First Capital Bancorp, Inc. Reports net income of $795 thousand for the first quarter 2013, Net income of $.05 per diluted share

First Capital Bancorp, Inc. Reports net income of $795 thousand for the first
  quarter 2013, Net income of $.05 per diluted share outstanding, Annualized
  loan growth of 12.93%, Non interest income growth of 77.06%, and Continued
                         improvement in asset quality

PR Newswire

GLEN ALLEN, Va., April 23, 2013

GLEN ALLEN, Va., April 23, 2013 /PRNewswire/ --First Capital Bancorp, Inc.
(the "Company") (NASDAQ: FCVA) parent company to First Capital Bank (the
"Bank") reported today its financial results for the first quarter of 2013.
For the three months ended March 31, 2013, the Company had net income of $795
thousand and net income available to common shareholders of $709 thousand, or
$0.05 per diluted share, compared to net income of $304 thousand and net
income available to common shareholders of $134 thousand, or $0.05 per diluted
share, for the same period in 2012.

Earnings

The improvement in quarter over quarter earnings was driven by the overall
improvement in the condition of the Company's business and the general
business environment and by the results of the actions taken in the second
quarter of 2012 during which the Company raised $17.8 million in capital,
implemented the Asset Resolution Plan, and restructured $40.0 million in long
term advances from the Federal Home Loan Bank of Atlanta ("FHLB").

Net interest income improved to $4.2 million for the quarter ended March 31,
2013, compared to $3.9 million in the first quarter of 2012, an increase of
$307 thousand or 7.80%. The net interest margin for the first quarter of 2013
was 3.58% compared to 3.27% in the first quarter of 2012, a 31 basis point
improvement year over year and a 12 basis point improvement over the 3.46% net
interest margin reported for the fourth quarter of 2012. This improvement over
the first quarter of 2012 was a direct result of actions taken in the second
quarter of 2012, specifically the restructuring of FHLB advances, the
reduction in nonperforming assets and an increase in noninterest bearing
deposits.

The provision for loan losses was $100 thousand for the quarter ended March
31, 2013, compared to $565 thousand for the first quarter of 2012. The
allowance for loan losses increased during the quarter to $7.5 million or
1.92% of total loans from $7.3 million or 1.93% of total loans at December 31,
2012.

Noninterest income was $602 thousand for the quarter ended March 31, 2013,
compared to $340 thousand in the first quarter of 2012, an increase of $262
thousand or 77.06%, driven primarily by the $247 thousand increase in gain on
sale of loans to $284 thousand in the first quarter of 2013 compared to $37
thousand in the first quarter of 2012.

Total noninterest expense was $3.6 million for the quarter ended March 31,
2013, compared to $3.4 million in the first quarter of 2012, an increase of
$213 thousand or 6.27%, primarily due to increases in salaries and employment
benefits and marketing expenses partially offset by decreases in both FDIC
insurance premiums and in losses on the sale and write downs of other real
estate owned.

First Capital Bancorp, Inc. Chief Executive Officer John Presley commented,
"From a shareholder value standpoint, we are pleased to deliver for the third
quarter in a row the financial performance we thought possible from our
company. The shareholder rights offering and Asset Resolution Plan
implemented during the second quarter of 2012 have performed as designed, as
the earnings and asset quality improvement of the first quarter of 2013
indicates."

Growth

At March 31, 2013, total assets were $526.3 million compared to $542.9 million
at December 31, 2012, a $16.6 million or 3.07% decrease. This decrease
resulted primarily from the managed decrease in cash and interest bearing
deposits in other banks.

Gross loans, excluding loans held for sale, at March 31, 2013, were $388.2
million compared to $376.1 million at December 31, 2012, a $12.2 million or
3.23% increase for the quarter, and an annualized increase of 12.93%. This
increase in loans was due primarily to the increased loan production resulting
from the new lending team members hired in the middle of 2012.

Total deposits at the end of the first quarter of 2013 decreased $15.9 million
or 3.46% to $443.2 million compared to $459.1 million at December 31, 2012.
Interest bearing deposits decreased $13.6 million, or 3.42%, of which $10.4
million in brokered deposits were closed by the Bank prior to maturity as part
of an ongoing effort to manage costly uses of funds downward. Noninterest
bearing deposits at March 31, 2013 decreased $2.2 million or 3.72% to $57.9
million compared to $60.1 million at December 31, 2012.

First Capital Bank President and CEO, Bob Watts stated, "We are excited about
getting off to a great start for 2013. The core teams we have in place,
supported by increased marketing efforts, have created the momentum seen by
the first quarter results. We are also encouraged by the pipeline of new
business opportunities that we are seeing in the Central Virginia market
place."

Asset Quality

The allowance for loan losses was $7.5 million or 1.92% of total loans at
March 31, 2013, compared to $7.3 million or 1.93% of total loans at December
31, 2012.

The following table reflects details related to asset quality and the
allowance for loan losses:

                                           March 31,  December 31,  March 31,
                                           2013       2012          2012
                                           (Dollars in thousands)
Nonaccrual loans                           $6,366     $8,014        $16,410
Loans past due 90 days and accruing        -          1,338         -
interest
Total nonperforming loans                  6,366      9,352         16,410
Other real estate owned                    3,841      3,770         6,369
Total nonperforming assets                 $10,207    $13,122       $22,779
Allowance for loan losses to period end    1.92%      1.93%         2.14%
loans
Nonperforming assets to total loans &      2.60%      3.45%         6.00%
OREO
Nonperforming assets to total assets       1.94%      2.42%         4.20%
Allowance for loan losses to nonaccrual    117.29%    90.70%        48.76%
loans
                                           Three Months Ended
                                           March 31,  December 31,  March 31,
                                           2013       2012          2012
Allowance for loan losses
Beginning balance                          $7,269     $7,208        $9,271
Provision for loan losses                  100        165           565
Net recoveries (charge-offs)               98         (104)         (1,834)
Ending balance                             $7,467     $7,269        $8,002



Capital

Total Risk Based Capital at March 31, 2013, was 13.81%, 381 basis points above
the regulatory minimum for well capitalized institutions. Tier One Risk Based
Capital at March 31, 2013, was 12.36%. Additionally, tangible common equity
increased to 8.01% at the end of the first quarter of 2013 compared to 7.67%
at December 31, 2012.

The following table reflects the regulatory capital ratios of the Company as
of March 31, 2013 and December 31, 2012.

                                                             Minimum To Be
                                                             Well
                                              Minimum        Capitalized Under
                                              Capital        Prompt Corrective
                           Actual             Requirement    Action Provision
                           Amount     Ratio   Amount  Ratio  Amount     Ratio
                           (Dollars in thousands)
As of March 31, 2013
 Total capital to risk
 weighted assets
      Consolidated         $ 55,914  13.81%  $      8.00%  $ 40,483  10.00%
                                              32,386
 Tier 1 capital to risk
 weighted assets
      Consolidated         $ 50,024  12.36%  $      4.00%  $ 24,290  6.00%
                                              16,193
 Tier 1 capital to average
 adjusted assets
      Consolidated         $ 50,024  9.56%   $      4.00%  $ 26,016  5.00%
                                              20,813



                                                             Minimum To Be
                                                             Well
                                              Minimum        Capitalized Under
                                              Capital        Prompt Corrective
                           Actual             Requirement    Action Provision
                           Amount     Ratio   Amount  Ratio  Amount     Ratio
                           (Dollars in thousands)
As of December 31, 2012
 Total capital to risk
 weighted assets
      Consolidated         $ 54,929  13.75%  $      8.00%  $ 39,944  10.00%
                                              31,955
 Tier 1 capital to risk
 weighted assets
      Consolidated         $ 49,108  12.29%  $      4.00%  $ 23,966  6.00%
                                              15,978
 Tier 1 capital to average
 adjusted assets
      Consolidated         $ 49,108  9.19%   $      4.00%  $ 26,714  5.00%
                                              21,371



The Bank currently operates seven branches in Innsbrook, Chesterfield Towne
Center, near Willow Lawn on Staples Mill Road, in Ashland, at Three Chopt and
Patterson in Henrico County, at the James Center in downtown, Richmond, and in
Bon Air, Chesterfield County.

Readers are cautioned that this press release contains forward-looking
statements made pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are based on
management's current knowledge, assumptions, and analyses, which it believes
are appropriate in the circumstances regarding future events, and may address
issues that involve significant risks including, but not limited to: changes
in interest rates; changes in accounting principles, policies, or guidelines;
significant changes in general economic, competitive, and business conditions;
significant changes in or additions to laws and regulatory requirements; and
significant changes in securities markets. Additionally, such aforementioned
uncertainties, assumptions, and estimates, may cause actual results to differ
materially from the anticipated results or other expectations expressed in the
forward-looking statements.

First Capital Bank...Where People Matter.



First Capital Bancorp, Inc.
Financial Highlights
(Dollars in thousands, except per share data)
                                      Three Months Ended
                                      March 31,
                                      2013                 2012
Selected Operating Data:
Interest income                       $           $         
                                       5,611              5,821
Interest expense                      1,370                1,887
Net interest income                 4,241                3,934
Provision for loan losses             100                  565
Other noninterest income              602                  340
Noninterest expense                   3,610                3,397
Income before income tax              1,133                312
Income tax expense                    338                  8
Net income                            795                  304
Less: preferred dividends             86                   170
Net income available to common        $           $         
shareholders                             709               134
Basic net income per common share     $           $         
                                        0.06              0.05
Diluted net income per common share   $           $         
                                        0.05              0.05
                                      As of and for the Three Months Ended
                                      March 31,
                                      2013                 2012
Balance Sheet Data:
Total assets                          $526,299             $530,053
Loans, net (excluding held for sale)  380,813              367,518
Loans held for sale                   7,397                1,425
Deposits                              443,238              428,033
Borrowings                            33,160               57,952
Stockholders' equity                  47,599               41,376
Book value per share                  $3.43                $10.33
Tangible Common Equity to Assets      8.01%                5.79%
Total shares outstanding, in          12,285               2,971
thousands
Asset Quality Ratios
Allowance for loan losses             $7,467               $8,002
Nonperforming assets               10,207               22,779
Net (recoveries) charge-offs          (98)                 1,834
Net (recoveries) charge-off to        -0.03%               0.48%
average loans
Allowance for loan losses to period   1.92%                2.13%
end loans
Nonperforming assets to total loans & 2.60%                5.97%
OREO
Selected Performance Ratios:
Return on average assets              0.61%                0.23%
Return on average equity              6.84%                2.98%
Net interest margin (tax equivalent   3.58%                3.27%
basis)



SOURCE First Capital Bancorp, Inc.

Contact: John M. Presley, Managing Director and CEO, 804-273-1254,
JPresley@1capitalbank.com, or William W. Ranson, Executive Vice President and
CFO, 804-273-1176, WRanson@1capitalbank.com
 
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