First Capital Bancorp — Raymond James Investor Presentation (December 2013)
25 slides from First Capital Bancorp's conference presentation, Dec 4, 2013
Slide 1: Raymond James Investor Presentation
RAYMOND JAMES INVESTOR PRESENTATION December 4, 2013 Exhibit 99.1
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Certain information contained in this discussion may include “forward- looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are
Slide 3: First Capital Bank: Let's Make It Work
FIRST CAPITAL BANK LET’S MAKE IT WORK For local Small Businesses, First Capital Bank is the community- driven bank, which provides a customized, people first approach for the ultimate in customer service, empowering Small Business Owners to focus on their dream. We make this happen by always remembe
Slide 4: Company Profile
COMPANY PROFILE • First Capital Bancorp, Inc., is a one bank holding company headquartered in Richmond, Virginia. • First Capital Bank, operates seven full service banking offices in the greater Richmond, Virginia market. • The Bank engages in a general commercial banking business, with a particular
Slide 5: Key Strategies
KEY STRATEGIES • Hire and empower experienced, local bankers • Emphasize relationship banking targeted to the needs of small and medium-sized businesses, their owners and key employees, and the professional community • Resume the growth of our delivery system • Add products/services that reduce reli
Slide 6: Strengthened Management Team
Name Position Years Experience Year Joined STRENGTHENED MANAGEMENT TEAM Grant Grayson Chairman of the Board Kenneth R. Lehman Director John M. Presley Managing Director and CEO Robert G. Watts, Jr. President Gary Armstrong EVP and Chief Lending Officer Andy Ferguson EVP and Chief Credit Officer Will
Slide 7: Our Market – Richmond MSA
OUR MARKET – RICHMOND MSA • State Capitol and third-largest metro area in Virginia • Growing population in excess of 1.3 million; banking deposits of $30.3 billion • One of the “Best Cities for Business” among 102 metro areas, rated by the Wall Street Journal’s MarketWatch.com, December 13, 2011 • V
Slide 8: Headquarters and Branch Locations Map
1776 Staples ill Road Headquarters 11001 West Broad street Richmond, VA.23230 4222 CoxRoad Glenallen, va 23060 Glenallen, VA23060 ‘901 East Cary street, Suite 100 Richmond, VA23213 2810 Buford Road ‘7100 Three chopt Road, 403 S. Washington Highway Richmond, va 23235 Richmond, VA 23226 Ashland, VA 23
Slide 9: Branch Network
Branch Name and Address City Year Opened/ Purchased Owned/ Leased ATM Deposits 09/30/13 ($000) BRANCH NETWORK Westmark – 11001 West Broad Street Glen Allen Owned Drive Through $138,728 Staples Mill – 1776 Staples Mill Road Richmond Leased Drive Through 69,578 Three Chopt – 7100 Three Chopt Road Rich
Slide 10: Balance Sheet Data
BALANCE SHEET DATA The growth opportunity with our market remains exceptional
Slide 11: Loan Composition
LOAN COMPOSITION • We have reduced our construction loan exposure by more than 50% • The vast majority of our commercial real estate loans are to owner-occupied businesses
Slide 12: Deposit Composition
DEPOSIT COMPOSITION 70% or our deposits were core deposits at September 30, 2013.
Slide 13: Funding Sources
FUNDING SOURCES We have committed and stable funding sources
Slide 14: Income Statement Data
INCOME STATEMENT DATA • Our bottom line over the past four years has been adversely impacted by credit losses • These credit losses have overshadowed our core growth
Slide 15: Underlying Earnings Power
UNDERLYING EARNINGS POWER • Our recent credit losses have masked our growth in core earning power • We are committed to increasing our non-interest income *PPNR = Net Income before Taxes, Loan Loss Provision, Asset Resolution Plan and FHLB Debt Restructure. ($000)
Slide 16: Underlying Earnings Power
UNDERLYING EARNINGS POWER Removing credit related losses and other nonrecurring items highlights the Company’s underlying earning power
Slide 17: LTM Recurring Preprovision Earnings per Share
LTM Recurring Preprovision Earnings per Share $0.40 $0.30 $0.20 $0.10 $0.00 COETOZ vO?TO7 CO?TOZ vOTTOZ COTTOZ vOOTOZ COOTOZ 06007 706007 08007 708007 vOL007 7@OL007 09007 709007 vOS007 7OS007 vOvo0z cOvo00z vOE007 COE007 07007 First Capital Bancorp, P nc. ot
Slide 18: Asset Quality
ASSET QUALITY • Our nonperforming assets (NPA’s) peaked in the second quarter of 2011 • We had no severely delinquent loans (90+ days past due) at September 30, • Loans to days past due at the end of the rd quarter of were $665 thousand, down from $7.6 million at the end of the nd quarter of
Slide 19: NPAs + 90+ Delinquent / Equity + Reserves
NPAs+90+Deling/ Equity+Reserves (%)
Slide 20: Asset Quality
ASSET QUALITY • Total adversely classified loans decreased by approximately $4.9 million to $13.9 million at the end of the third quarter of from $18.8 million at the end of the second quarter of 2012. • Total non-accrual loans decreased by $5.9 million to $3.9 million at the end of the third quarte
Slide 21: Asset Quality Summary
6/30/2012 9/30/2012 12/31/2012 3/31/2013 6/30/2013 9/30/2013 ASSET QUALITY SUMMARY Total Adversely Classified items/Tier 1 + ALLL 45.2% 49.19% 44.40% 37.29% 27.92% 27.67% Weighted Classifications/Tier 1 + ALLL 11.31% 12.30% 11.10% 9.32% 6.98% 6.92% 30-89 past due loans/Total Loans 0.32% 0.47% 0.55%
Slide 22: Non-Performing Assets
NON-PERFORMING ASSETS September 30, December 31, September 30, June 30, (Dollars in thousands) Nonaccrual loans $ 3,933 $ 8,014 $ 9,279 $ 9,778 Loans past due 90 days and accruing interest - 1,338 - - Total nonperforming loans 3,933 9,352 9,279 9,778 Other real estate owned 2,602 3,771 4,502 4,787 T
Slide 23: Capitalization
($ in thousands, except per share amounts) 6/30/2012 09/30/2013 CAPITALIZATION Subordinated debt $ 1,200 $ 800 Trust preferred securities $ 5,155 $ 5,155 Preferred equity $ 5,413 $ 5,498 Common equity $ 40,197 $ 43,385 Total regulatory capital $ 45,610 $ 48,883 Net unrealized gains $ 1,402 $ 104 All
Slide 24: Why Invest in FCVA
WHY INVEST IN FCVA • We have built a strong management team and platform for growth • The attractiveness of the Richmond market, including the opportunity to gain market share from out-of-state banks and weakened local community banks • The improving economy and our encouraging asset quality trends
Slide 25: First Capital Bancorp, Inc.
First Capital Bancorp, Inc.
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