Sierra Vista Bank Reports 1st Quarter 2016 Financial Results
(firmenpresse) - FOLSOM, CA -- (Marketwired) -- 04/19/16 -- Sierra Vista Bank (OTCBB: SVBA) today reported Pre-tax profits for the 1st Quarter of 2016 totaled $216,000 compared to $194,000 for the same quarter a year ago, an increase of 11.3%. Net income for the 1st Quarter of 2016 totaled $119,000, compared to net income of $113,000 for the same period a year ago, an increase of 5.3%.
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 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.
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 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.
Gary D. Gall
President/CEO
Sierra Vista Bank
(916) 850-1500
Lesa Fynes
EVP/CFO
Sierra Vista Bank
(916) 850-1505
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Datum: 19.04.2016 - 12:48 Uhr
Sprache: Deutsch
News-ID 1429118
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