Shareholder Information
- Chairman's Message
- Annual/Quarterly Reports
February 20, 2015
Dear Stockholder:
2014 was another strong year for your company. FCB Bancorp, Inc. recorded net earnings of $2,221,135, the second highest in the company's nineteen year history, and an 11% increase over 2013 net earnings of $2,004,777. The improvement in earnings was driven by quality loan growth of over $30 million and the reduction in loan loss provision of 64% in 2014 compared to 2013. As demonstrated by the reduction in loan loss provision, the company's asset quality remains solid and continues to compare favorably to our peer group.
During the year we also implemented a strategy to grow non-interest bearing deposits while allowing higher cost deposits to mature. This strategy was successful and resulted in non-interest bearing deposit growth of 53% or nearly $17 million and reduced the company's cost of deposits from 0.68% at the end of 2013 to 0.58% at the end of 2014. This decrease in cost of deposits, along with growth in loans, helped improve our net interest margin to 3.32% for 2014 compared to 3.26% for 2013.
First Capital Bank of Kentucky views community involvement as a primary objective of the company and encourages its employees to give back to the community in which they live and work. The company's employees continue to respond to this commitment as demonstrated by participating in 1,800 hours of community service and civic events in 2014.
We welcome the opportunity to do business with any customers you may send our way. As always, we appreciate your continued support. Please feel free to call me at any time regarding our results or our prospects going forward.
Sincerely,
H. David Hale
Chairman, President & CEO
