008 as compared to .85% at the end of the same period last year.

First Capital Bancorp, Inc. President Bob Watts noted, 'The Bank continues to experience sound growth and attract valued core business.