FOLSOM, CA--(Marketwired - Apr 19, 2016) - Sierra Vista Bank (
The Bank's total assets grew $1.2 million during the 1st Quarter 2016 and $19.2 million over the last year to a total of $156.1 million, representing a 14.0% increase over the previous year. Loans increased $5.8 million in the 1st Quarter and $27.6 million over the last year to $119.3 million, an increase of 30.1% over the past year. Total deposits increased $1.4 million in the 1st Quarter and $15.7 million over the last year to $134.7 million, a 13.2% increase over March 31, 2015. The 1st Quarter 2016 financial results are preliminary and unaudited.
Net interest income for the 1st Quarter 2016 totaled $1,582,000, compared to $1,274,000 for the same period in 2015, an increase of 24.2%. Sierra Vista Bank continues to show a strong net interest margin which equaled 4.30% for the 1st Quarter 2016, with a yield on earning assets of 4.58% and a total cost of funds of 0.30%. Non-interest bearing deposits totaled $44.9 million as of the end of the 1st Quarter 2016, an increase of 22.6% over the same point last year. Non-interest bearing deposits ended the quarter at 33.3% of total deposits. "The Bank has continued to experience core deposit and loan growth over the past 12 months," stated Gary D. Gall, President/CEO. "We are pleased with the results and its impact on the Bank's overall profitability."
Capital levels at March 31, 2016 remain above the regulatory "well-capitalized" minimum levels:
- The Tier 1 Leverage ratio: 9.93%
- The Common Equity Tier 1 Capital ratio: 12.28%
- The Tier 1 Capital ratio: 12.28%
- The Total Capital ratio: 13.55%
The Bank experienced growth of $222,000 in Shareholders' Equity to a total of $18.1 million during the 3 months since December 31, 2015.
Credit quality continued to improve in the 1st Quarter 2016, with non-performing assets decreasing to $215,000 as of March 31, 2016, compared to $971,000 for the same period last year. Non-performing loans to total loans as a ratio decreased to .18% at quarter end, compared to 1.06% on March 31, 2015. The Bank passed $50,000 in loan loss provision during the 1st Quarter, had no charge offs, and realized $12,000 in loan loss recoveries. The allowance for loan losses equaled 1.42% of total loans as of March 31, 2016.
About Sierra Vista Bank
Sierra Vista Bank is a locally owned community bank, headquartered at 1710 Prairie City Road in Folsom, California since March 2007. The Bank has a branch located in the Sam's Town Center in Cameron Park, and opened its newest branch in Fair Oaks Village in June 2014. The Bank prides itself on serving the financial needs of small businesses and professionals in Folsom and throughout the Highway 50 Corridor while remaining committed to community philanthropy. Additional information about Sierra Vista Bank can be found at www.sierravistabank.com or by calling (916) 850-1500.
Forward Looking Statement:
In addition to historical information, this press release may contain forward looking statements, such as, among others, statements about plans, expectations and goals concerning future growth and performance. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent periods or years to differ materially from those indicated. Readers should not place undue reliance on forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
SIERRA VISTA BANK | ||||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(unaudited) | ||||||||||||||
($000s) | 3/31/16 | 12/31/15 | 3/31/15 | |||||||||||
ASSETS | ||||||||||||||
Cash and due from banks | $ | 3,866 | $ | 3,307 | $ | 3,580 | ||||||||
Federal funds sold | 3,745 | 11,835 | 15,265 | |||||||||||
Investment securities, available-for-sale | 23,371 | 19,756 | 19,602 | |||||||||||
Gross loans | 119,342 | 113,586 | 91,734 | |||||||||||
Net deferred (fees) | 177 | 200 | 51 | |||||||||||
Allowance for loan losses | (1,691 | ) | (1,629 | ) | (1,412 | ) | ||||||||
Net loans | 117,828 | 112,157 | 90,373 | |||||||||||
Premises and equipment, net | 923 | 979 | 1,003 | |||||||||||
Accrued interest receivable | 493 | 469 | 394 | |||||||||||
Other real estate | 0 | 0 | 0 | |||||||||||
Other assets | 5,891 | 6,419 | 6,701 | |||||||||||
TOTAL ASSETS | $ | 156,117 | $ | 154,922 | $ | 136,918 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Noninterest-bearing demand deposits | $ | 44,900 | $ | 44,326 | $ | 36,614 | ||||||||
Interest-bearing demand deposits | 6,999 | 7,398 | 5,511 | |||||||||||
Savings and money market deposits | 29,149 | 23,074 | 19,894 | |||||||||||
Time deposits | 53,698 | 58,540 | 57,035 | |||||||||||
TOTAL DEPOSITS | 134,746 | 133,338 | 119,054 | |||||||||||
FHLB borrowings | 3,000 | 3,000 | 0 | |||||||||||
Accrued interest payable | 50 | 38 | 53 | |||||||||||
Accounts payable and other liabilities | 268 | 715 | 676 | |||||||||||
TOTAL LIABILITIES | 138,064 | 137,091 | 119,783 | |||||||||||
Common stock | 21,885 | 21,883 | 21,759 | |||||||||||
Additional paid-in capital | 377 | 377 | 377 | |||||||||||
Accumulated deficit | (4,218 | ) | (4,361 | ) | (5,050 | ) | ||||||||
Accumulated other comprehensive income | 9 | (68 | ) | 49 | ||||||||||
TOTAL STOCKHOLDERS' EQUITY | 18,053 | 17,831 | 17,135 | |||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 156,117 | $ | 154,922 | $ | 136,918 | ||||||||
SIERRA VISTA BANK | ||||||||||||||
CONSOLIDATED INCOME STATEMENTS | ||||||||||||||
(unaudited) | ||||||||||||||
For the Three Months Ended: | ||||||||||||||
($000s, except per share data) | 3/31/16 | 12/31/15 | 3/31/15 | |||||||||||
Interest income | ||||||||||||||
Loans | $ | 1,544 | $ | 1,672 | $ | 1,245 | ||||||||
Investment securities | 129 | 108 | 112 | |||||||||||
Federal Funds sold | 12 | 7 | 7 | |||||||||||
Total interest income | 1,685 | 1,787 | 1,364 | |||||||||||
Interest expense | ||||||||||||||
Deposits | 100 | 99 | 89 | |||||||||||
FHLB borrowings | 3 | 1 | 1 | |||||||||||
Total interest expense | 103 | 100 | 90 | |||||||||||
Net interest income | 1,582 | 1,687 | 1,274 | |||||||||||
Provision for loan and lease losses | 50 | 0 | 0 | |||||||||||
Net interest income after provision for loan losses | 1,532 | 1,687 | 1,274 | |||||||||||
Noninterest income | ||||||||||||||
Customer service and other fees | 99 | 105 | 95 | |||||||||||
Gain (loss) on sale of loans | 0 | 0 | 6 | |||||||||||
Gain (loss) on sale of other real estate | 0 | 33 | 0 | |||||||||||
Gain (loss) on available-for-sale securities | 0 | 0 | 0 | |||||||||||
Total noninterest income | 99 | 138 | 101 | |||||||||||
Noninterest expense | ||||||||||||||
Salaries and employee benefits | 788 | 702 | 581 | |||||||||||
Occupancy and equipment | 247 | 235 | 222 | |||||||||||
Other general and administrative | 380 | 355 | 378 | |||||||||||
Total noninterest expense | 1,415 | 1,292 | 1,181 | |||||||||||
Income (loss) before taxes | $ | 216 | $ | 533 | $ | 194 | ||||||||
Taxes | 97 | 221 | 81 | |||||||||||
Net income (loss) | $ | 119 | $ | 312 | $ | 113 | ||||||||
Earnings (loss) per share | $ | 0.03 | $ | 0.07 | $ | 0.03 | ||||||||
Tangible book value per share | $ | 4.26 | $ | 4.22 | $ | 4.09 | ||||||||
Net interest margin | 4.30 | % | 4.65 | % | 4.36 | % | ||||||||
Asset Quality: | ||||||||||||||
Non-performing loans to total loans | 0.18 | % | 0.21 | % | 1.06 | % | ||||||||
Non-performing assets to total loans and ORE | 0.18 | % | 0.21 | % | 1.06 | % | ||||||||
Non-performing assets to total assets | 0.14 | % | 0.15 | % | 0.71 | % | ||||||||
Allowance for loan losses to total loans | 1.42 | % | 1.43 | % | 1.54 | % | ||||||||
Allowance for loan losses to non-performing loans | 786.51 | % | 699.14 | % | 145.42 | % | ||||||||
Other real estate | $ | 0 | $ | 0 | $ | 0 | ||||||||
Selected Financial Ratios: | ||||||||||||||
Regulatory Tier 1 leverage capital ratio | 9.93 | % | 10.01 | % | 11.03 | % | ||||||||
Regulatory Tier 1 risk-based capital ratio | 12.28 | % | 12.48 | % | 13.62 | % | ||||||||
Regulatory Total risk-based capital ratio | 13.55 | % | 13.75 | % | 14.87 | % | ||||||||
Contact Information:
CContacts:
Gary D. Gall
President/CEO
Sierra Vista Bank
(916) 850-1500
Lesa Fynes
EVP/CFO
Sierra Vista Bank
(916) 850-1505