Nov. 2, 2009 (PR Newswire) --
GLEN ALLEN, Va., Nov. 2 /PRNewswire-FirstCall/ -- First Capital Bancorp, Inc. (the "Company") (Nasdaq: FCVA) (the bank holding company for First Capital Bank) announced today net income of $405 thousand or $.09 per diluted share for the three months ending September 30, 2009, this compared to a net loss of $463 thousand or ($.16) for the same period in 2008. For the nine months ended September 30, 2009 the company reported a net loss of $224 thousand which included $277 thousand of merger related costs and a one time FDIC special assessment of approximately $226 thousand. Absent those one time expenses the company would have had net profit of approximately $185 thousand in the nine month period even in light of a net increase of over $1.2 million to the Allowance for Loan Losses year to date. This compares to a net income of $338 thousand or $.11 per share for the same period in 2008.
GAAP Net Loss Nine Months Ended September 30, 2009 $(224)
Merger Cost net of income tax 260
FDIC Special Assessment net of income tax 149
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Net Income Non GAAP $185
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The company's loan portfolio continues to perform well. At September 30, 2009 the company had approximately $376 thousand of loans past due 30 - 89 days representing .095% of the total portfolio, approximately $7.3 million of nonperforming loans (approximately $5.4 million were restructured loans now making interest payments) and approximately $2.6 million of Other Real Estate Owned. However, due to the uncertain economic environment the company continues to take a cautious stance regarding its loan portfolio.
The provision for loan losses was $380 thousand for the three months ended September 30, 2009 compared to $1.4 million for the same period in 2008. The provision for loan losses was $1.7 million for the first nine months of 2009 compared to $2.0 million for the same period last year.
The Allowance for Loan Losses totals $6.3 million at September 30, 2009 or 1.60% of total loans. This compares to $4.4 million or 1.25% of total loans at September 30, 2008.
First Capital Bank President and CEO Bob Watts, noted, "I am extremely pleased by our quarter and year to date results. The bank was profitable for the quarter and outside of merger expenses and FDIC special assessments, the bank would have been profitable for the first nine months of 2009 as it was in 2008. This is in light of loan loss provisions of $1.7 million in the same time period." While the bank has only incurred year to date net charge-offs of $425 thousand and nonperforming assets total $9.9 million which represent 2.50% percent of the loan portfolio at the end of the quarter, the current economic conditions dictate extreme caution, and have affected the underlying reserve calculations.
Total assets at September 30, 2009 were $511 million, up $91 million, or 21.7%, from the same period in 2008. Total loans increased $42 million to $390 million, up 12.1% from the same period in 2008. Deposits increased $81 million to $404 million, up 25.0% from the same period in 2008.
